Pompano Beach Real Estate | New Developments
Pompano Beach real estate is on fire this year. New developments are popping up everywhere including residential condominiums, commercial developments and apartment rental buildings.
What was a large, unused parking lot – at the Southeast corner of NE 4th Street and NE 20th Avenue – will now be the spot for the new Atlantic Towers. The property sold for $5 million to the developers from Pompano Atlantic LLC – an affiliate of the Meyers Group.
Just off Federal Highway, the development of this eight story, 147 unit apartment complex was recently approved by the City of Pompano Beach. Designed by RLC Architects, the complex will total 163,438 square feet. Alan Losada, the COO of the Meyers Group, plans to break ground with the project in the beginning of 2017.
Another proposed project is Broadstone Oceanside, which would have 211 apartments, 2,700 square feet of retail, a 432-space parking garage and 27 boat slips located at 1333 S. Ocean Blvd. The site is owned by WH Pompano, which is managed by Dev Motwani. He plans to create a joint venture with Phoenix-based apartment developer Alliance Residential. For more information on Broward County projects, please see the recent South Florida Business Journal’s article.
In addition to this, four more large developments are on the agenda for Pompano Beach real estate at the beginning of the year. There is a hearing before the city’s Development Review Committee on January 20th to decide the logistics.
One of the four is major New York developer and property owner – The Chetrit Group. They plan to build 108 multifamily units and 14 townhouses on a 4.3 acres along the Intracoastal Waterway near the Hillsboro Inlet. With three other projects on their way to be presented at the January hearing from other developers, Pompano Beach real estate seems to be well on its way to renovation and revival.
“We think it’s an up-and-coming area.” Losada stated in an interview with South Florida Business Journal. “There’s a lot happening right now there on the beach with new construction and restaurants…U.S. 1 has seen a lot of improvements with new shopping centers and a new LA Fitness.” There has also been some successful new restaurants that have opened, such as The Foundry, across from Houston’s.
All of the improvements and new development in Pompano Beach will help bring in more traffic to the local businesses and help strengthen the economy. This is very exciting news and is something that many Pompano Beach residents have been looking forward to for years. For the full article in the South Florida Business Journal, please see their website under Pompano Beach Real Estate development.
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