Dev Motwani is getting ready to launch a luxury condo tower in Pompano Beach, a quiet beachfront town in Broward County, the developer told The Real Deal.
Motwani plans to launch sales for the 27-story condo building at 1350 South Ocean Boulevard this winter. The 1.7-acre development site is approved for a 92-unit project. Property records show Motwani’s WH Pompano LP paid $11.5 million for the beachfront land in 2011. That purchase included the 4-acre site at 1333 South Ocean Boulevard, where Motwani is partnering with Alliance Residential to build a 211-unit mixed-use apartment development.
Bruce Brosch of Nichols Brosch Wurst Wolfe & Associates is designing the condo tower. Motwani deeded 25 of the 27 boat slips from the apartment site across the street back over to the condo site, and will sell them with units. “The biggest problem with a beachfront condo is where do you put your boat?” he said.
The Broward developer, who’s considering bringing in a joint venture partner, plans to target buyers from the Northeast and Canada, as well as local buyers from Fort Lauderdale, Pompano, Boca Raton and Miami.
Units, which will offer views of the ocean and Intracoastal Waterway, will start at about $1.25 million with penthouses north of $5 million. The project could break ground a year from the sales launch.
Developers have quietly been buying properties in Pompano, where the only new condo construction so far has been Sabbia Beach, a luxury condo project under construction at 730 Ocean Boulevard.
Property records show an affiliate of Lionheart Capital owns the 4.5-acre site at 1380 South Ocean Boulevard, two properties south of Motwani’s land. The Miami Design District-based developer plans to build two luxury condo towers with 234 units and 450,000 square feet of space, according to its website. Lionheart’s property also stretches across the street to the Intracoastal. The Related Group also has submitted plans for a condo project at 1112 and 1116 North Ocean Boulevard.
NBWW is also designing the Chetrit Group’s Pompano project at 20 North Ocean Boulevard. Chetrit and Ari Pearl plan to build a mixed-use development with residential apartments, hotel rooms, retail stores, event spaces and a parking garage.
In addition to private development, the city is planning to redevelop its aging downtown area to make it more appealing for companies, employees, tourists and residents. The plan is to develop about 750,000 square feet of office space, 165,000 square feet of retail, 35,000 square feet of restaurants, 1,500 residential units, and two hotels with a combined 420 rooms.