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

GCA Immobilier launched sales of the 187-unit project last year

Miami /
Apr.April 09, 2018 11:30 AM

Renderings Pure Residences in Pompano Beach

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.


Related Articles

arrow_forward_ios
Eighty Seven Park and the lot where the Champlain Towers South once stood (Douglas Elliman)
Italian investor sells Eighty Seven Park unit to hedge funder in first closing since deadly condo collapse next door
Italian investor sells Eighty Seven Park unit to hedge funder in first closing since deadly condo collapse next door
830 Brickell and the co-developers Cain's Jonathan Goldstein and Vlad Doronin (Getty, OKO Group / Cain International)
Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
Jorge Perez and Jon Paul Perez with a rendering of Solemar (Related)
Related scores $91M construction loan for luxury condo tower in Pompano Beach
Related scores $91M construction loan for luxury condo tower in Pompano Beach
Robert Finvarb and Abraham “Abie” Hidary with the site at 2534 North Miami Avenue (Koniver Stern Group)
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Palazzo Della Luna and the interior of the unit (Palazzo Della Luna, Fiorenza)
Aviation parts prez picks up second Fisher Island condo
Aviation parts prez picks up second Fisher Island condo
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...