Pompano Beach is seeing a major wave of redevelopment, from a planned 75-acre downtown project to new luxury residences along its oceanfront. The city, long known as a comparatively affordable Broward County beach destination, is attracting developers pursuing high-end residential projects.
RocaPoint Partners and the city are working on a downtown redevelopment expected to encompass roughly 4 million square feet of residential, retail, office, hotel, civic and public-space uses. The plan includes a new City Hall.
On the beachfront, Related Group and Merrimac Ventures are developing the 28-story Waldorf Astoria Residences Pompano Beach with Hilton. The 92-residence building is expected to be completed next summer, and more than 85% of its units were under contract when the project topped out in May, according to Related Group.
Related Group said its earlier Pompano Beach project, Solemar, averaged about $900 per square foot in sales, while the Waldorf Astoria project is averaging about $1,800 per square foot. The developer also reported summer sales of two penthouses for $17.1 million and $18.1 million. Source: Times of India.
