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Edited by: Fern Sidman
In a recent decision by the Surfside commission, Kushner Companies has received approval for its ambitious luxury apartment development on Collins Avenue in Miami Beach. The project, led by Charles Kushner, includes plans for a nearly 90-unit residential complex with an added feature – a 1,200-square-foot community or religious center, likely to house a synagogue, as was reported by TheRealDeal.com web site. The commission’s vote of 3 to 2 in favor of Kushner’s proposal reflects a nuanced discussion on zoning, flood regulations, and the incorporation of religious spaces into residential projects.
The Surfside commission voted on two resolutions crucial to the development’s progress. The first resolution approved Kushner’s site plan for the 2.9-acre site at 9300 Collins Avenue. According to information provided in TheRealDeal.com report, the second resolution granted religious land use relief, allowing the developer to construct underground parking to comply with National Flood Insurance Program requirements. This strategic move, common among developers, helps bypass the necessity for a parking pedestal, opting for basement parking instead.
Mayor Shlomo Danzinger, Vice Mayor Jeffrey Rose, and Commissioner Fred Landsman voted in favor of both resolutions, signaling their support for Kushner’s vision. However, Commissioners Nelly Velasquez and Marianne Meischeid opposed the resolutions, expressing concerns about the potential misuse of religious designation to circumvent flood regulations, as was noted in TheRealDeal.com report. Some Surfside residents shared similar worries, questioning the developer’s intentions behind incorporating a religious center into the project.
Kushner Companies, based in New York, acquired the property for $40 million in September. The deal involved collaboration with the seller, Shaya Boymelgreen, and the lender, Fuse Group, with Kushner assuming the debt as part of the distressed deal, the report on TheRealDeal.com web site said. The site, initially zoned for 100 units, represents the first venture for Kushner in Surfside.
The proposed three-story building, designed by Palma and Partners, stands on a non-waterfront property facing the Fendi Château Residences condominium. Notably, it is situated north of the Four Seasons Hotel and Residences at the Surf Club. TheRealDeal.com report said that the strategic location, about two blocks south of the Shul of Bal Harbour, an existing orthodox synagogue, highlights the project’s proximity to religious institutions.
While the commission’s approval marks a significant milestone for Kushner Companies, it also echoes previous debates in Surfside. Last year, the commission granted approval for Dubai developer Damac Properties’ luxury condo tower, planned for the site of the tragic Champlain Towers South collapse, TheRealDeal.com report said. The incident, which claimed nearly 100 lives in 2021, has heightened community sensitivity to development projects and their adherence to safety regulations.
During the commission meeting, attorney Graham Penn who represents Jared Kushner clarified that his client does not intend to build under the Live Local Act. This legislation allows developers to construct taller and denser projects on commercial and mixed-use sites, provided they commit to incorporating workforce housing, according to the information in TheRealDeal.com report. While Kushner has opted not to utilize this option, a neighboring project in Bal Harbour, the Bal Harbour Shops expansion, is embracing Live Local. Plans for the high-end shopping center include a mixed-use expansion with 40% of the 600 residential units designated as workforce housing for at least 30 years. The affordability criteria are set for individuals making up to 120 percent of the area median income, demonstrating a commitment to inclusive development, the report on TheRealDeal.com web site said.
Kushner Companies has been steadily expanding its presence and project pipeline across South Florida since entering the region approximately five years ago. As was indicated in TheRealDeal.com report, a notable venture involves a collaboration with Aimco to develop a site in Fort Lauderdale, with plans for nearly 1,000 units. Construction is expected to commence this year, marking a substantial commitment to the region’s real estate landscape. Moreover, recent dealings include the sale of a portion of the Fort Lauderdale site to condo developer Harvey Hernandez, showcasing strategic partnerships within the industry.
In addition to the Surfside project, Kushner has projects in various South Florida locations, including Miami Gardens, as well as Miami’s vibrant Wynwood and Edgewater neighborhoods, according to the report on TheRealDeal.com web site. The company’s diversification across different areas within the region underscores its commitment to contributing to the growth and development of South Florida’s real estate market.
Kushner Companies’ recent sale of a six-building multifamily portfolio in New York’s East Village for $57.5 million reflects a strategic shift in the company’s asset portfolio, as was noted in TheRealDeal.com report. This move comes a decade after the initial acquisition of the properties. Furthermore, the firm sold another multifamily property in New York for $19.5 million in November. The decision to divest from some New York holdings coincided with Kushner’s significant investments in South Florida, signaling a strategic realignment of the company’s focus.
Kushner Companies’ unfolding narrative in South Florida is one of strategic expansion, diversified projects, and a careful approach to affordable housing legislation. While opting not to build under the Live Local Act, Kushner remains a key player in the region’s real estate landscape, engaging in partnerships, developing multifaceted projects, and contributing to the dynamic growth of South Florida’s property market. As the company continues to navigate opportunities and challenges in the region, its role in shaping the local real estate scene is set to be a compelling story to watch.
