Development continues to be a primary focus under the leadership of Michael Sommer, a seasoned professional with more than 25 years of development and construction experience. More than 7,500 rental apartments are currently under active development. In the Miami area, we broke ground on a mixed-use office, retail, and residential project in Wynwood, as well as the first phase of a 1,300-unit development in Edgewater. We anticipate breaking ground in Fort Lauderdale in 2022 on a four-tower site approved for 1,500 apartments, which we are proud to develop in a joint venture with Aimco. In New Jersey, we will commence the development of over 3,000 apartments in areas such as Jersey City, Colts Neck, East Hanover, and Fair Lawn.
Despite industry challenges, we are committed to growing our retail and hospitality portfolios. This year, we acquired a 100 percent interest in Monmouth Mall in Eatontown, New Jersey, a 1.5 million square foot retail center located just two miles from the Jersey Shore, with the intent of redeveloping it as a mixed-use site. This follows the acquisition of our partner’s interest in Pier Village in Long Branch, New Jersey, a 500-apartment oceanfront property incorporated with upscale retail and dining experiences. Furthermore, we celebrated our first full year of operations at Wave Resort, located on the boardwalk just steps from the ocean. The success of the Wave has initiated our plans to build another complementary hotel next door with 107 luxury rooms.
As a result of these and other activities in 2021, Kushner’s portfolio is now valued at more than $15 billion. None of this would have been possible without the creativity, resourcefulness, and pure tenacity of our team. The years 2020 and 2021 pushed all of us into uncharted waters. Throughout it all, every part of the company delivered impressively. On behalf of the entire management team, we’d like to say “Thank You” for a job well done.
Lastly, we would like to announce that this marks our first jointly issued letter under our new titles. We were elevated to our current positions in September and are proud to carry the mantle for Kushner. We look forward to working with our team to continue our company’s legacy of achievement and success.
Laurent Morali, Chief Executive Officer & Nicole Kushner Meyer, President
Click here to view the Kushner 2021 Book.