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

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

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

2401 West Atlantic Boulevard, Nightingale’s Elie Schwartz and Simon Singer and David Egozi of JDM Realty Group (Credit: Google Maps)

GDF Properties scores a retail center in Pompano Beach

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Nick Perez and the site at 1116 North Ocean Boulevard (Credit: Google Maps)

Related to launch Pompano condo sales in Q1 2020

Daily Digest Miami

RNC’s winter meeting will be hosted at Trump Doral, developer scores $24M construction loan

Harbourside at Hidden Harbour rendering

Multifamily project planned along Pompano Beach canal

This vitamin maker sells off Pompano Beach warehouse after layoffs

This vitamin maker sells off Pompano Beach warehouse after layoffs

Rendering of Aviara East Pompano and Maher Hanna (Credit: LinkedIn)

Multifamily project on Pompano Beach scrapyard site moves forward

First Industrial Realty Trust CEO Peter E. Baccile, 1001 Northwest 12th Terrace and 1021 Northwest 12th Terrace in Pompano Beach (Credit: Google Maps)

First Industrial Realty picks up two properties in Pompano Beach