Miami, FL
Cain, Kushner launch South Florida JV with plans for Edgewater rental tower
Cain and Kushner are launching a South Florida real estate joint venture, planning a luxury apartment tower in Edgewater for their first project, The Real Deal has learned.
London-based Cain, led by Jonathan Goldstein, and New York-based Kushner, led by Laurent Morali and Nicole Kushner Meyer, plan a 40-story, 364-unit project on Cain’s 1.5-acre site at 614 and 720 Northeast 27th Street in Miami, according to a news release. The property is near the Missoni Baia condo tower that Cain co-developed with Vlad Doronin’s OKO Group.
BDT & MSD Partners provided a $42 million loan for the project, which is in the pre-development phase. Construction is expected to start late next year, the release says.
The Cain-Kushner JV is targeting residential and mixed-use investments and developments in the tri-county region.
“We are looking at all opportunities that we think are sensible,” Goldstein said.
Their South Florida JV comes as the region is experiencing another influx of out-of-staters after the pandemic-era boom, only this time the in-migration is primarily of wealthy individuals and their companies amid the blue-to-red-state migration.
Yet, Cain and Kushner’s plans for Edgewater apartments come as the multifamily market has softened due to hefty deliveries in recent years. A record 18,600 units were completed in 2024, outpacing leasing that year by about 20 percent, CoStar Group data shows. Although construction starts have slowed, last year’s 12,718 unit completions still surpassed total leasing for the year by about 1,000 apartments.
It has led to slower lease-ups, more concessions and a drop in the average asking rents across South Florida.
Developers starting projects now have said demand will catch up by the time they finish their buildings, with many adding that South Florida remains a strong apartment market. Many are betting on luxury rentals, which CoStar’s data showed made up the bulk of leasing in recent years.
“We are big believers in South Florida and big believers in Miami,” Goldstein said.
Cain, backed by Todd Boehly’s Eldridge Industries, has been investing in South Florida for nearly a decade, with the JV in some ways marking its second chapter in the region.
Cain’s most recent project is the Delano Miami Beach renovation. The hotel, which closed in 2020, is expected to reopen in time for the Formula 1 Miami Grand Prix early next month.
Aside from the Missoni Baia condo tower, Cain also partnered with OKO on the Una Residences condo tower in Brickell and the 57-story 830 Brickell office tower. The office building was completed in 2024 fully pre-leased, catching a demand surge during the pandemic-era in-migration of out-of-state companies to Miami. Cain also is an investor in Doronin’s hospitality firm Aman Group.
Kushner has a presence in Miami’s Edgewater, completing the 37-story, 420-unit apartment tower at 2000 Biscayne Boulevard in 2024, with plans for more residential development next-door at 1900 Biscayne Boulevard. It also purchased the 276-unit Hamilton apartment building at 555 Northeast 34th Street from Aimco.
Elsewhere, Kushner plans a 932-unit multifamily development at 300 West Broward Boulevard in Fort Lauderdale. It borrowed a $115 million construction loan last year for a luxury 68-unit apartment project in Surfside. And it scored approval in October for a 470-unit rental building and synagogue development near Hollywood’s Seminole Hard Rock Hotel and Casino.
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To no one’s surprise, FC Cincinnati and Inter Miami CF engaged in a scorefest May 13 at TQL Stadium.
A hat trick by one of the best goalscorers in the history of the game, Lionel Messi, sparked Miami to a 5-3 win. Miami scored three times from the 79th minute on to come from behind.
A sellout crowd of 25,513 witnessed the showdown, the club’s sixth home sellout of the season.
FC Cincinnati falls to 4-5-4, staying at 16 points, taking its first loss since April 4 at Red Bull New York. Miami improves to 7-2-4 for 25 points, improving to 7-1-1 on the road this season. Miami moved into second place in the Eastern Conference behind Nashville. Cincinnati started the night tied for fifth but could drop depending on games later on.
Second half highlights as FC Cincinnati squandered a late lead
Cincinnati took a 3-2 lead in the 64th minute.
Evander fired a rocket from the top of the 18 into the top left corner. Deneky passed ahead to him, then he maneuvered around two defenders, and no one stepped up to him. It is Evander’s seventh goal of the season.
