Cain and Kushner Launch Joint Venture with Edgewater Tower
London-based Cain and New York-based Kushner have formed a joint venture targeting South Florida investments, starting with a 40-story, 364-unit luxury apartment tower in Miami's Edgewater neighborhood. The project secured $42 million in financing and construction is expected to begin late next year.
Two major real estate firms have partnered to expand their South Florida footprint, with plans for a significant luxury apartment development in Miami's Edgewater district.
London-based Cain, under the leadership of Jonathan Goldstein, and New York-based Kushner, led by Laurent Morali and Nicole Kushner Meyer, have established a joint venture focused on residential and mixed-use opportunities across the tri-county region. Their inaugural project involves a 40-story tower containing 364 luxury rental units on a 1.5-acre site located at 614 and 720 Northeast 27th Street.
BDT & MSD Partners provided $42 million in financing for the pre-development phase, with construction scheduled to commence in late 2025. The property sits adjacent to the Missoni Baia condominium tower, which Cain previously co-developed with Vlad Doronin's OKO Group.
The partnership emerges during a complex period for South Florida's multifamily sector. The region completed a record 18,600 apartment units in 2024, creating a supply surge that exceeded leasing activity by approximately 20 percent, according to CoStar Group data. This oversupply has resulted in slower lease-up periods, increased concessions, and declining average rental rates throughout the market.
Despite current market conditions, both firms express confidence in the region's long-term prospects. "We are big believers in South Florida and big believers in Miami," Goldstein stated, emphasizing their commitment to identifying strategic opportunities in the market.
Cain brings nearly a decade of South Florida experience to the partnership, backed by Todd Boehly's Eldridge Industries. The firm recently completed renovations on the Delano Miami Beach hotel, which closed in 2020 and is scheduled to reopen for the upcoming Formula 1 Miami Grand Prix. Beyond the Missoni Baia project, Cain collaborated with OKO Group on the Una Residences condominium tower in Brickell and the 57-story 830 Brickell office building, which achieved full pre-leasing before completion in 2024.
Kushner maintains an established presence in Miami's Edgewater area, having completed a 37-story, 420-unit apartment building at 2000 Biscayne Boulevard in 2024. The company has additional residential development plans for the neighboring 1900 Biscayne Boulevard site and recently acquired the 276-unit Hamilton apartment building at 555 Northeast 34th Street from Aimco.
The joint venture's broader South Florida portfolio includes Kushner's 932-unit multifamily development at 300 West Broward Boulevard in Fort Lauderdale and a luxury 68-unit apartment project in Surfside, which secured $115 million in construction financing last year. The company also received approval in October for a 470-unit rental building and synagogue development near Hollywood's Seminole Hard Rock Hotel and Casino.
Both companies are positioning their collaboration to capitalize on continued migration patterns bringing wealthy individuals and corporations to South Florida, particularly from higher-tax states. The partnership represents a strategic alignment between two established firms seeking to expand their regional market share during a period of demographic and economic transformation.
