U.S. Development launches condo sales for Salato Pompano Beach
Project will have 40 units with starting prices under $2M
U.S. Development is launching sales of Salato Pompano Beach, a planned condominium, after buying the site from a troubled former partner in another project.
The 10-story, 40-unit Salato building at 305 Briny Avenue will have six penthouses, and all condos will have three bedrooms, three bathrooms, and one-half bathroom. Prices start at just under $2 million, according to a press release.
The developer is betting on sustained demand for luxury condos in South Florida, in spite of the market cooling from pandemic highs. U.S. Development is the development arm of U.S. Construction, a Philadelphia-based real estate and construction firm led by CEO John Farina. The firm also has offices in Hoboken, New Jersey and Delray Beach.
Records show U.S. Development bought the 1.3-acre property via an LLC named for the address for $9.7 million in May. The seller was National Realty Investment Advisors, the Secaucus, New Jersey-based developer currently embroiled in legal troubles, bankruptcy proceedings and allegations of a $650 million Ponzi scheme.
U.S. Development previously partnered with National Realty for its Ocean Delray condo project, completing the sellout last February for $126 million.
Delray Beach-based Randall Stofft Architects designed Salato, and Pompano Beach-based Interiors by Steven G. is leading the interior design for the project, the release shows.
Salato’s floor plans will range from 2,100 square feet to 3,350 square feet, with terraces that will range from 320 square feet to 746 square feet, the release shows.
The building will include a 20,000-square-foot amenities deck, with a pool, spa, poolside bar, fitness center, owner’s lounge and event space with a catering kitchen.
While Miami is the epicenter of South Florida’s condo development boom, developers also have targeted Pompano Beach. Related Group launched sales of the 21-story, 119-unit Casamar in March, with prices starting at $1.8 million. Fortune International Group and Oak Capital started sales for Ritz-Carlton Residences, Pompano Beach, a two-tower, 205-unit project in December 2021, with prices beginning at $1 million.