An apartment developer paid $5 million for a multifamily-approved site just off of Federal Highway in Pompano Beach, according to the listing agent Reese Stigliano, Senior Vice President at Brenner Real Estate Group.
The 35,264 square foot site was a former parking lot for Everest University, which occupied the adjacent office building. Located at the south east corner of NE 4th Street and NE 20th Avenue, the site was sold by 225 North Federal Highway, LLC an entity managed by Scott Brenner. The Buyer, who was represented by Jessica Hinner, an associate of Brenner Real Estate Group, was Pompano Atlantic, LLC an affiliate of Coral Gables based developer, The Meyers Group.
Reese Stigliano and Scott Brenner spent the last two years obtaining the development rights for an eight-story, 145-unit apartment building that will be built on the site. Parking for the apartment building will be accommodated in an existing parking garage that was originally developed for the college.
“Our timing was perfect”, said Stigliano. “This will be the catalyst for major upscale development for the Pompano Beach Federal Highway corridor”, according to Reese.
Pompano Beach is going through a significant transformation in the retail, residential and hotel sectors. The city has invested over $50 million in the immediate area, with improvements to the retail sections of East Atlantic Boulevard, the new ocean front Beach Plaza Park and a brand new $24 million parking garage that will contain 663 parking spaces and 50,000 square feet of upscale retail stores and restaurants.
Construction of the multifamily project should begin sometime in mid-2017 with occupancy scheduled for late 2018.
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