Billionaire developer Bill Malhotra is launching sales for Ocean580, a luxury oceanfront condo project in Pompano Beach.
Malhotra’s Ottawa, Ontario-based Claridge Homes is planning the 10-story, 17-unit development for the 0.9-acre site at 580 Briny Avenue, according to a press release. Malhotra, who has a net worth of $2 billion, according to Forbes, is also building 3000 Waterside, a luxury waterfront condo project in Fort Lauderdale.
For Ocean580, he tapped architecture firm FSMY to design the building, and Manhas Design for the interiors. Both are based in Fort Lauderdale. Units will range from 3,700 square feet to 8,900 square feet, with four-bedroom and five-bedroom floorplans, the release shows. Amenities will include a pool, spa facilities, a fitness center, private beach access, a billiards room and an entertainment lounge.
Prices for units start at $4.7 million, and the building is expected to be completed in 2027, according to the release.
Records show an affiliate of Claridge Homes bought the site for $11.5 million in 2022.
Ocean580 marks Malhotra’s second project in Pompano Beach. In August, he announced plans for a 15-story, 220-room Courtyard by Marriott hotel at 101 South Ocean Boulevard.
Malhotra is one of many developers flocking to build in Pompano Beach. Jorge Pérez’s Related Group has three luxury condo projects in the works in the coastal city, including the 28-story, 92-unit Waldorf Astoria Pompano Beach, the 24-story, 373-unit condo-hotel W Pompano Beach Hotel & Residences, and the 21-story, 119-unit Casamar.
Edgardo Defortuna and Ricardo Dunin scored $259 million in construction financing for their planned Ritz-Carlton Residences, Pompano Beach in 2023. In November, Vertical Developments, WellDuo, GCF Development and SP Developments announced plans for a 19-story, 28-unit Armani-branded condo project in Pompano Beach.