Kushner Companies and Aimco sold a portion of an assemblage in Fort Lauderdale to condo developer Harvey Hernandez.
Hernandez’s Newgard Development Group paid $31.2 million for the 1-acre property at 200 West Broward Boulevard, near the Brightline station. The sale was finalized on Friday.
Kushner acquired the site as part of a larger assemblage, and brought in Aimco in early 2022.
Kushner and Aimco paid $49 million for the entire site that included 300 and 520 West Broward Boulevard. The developers later secured a zoning change to the highest density, for a mixed-use project that called for 1,300 residential units, office, retail and a hotel across four towers.
Kushner and Aimco sold the 0.8-acre 520 West Broward Boulevard property a year ago to Woodfield Development.
Newgard’s recently purchased property is zoned for a 49-story building with 381 residential units, about 8,300 square feet of commercial space and 426 parking spaces. The developer did not say whether the project will be condos or apartments.
Kushner and Aimco plan to develop the property at 300 West Broward Boulevard into nearly 1,000 units. Construction could begin next year, according to a source. The developers received approval from the Fort Lauderdale Development Review Committee this summer for a 956-unit tower.
Newgard’s other developments include the Gale Residences & Hotel in Fort Lauderdale, and the firm is developing Lofty Brickell, a planned 44-story condo tower fronting the Miami River. The developer said the latter is more than 94 percent sold.
Kushner also has projects in Miami Gardens and in Miami’s Wynwood and Edgewater neighborhoods.
Earlier this year, Kushner and the Miculitzki family’s Block Capital Group closed on a $91 million refinancing of Wynd 27 and Wynd 28, a two-building apartment, office and retail project at 127 Northwest 27th Street and 129 Northwest 26th Street in Wynwood.
In a separate deal, Kushner and PTM Partners plan a 1,300-unit, two-tower apartment development in Edgewater.