Related Group plans to launch preconstruction sales for an oceanfront condominium in Pompano Beach in the first quarter of next year, The Real Deal has learned.
Related’s Nick Pérez, son of Related Chairman and CEO Jorge Perez, said asking prices for the 105-unit, Arquitectonica-designed tower will be “definitely under $1,000” per square foot.
It has been eight years since Miami-based Related acquired the 2.8-acre development site at 1116 North Ocean Boulevard, where a temporary on-site sales center is now under construction.
A limited liability company formed by Related paid $6.25 million in 2011 for the vacant site on the beach, according to property records.
In 2012, Related successfully proposed a rezoning that would allow the company to construct a two-building condominium with 130 units on the development site.
Pompano Beach commissioners approved an amendment to the zoning for the site on Oct. 7. It allows a redesign with one building instead of two as originally planned, a 20-story building height instead of 14 stories, and 105 units.
Most of the condos will be two- and three-bedroom units with an average size of 2,100 square feet. The building also will have three penthouses that will span at least 4,000 square feet.
Pérez said Related has been encouraged by sales at Sabbia Beach, a new oceanfront condominium at 730 North Ocean Boulevard, about five blocks south of Related’s development site, where preconstruction prices averaged about $700 per square foot.
“We saw how successful they were in Pompano, and we feel like it’s the right time to follow them and start our project,” he said.
Pérez said Miami-based Arquitectonica, which also designed Sabbia Beach, is changing the original exterior of Related Group’s condo project from a rectangular look to a curvilinear design.
Among other alterations, the redesign also will reduce the height of the building’s podium to two stories from three and will put the building’s swimming pool on the same level as the beach. “The swimming pool is on grade with the beach, so when you walk into the lobby … you look out straight through and you see the pool and the ocean,” Pérez said.