Related Group launches sales of first SoFla condo project since 2016
Project, whose units start at $1.3M, is an “an extreme value play,” said Related’s Nick Pérez
Related Group launched sales of Solemar, a luxury condo building planned for Pompano Beach.
The 105-unit, 20-story oceanfront building would mark the second new development to be built on the beach in Pompano since Sabbia Beach was completed in 2018.
Called Solemar, it’s also the first new condo project that Related is launching sales for since the beginning of 2016, when the Miami-based developer began selling the Residences by Armani/Casa in Sunny Isles Beach. That was completed late last year.
While parts of South Florida face a glut of supply, such as Sunny Isles, there is little new development in Pompano.
Related, led by Miami condo king Jorge Pérez, has owned the 2.8-acre site at 1116 North Ocean Boulevard since 2011. Nick Pérez, a vice president at his father’s company, is spearheading the project. More than 10 percent of the units are under contract, he said.
Related Realty will handle sales of Solemar, with prices ranging from $1.3 million for two-bedroom units on the lower floors; to larger penthouses starting at $5 million. The units will range from 2,000 square feet to 2,600 square feet, and the three penthouses will span 4,600 square feet. They will have an average price of about $800 per square foot.
Buyers will pay 20 percent deposits at contract, an additional 10 percent when the building tops off, and the rest at closing.
Nick Pérez said Related plans to break ground in the first half of 2021 and complete the project about two years after that. The developer is seeking construction financing, though Pérez declined to disclose how much.
The decision to launch sales was made prior to the pandemic but Pérez said Related remains “confident in this market and this product.” Like other developers, the firm is betting on the influx of people migrating from high-tax states, though single-family homes have benefitted the most over the last six months.
Arquitectonica is designing Solemar and Meyer Davis is handling the interior design. Amenities will include a fitness center, spa, theater, wine salon and club room, sunrise and sunset pools, lounges, firepits and a poolside cafe, according to a press release.
Pérez said Related is also targeting empty nesters from western Broward County. He called the project “an extreme value play.”
“Covid will pass and we think this property we have is irreplaceable,” Pérez said.
Pompano Beach is in the initial stages of redevelopment. Sabbia Beach, a 19-story condo developed by Fernbrook LLLP at 730 North Ocean Boulevard, averaged preconstruction prices of about $700 per square foot.
Lionheart Capital is planning to construct a two-building, 239-unit luxury condo project at 1380 South Ocean Boulevard that is slated to become the city’s tallest tower. Developer Dev Motwani also has plans to build a 27-story condo building at 1350 South Ocean Boulevard.
The city also recently completed the new pier.