PTM and Kushner JV to Develop Multifamily Tower in Miami Opportunity Zone
PTM Partners and Kushner Companies to develop a multifamily tower in Miami’s Edgewater neighborhood.
PTM Partners, an opportunity zone-focused development firm, and Kushner Companies, a privately held real estate company, have formed a joint venture to develop a 36-story multifamily tower at 2000 Biscayne Boulevard in Miami’s Edgewater neighborhood, located bayfront between Downtown Miami and the Design District.
Groundbreaking is scheduled to occur in the fourth quarter of 2021.
The 420-unit project will have water views and a landscaped pool deck with BBQ grills and a “Zen Garden,” a fitness center with a yoga room, outdoor boxing and CrossFit, a dry sauna, a spa treatment and steam room, a recording studio, a children’s playroom, a pet wash, a game room, a library. The launch of leasing for this tower is expected to begin in the first quarter of 2023.
“With a product like this, we believe we can deliver a project that elevates the local rental market while delivering both financial and social returns to our partners, residents and the surrounding community,” said Michael Tillman, chief executive officer and chief investment officer of PTM.
PTM Partners is a real estate investment and development firm, with an initial focus exclusively on qualified opportunity zones.
Kushner is a multi-generational real estate development and management firm headquartered in New York City. Their portfolio encompasses residential, commercial, retail, hospitality, and industrial properties, with 12.9 million square feet currently under development and 25,000 apartments under ownership across 12 states.
