Coral Rock Development Group and Paragon Group of Florida are planning an affordable housing townhouse project in Pompano Beach.
The developers expect to break ground on the 138-unit development, called Highland Oaks, before the end of the year. The nearly 11-acre project, at 921 Northwest Third Avenue, would have 70 one-bedroom apartments sized at about 1,000 square feet, as well as 68 three-bedroom units of about 1,250 square feet each, according to a press release.
The Pompano Beach community will also include 305 parking spaces, a covered garage, a computer lab and gym. Coral Rock and Paragon expect to deliver the project by the end of next year.
Earlier this month, Miami-based Coral Rock, led by Stephen A. Blumenthal, David Brown, Victor Brown and Michael Wohl, secured a $53.5 million construction loan for a mixed-use project in Hialeah.
Wohl is a former partner of Pinnacle Housing Group, an affordable housing developer that is also active in South Florida. Pinnacle recently closed on nearly $31 million of financing to build an affordable housing development for seniors in south Miami-Dade County.