Grover Corlew scored a $78.2 million construction loan for a 355-unit multifamily project in Pompano Beach.
The Boca Raton-based real estate investment firm plans to break ground in February on Mayla Pompano, a 355-unit apartment complex at 2335 and 2401 East Atlantic Boulevard, according to a press release. PNC Bank provided the loan for the two-building project, the release states. The estimated completion date is July 2023.
The project is the first under Grover Corlew’s Mayla Residences brand that will focus on developing new luxury multifamily projects in prime locations throughout South Florida, the release states. Pompano Beach city commissioners approved zoning amendments to the development site in 2020. The project was previously called Pompano Station.
Mayla Pompano will have studios and one- to three-bedroom apartments ranging in size from 548 square feet to 1,383 square feet. The project is within the Pompano Beach Community Redevelopment Agency’s boundaries and will have 53 workforce housing units.
Each unit will feature bathrooms with soaking tubs, frameless shower enclosures and back-lit vanity mirrors. Kitchens will have quartz countertops, cabinetry with under-cabinet lights, stainless steel appliances, bottom-mount sinks, built-in microwaves and glass cooktops.
Amenities will include a two-story clubroom, co-working spaces, a TV lounge, a fitness center with a yoga-aerobics room, resort-style pools with cabanas, and a dog spa. The complex will also have 60,000 square feet of ground-floor retail space, a parking garage and a pedestrian plaza.
Mayla Pompano will be built on nearly 3 acres currently used as parking lots that Grover Corlew bought for $4.2 million in 2015, according to records. The development site is behind two office buildings owned by Grover Corlew.
Grover Corlew has developed, owned and managed 10,000-plus apartments and more than 10 million square feet of commercial space across the Southeast, the release states. In July of last year, the firm paid $44.6 million for Bank of America Tower, an eight-story Class A office building in Boca Raton.
Grover Corlew also owns the Hillsboro Center office complex in Deerfield Beach, which the company acquired for $32.5 million in 2019.
Other developers are also launching residential projects in Pompano Beach. Encore Capital Management co-founder and managing principal Art Falcone is developing a seven-story, 285-unit apartment project with ground-floor retail space. And Fortune International Group and Oak Capital, led by former Lionheart Capital principal Ricardo Dunin, in December launched sales of The Ritz-Carlton Residences, Pompano Beach. The waterfront luxury condo development will consist of two towers with 205 units.