Real estate investment firms Cain and Kushner have announced a new joint venture focused on South Florida, with their inaugural project slated to be a 40-story luxury apartment tower in Miami’s Edgewater neighborhood. The venture aims to capitalize on the region’s continued appeal to wealthy individuals and companies.
Key Takeaways
- Cain and Kushner have formed a South Florida real estate joint venture.
- Their first project is a 364-unit luxury rental tower in Edgewater, Miami.
- BDT & MSD Partners provided a $42 million loan for the pre-development phase.
- Construction is anticipated to commence in late 2025.
Edgewater Luxury Tower Plans
London-based Cain, led by Jonathan Goldstein, and New York-based Kushner, headed by Laurent Morali and Nicole Kushner Meyer, are set to develop a 40-story, 364-unit residential tower. The project will be situated on Cain’s 1.5-acre site at 614 and 720 Northeast 27th Street in Miami, an area near the Missoni Baia condo tower, which Cain previously co-developed.
The development is currently in the pre-development phase, with BDT & MSD Partners providing a $42 million loan to support the project. Construction is expected to begin in late 2025. The Cain-Kushner JV is actively seeking further residential and mixed-use investment and development opportunities across the tri-county region.
Market Context and Investment Strategy
This venture arrives as South Florida continues to experience an influx of affluent residents and businesses, a trend amplified by post-pandemic migration patterns. Despite a recent softening in the multifamily market due to a high volume of new deliveries in recent years, Cain and Kushner remain optimistic.
Data indicates that while a record number of units were completed in 2024, outpacing leasing, developers are banking on future demand to absorb the supply. Many are focusing on the luxury rental segment, which has shown resilience and comprised the bulk of leasing activity. Goldstein expressed confidence in the South Florida market, stating, "We are big believers in South Florida and big believers in Miami."
Cain and Kushner’s South Florida Footprint
Cain, backed by Todd Boehly’s Eldridge Industries, has a long-standing presence in South Florida, with this JV marking a significant expansion of its activities. The firm’s recent projects include the renovation of the Delano Miami Beach and previous collaborations with OKO Group on the Una Residences condo tower and the 830 Brickell office tower. Cain is also an investor in Aman Group.
Kushner also boasts a notable portfolio in the area. They recently completed a 420-unit apartment tower at 2000 Biscayne Boulevard and have plans for further residential development nearby. Additionally, Kushner has acquired the Hamilton apartment building and is pursuing several other multifamily developments in Fort Lauderdale and Surfside, including a luxury apartment project and a mixed-use rental building near Hollywood.
Sources
- Cain, Kushner Plan Miami Apartment Tower, The Real Deal.