Affordable housing developers plan Pompano Beach townhouse project
138-unit Highland Oaks expected to be completed by end of 2021
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.