A waterfront Pompano Beach development plot was purchased by Related Group and BH Group for $47.5 million
Related Group and BH Group have partnered to acquire a waterfront development site in Pompano Beach for $47.5 million. The site, located at 20 N. Ocean Blvd., is a 3.7-acre parking lot that was previously approved for a mixed-use development.
Chetrit Group affiliate JJ Land Realty LLC sold a 3.7-acre parking lot at 20 N. Ocean Blvd. to Related Group and BH Group. The deal was financed by Centennial Bank for $28.5 million. The lot is located on the north side of Atlantic Avenue, just south of the city’s popular fishing pier.
BH Group and Related Group released a joint statement about the deal, saying, “Our team is incredibly bullish on the South Florida market, especially young, promising areas like Pompano Beach. Just a few years ago, this submarket was totally overlooked – today it is one of the most exciting in the tri-county region, with many highly anticipated developments as well as a concerted effort from local government to improve community offerings and infrastructure while maintaining its signature beachfront village atmosphere.”
Related Group has begun construction on Casamar Residences, a new condo in Pompano Beach. The project is the second for the company in the city, following the success of Solemar. Both developments have generated strong sales, indicating that there is a strong demand for luxury condos in Pompano Beach.
The Chetrit Group site was last traded for $42.5 million in 2005. In 2016, the developer secured approval for a 360,989-square-foot project featuring 77 condos, 303 hotel rooms, retail, and restaurants. The building will be 24 stories tall.
Related Group and BH Group declined to share details of their development plans for a waterfront site in Pompano Beach. However, the developers said they were “excited to share more on this unique development soon.” They also said they were “looking forward to continuing the track record of success established throughout our recent joint projects” and “pushing Pompano Beach towards its full potential.”
Related Group and BH Group have partnered on a number of projects in the past year, including:
- Condos on Fisher Island and North Miami Beach: These condos are located in two of the most exclusive neighborhoods in Miami.
- An expansion of the Diplomat Hollywood Beach Resort: This expansion will add condos and hotel rooms to the resort, making it even more luxurious.
- Apartments at an Aventura office building: These apartments will provide residents with easy access to both the office building and the Aventura Mall.
- The Transit Village mixed-use project in West Palm Beach: This project will include a mix of residential, commercial, and retail space.
The partnership between Related Group and BH Group has helped to create some of the most exciting new developments in South Florida. These projects are sure to attract residents and visitors alike, and they will help to continue to make South Florida a desirable place to live, work, and play.