Kushner Companies won approval to bring a four-tower, mixed-use development to downtown Fort Lauderdale, with 1,300 apartments, office and retail, and possibly a hotel.
Construction of the Broward Boulevard project is expected to start in the first quarter of 2022 and finish in phases in 2026, Laurent Morali, president of New York-based Kushner Companies, told The Real Deal.
The Fort Lauderdale City Commission Tuesday night gave final approval to a rezoning that Kushner proposed for the 4.2-acre development site at 200, 300 and 520 Broward Boulevard. The zoning was changed from “regional activity center-west mixed use” to “regional activity center-city center,” Fort Lauderdale’s high-density downtown zoning district.
Morali said Kushner has a contract with Swire Properties of Hong Kong to acquire the site for $49 million. He said the project will represent “a western expansion” of the commercial district a few blocks east toward Las Olas Boulevard.
Morali said the company is interviewing architectural firms for the project and has not picked one yet.
The unnamed mixed-use development, known informally at Kushner Companies as the “Broward Crossing” project, will require debt plus equity investments totaling $700 million, Morali said. The company has not started shopping for a construction loan to finance the development, he said.
Source: The Real Deal
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