Miami tied it in the 80th minute, 3-3.
After a Cincy turnover, Rodrigo De Paul quickly found Messi in transition, who delivered to Mateo Silvetti. Silvetti, playing his first game in a month, maneuvered in space and scored from the top of the box for his fourth of the season.
Miami took a 4-3 lead in the 83rd. A Messi free kick from 35 yds was saved by Cincy keeper Roman Celentano. He collided with Andrei Chirila, which knocked the ball out of his hands. Miami’s German Berterame pounced on the rebound to give Miami the lead, his fourth goal of the season.
Chirila landed hard after the collision and was taken out of the game.
Miami took a 5-3 lead when Messi made a sliding shot after a cross from Silvetti. The ball went off the post, then off Roman Celentano, who was on his stomach trying to get the ball, then in. Messi was credited with the goal and a hat trick.
FC Cincinnati took a 2-1 lead in the 49th minute.
Pavel Bucha scored from close range. He took a crossing pass from Bryan Ramirez after Denkey found him on the left side in transition.
It was Bucha’s second goal of the MLS season and the second assist for Ramirez. Bucha was hit in the head late in the first half and examined by trainers, but stayed in the game.
Moments later, Messi had a free kick from 30 yards saved by Celentano.
Messi scored again in the 56th minute to tie it, 2-2. He had a nice give-and-go with Rodrigo De Paul, who dribbled near the end line and crossed to him from the right side. Messi was unmarked and scored easily from near the penalty spot.
In the 62nd minute, Luis Suarez missed an open shot that Celentano saved, set up by a quick transition by Miami.
Miami ended with 17 shots to 10 for Cincinnati, six on target. After an even first half, Miami controlled the expected-goals mark, with 4 to 1.6 for the home team.
First half highlights
Messi scored from close range in the 24th off a turnover by Matt Miazga. Miazga tried to pass to a teammate on the side but the pass went straight to Messi.
He had a goal in the fifth minute waved off by offsides.
In the 32nd minute, Cincinnati won a corner kick, which Evander placed right in front of the goal line but the ball was cleared away.
In the 42nd minute, a Kevin Denkey penalty kick tied it up. Denkey drew the PK after collecting a good pass into the box by Pavel Bucha and being grabbed by Gonzalo Lujan. Denkey converted for his team-high eighth goal of the season.
The first half was tied 1-1 and virtually even on statistics. Both sides had seven shots, one on goal, and 1.1 expected goals. Neither keeper made a save.
What’s next for FC Cincinnati?
Cincinnati heads to the West Coast to play San Diego FC 9:30 p.m. Saturday, May 16. It is the first meeting between the teams. San Diego, 3-5-4 for 13 points, was set to play Austin later May 13. Cincinnati will leave for California on May 14.
A wildfire has scorched over 11,000 acres in Florida’s Everglades, just outside the Miami metro suburbs, prompting officials to warn nearby residents of dangerous smoke.
The Max Road Miramar Fire is straddling the line between Miami-Dade and Broward counties. At least 11,000 acres have been burned, and the fire is 80% contained, according to the Florida Forest Service.
The fire was first reported Sunday. The Pembroke Pines Police Department said that drivers stopping to watch the fires along US-27 were causing dangerous traffic backups.
Miami-Dade Fire Rescue said they were working with state forest officials to protect nearby properties.
Florida Senator Rick Scott urged people on social media to adhere to any local road closures.
Aerial footage showed flames in the vicinity of a local subdivision, and smoke could be seen billowing for miles.
This comes in the middle of Florida’s wildfire season, which is being compounded by a historic drought ongoing across the state.
Almost 2,000 wildfires have burned nearly 120,000 acres just since the start of the year, the forest service said earlier this month.
Wildfires south of Jacksonville canceled and delayed Amtrak service last month.
While the vast majority of the state is under Exceptional or Extreme Drought conditions, Miami itself is roughly an inch below average rainfall, year-to-date.
However, parts of the Everglades are also experiencing Extreme Drought.
Fire officials are warning residents to take precautions if smoke is impacting your area. Those with respiratory conditions, older adults and children may be especially sensitive to smoke exposure.
Miami-Dade Fire Rescue is advising people to stay indoors when possible and set home and vehicle A/C systems to recirculate.
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