Pompano Beach – South Florida’s Next High-end Residential Destination
Newly redeveloped pier, optimal waterfront access, and the development-friendly local government’s support of Pompano Beach, the city do seem to offer huge growth potential.
Edgardo Defortuna‘s latest investments suggest he predicts a marked shift in Pompano Beach property market rise and demand.
However, even more, interesting is what brought the president and CEO of Fortune International Group to the city in the first place, the city’s large oceanfront properties.
According to Defortuna, a residential broker and developer, Miami-Dade County has no land. He says that the only option to find sites in Miami lies in locating existing condominiums, buying all the units, and terminating the condo association.
This scarcity of land availability in Miami-Dade County has led to many developers flocking to the coastal Broward County municipality. Developers hunting for spaces to build more housing to accommodate the increasing number of people relocating to South Florida post the Covid-19 pandemic.
Of the lot, Defortuna and Ricardo Dunin of Miami Beach-based Oak Capital managed to find and acquire an empty 4.6-acre site at 1380 S. Ocean Blvd, Pompano Beach, for $27.5 million.
Their vision is to build the dual-tower Ritz-Carlton Residencies, expected to be completed by the end of the year.
Defortuna told Business Journal that while they had no sales center, the community’s interest prompted them to start limited marketing from the site. And according to him, the response they received from potential buyers ‘was beyond expectations.’
Pompano Beach Developments
Pompano Beach is an economically diverse city with a median household income of $53,663. The city spans 24 square miles and has a population of 112,046.
While the northeastern beachfront area houses only a fraction of it, this is where nine luxury residential properties have either been built or proposed.
And according to Nguyen Tran, director of Pompano Beach’s community redevelopment agency, these luxury properties are responsible for spurring development ventures inland, thus leading to everything moving westwards.
Tran also mentions that developers and tourists were both minimally interested in the beachfront a few decades ago and that the property just seemed to be ‘overlooked.’
The city decided to change things in 2009 by partnering with developers and consultants to add amenities and infrastructure. The changes included:
- Redeveloping the Pompano Beach Fishing Pier
- Building a 625 space parking garage
- Adding new shops and restaurants
- Home2 Suites by Hilton
- Tweaks in the city’s zoning
According to City Manager Greg Harrison, while Pompano Beach invested $40 million on the beachfront, they expect a return of $268 million through taxes.
The senior VP of Related Group, Nick Perez, says that the public improvements were part of Pompano Beach’s appeal. This appeal convinced the Miami-based company to construct a few luxury condominiums in Pompano Beach.
Accordingly, Perez bought a 44-year old condominium for $30 million in November, which they plan to develop into a 21-story tower.
Perez agrees that the community’s response only gave them more reason to expand their footprint in the city. And that the city is rapidly growing, with no signs of slowing down.
However, Perez isn’t just excited about the eastern infrastructure projects but is also excited with the city’s latest project to create a downtown area within a mile of the beach.
10 Top Luxury Pompano Beach Projects
1. 1350 S.Ocean Residences, 1350 S. Ocean Blvd.
This proposed 92-unit luxury condo unit boasts 2,000 square feet of retail space, along with 25 boat slips on the Intercoastal. Dev Motwani, who developed the neighboring luxury apartment Broadstone Oceanside, says the project should start later this year.
2. Sabbia Beach, 730 N. Ocean Blvd.
According to the city, this 19-story condo houses 68 residencies priced between $1.5 to $5.9 million. Most condo house units are occupied despite having some amenities still under construction. The developer is a Florida subsidiary of Fernbrook Homes, a Canadian residential development company.
3. Casamar, 900 N. Ocean Blvd.
Perez says Casamar is Related’s second high-rise project on Pompano Beach which will have 21 stories and 119 units with about 3,000 square feet. The residences’ starting price is $1.5 million, and sales started in February. The project, built where the 46-unit Beach Villa condominium now occupies, should be ready in 2025.
4. The Ritz-Carlton Residences, 1380 S. Ocean Blvd.
This massive project includes 205 residential units, an 8,000 square foot spa, and 14 boat slips. With prices starting at $1 million, the project should be ready in 2025.
5. Ocean Park Beach Residences, 1508 N. Ocean Blvd.
The proposed twin-tower project by Miami developer Tomas Sinisterra will have at least nine stories, with 40 residential units and 1,660 square feet of ground-floor commercial space.
6. Hillsboro Shores, 2507 N. Ocean Blvd.
Developer Joseph Chetrit will be building this 10-story building with 121 residences and 5,115 square feet of ground-floor retail space.
7. Riverside Residences, 407-419 N. Riverside Drive
Michigan apartment building developer Beztak Properties plans to construct a 10-story building with 42 units. According to the city, the project is still under site review but will include amenities like a pool and a clubroom for a gym or future ancillary purposes.
8. Briny Residences, 305 Briny Ave.
The New Jersey-based National Realty Investment Advisors‘ proposed project is still under site plan review. However, it will contain 40 three-bedroom condo units and 1,732 square feet of ground-floor retail space.
9. Atlantic Estates, 400 E. Atlantic Blvd.
This project proposed by Luis Dominguez is still under site plan review but will include 234 apartments and about 3,000 square feet of commercial space.
10. Solemar, 1116 N. Ocean Blvd.
This under-construction 20-story, 105-unit project includes a state-of-the-art fitness center and an outdoor rooftop terrace. Related’s Perez states that the project, with most residences starting at $1.3 million sold out, should be ready in 2023.