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Pompano Beach oceanfront Renaissance??

Cashflow In Miami
July 18, 2020

730 N Ocean Blvd Pompano Beach1380 S Ocean Blvd Pompano Beach

1350 S Ocean Blvd Pompano Beach

New oceanfront Sabbia condo building ( 730 N Ocean) with 69-units , which launched sales in 2015, was nearly sold out in February , 2019 at prices averaging $700 per square foot. 19-story condo , built by The Related group will be opening within the next 30-60 days.Five-bedroom penthouse at Sabbia sold in 2016 for about $5.5 million, the highest price ever paid for a residence in the city, the sales started in 2015. Sabbia will be Pompano Beach’s first new oceanfront high-rise in 10 years.

Another development is cooking just south down the street. Lionheart acquired its 4.6-acre oceanfront development site for $22.5 million, or $4.9 million per acre, in 2013. The project is tentatively named for its Pompano Beach address: 1380 South Ocean Boulevard. In February, 2019, Lionheart got site-plan approval from the city government for a total of 239 units in two condo buildings across from each other on South Ocean Boulevard, with one located on the beach and the other next to the Intracoastal Waterway.Just north of the 1380 South Ocean Boulevard site, Merrimac Ventures, led by Fort Lauderdale-based developer Dev Motwani, has site-plan approval to build a 92-unit condo at 1350 South Ocean Boulevard. The site had been zoned for a hotel, and Motwani spent years obtaining municipal approval for a land-use amendment and rezoning.

On a site across the street, Merrimac Ventures and Alliance Residential are developing a luxury rental complex with 204 apartments and seven townhouses next to the Intracoastal Waterway. The rental complex, called Broadstone Oceanside, is under construction and scheduled for completion this summer.

Motwani acquired the entire 3.8-acre site on South Ocean Boulevard for his rental and condo developments for $11.5 million, or $3 million per acre, in 2011. But construction of the condo development may not start before 2021.There are about six total developments in the pipeline in Pompano Beach at this time, with Sabbia setting the city sales record will be multimillion dollar oceanfront mansions measure up and hold the selling prices at $700-800++ per foot??


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