Canadian firm buys condo-hotel dev site in Pompano Beach for $18M
Property currently houses Rayvan building, Walgreens
A Quebec-based company paid $17.7 million for a mixed-use property in Pompano Beach that is approved to be redeveloped with condominiums and hotels.
A limited partnership led by Efstathios Tsatas bought the properties spanning almost a full city block on the southwest corner of East Atlantic Avenue and South Ocean Boulevard. The seller is Atlantic 3350, tied to German Neuss, according to records. The buyer took out $2 million in financing from the seller, records show.
The real estate consists of a mostly vacant 0.2-acre lot with some parking at 3300 East Atlantic Boulevard; two one-story retail buildings on 0.4 acres at 3308 and 3322 East Atlantic; the Rayvan Building with retail on 0.3 acres at 3340 East Atlantic; a Walgreens with parking on 0.9 acres at 3350 East Atlantic and a smaller adjacent parking lot at 15 South Ocean Boulevard, property records show.
The site previously was approved in 2012 for a 21-story, 77-unit condo tower; a 19-story, 110-key hotel; a pool deck; garage and retail, including a Walgreens, according to multiple media reports. The seller refiled plans in 2020, but construction has not started.
Efstathios Tsatas owned the now closed Madisons New York Bar & Grill in Boca Raton and sold it in May for $14.3 million, according to a deed.
Pompano Beach has caught the eye of investors who have scooped up recently completed projects, as well as of developers planning new ones.
Last year, Pompano Beach-based Cavache Properties partnered with Delray Beach-based Wilson Enterprises on the development of a 281-unit apartment project called Old Town Square, with just over 5,000 square feet of retail, in the city’s Old Town district. The duo scored a $45 million construction loan in October.
In February, The Benjamin Companies bought the newly built Morea Apartments in Pompano Beach for $145.5 million.