Canadian developer closes on land, financing for condo-hotel in Pompano

Montreal-based GCA Immobilier closed on the land and financing for Pure Residences, a condo-hotel project planned for Pompano Beach.

Pompano City Place LLC, led by James Bicher, sold the 1-acre property at 3300 Southeast First Street to the Canadian developer for $11.9 million. GCA financed the deal with an $11.4 million mortgage from the seller, property records show.

GCA, led by Claude La Chance, launched sales last summer with units asking between $223,000 and $615,000. The furnished units will include views of the ocean and Intracoastal, floor-to-ceiling windows and terraces. Owners and hotel guests will also have access to a fitness center, restaurant, rooftop pool and valet.

Because it’s being developed as a condo-hotel, owners will be able to rent their units through a hotel management company and will be limited to occupying them for 30 consecutive days and no more than 180 days a year.

The land last sold for $600,000 in 2005, according to property records.

The property is about two blocks west of the ocean, just south of Atlantic Boulevard. Nearby, Invesca Development Group is building Koi Residences & Marina, a mixed-use project along the boulevard with apartments and townhomes. The developer broke ground on the second phase in November.

Other projects in the pipeline include Aspire Real Estate Development’s 19-unit boutique condo project called Arya Oceanside Residences, and Sabbia Beach, a 19-story tower developed by Fernbrook Homes and Grupo Fernandez.