Related Group Decision to Build Beachfront Condo in Pompano Beach Seems to be Paying Off | Southeast Trend – Florida

PROJECTOR

A luxury bet pays off

Miami-based Related bought the site in 2011, believing the dwindling supply of waterfront sites meant investing in new markets for luxury. “There isn’t a lot of beach,” says associate vice president Nick Perez.

The company innovated in May on Solemar with 80% of the units sold. The units cost between $ 1.8 and $ 5.2 million, or about $ 800 per square foot, which is cheap for luxury compared to Fort Lauderdale and Miami-Dade to the south and Boca Raton to the north, according to Perez. .

Nearly 40% of buyers are residents of the Northeastern United States. They are usually in their early 40s to early 60s, often empty nests or soon will be. About half plan to make Solemar their primary residence when completed in 2023.

In response to the pandemic, Related enlisted the help of Australia-based Delos to outfit each Solemar unit with a Darwin wellness package from Delos including air purifiers, water filtration and circadian lighting. . The sons of Related Founder Jorge Perez Nick Perez and his older brother JP, President of Related, lead wellness initiatives across Related’s portfolio. The project was aided by Pompano’s investment in revitalizing what the city has dubbed Pompano Beach Fishing Village with a restaurant and boardwalk, connecting the Intracoastal to the fishing pier opened in 2019. “I think that in ultimately, if the cities want it, you will see the development of luxury run across all the beaches that Florida has to offer, ”said Perez.

INDUSTRIAL

  • Denver-based Stone Collection importer and distributor Marble of the World has opened a 94,264 square foot space. showroom and warehouse at IDI Logistics Pompano Business Center II in Pompano Beach. Marble moved from Fort Lauderdale.

FINANCE

  • New York-based insurance broker and consultant NFP has leased 15,000 square feet, including the penthouse floor, in the new DiVosta Towers office project in Palm Beach Gardens. Gardens Wealth Management separately signed a lease for half a floor and Virtu Financial took 10,000 square feet.
  • New York-based Goldman Sachs is reportedly in the process of relocating some employees to Related Cos. ‘ 360 Rosemary office building in West Palm Beach and could take up space in a second tower to be built. New York investment banker PJ Solomon has opened an office in downtown Fort Lauderdale.

REAL ESTATE

  • The Sansone Group, based in St. Louis, inaugurated the 400-acre Legacy Park at Tradition in Port St. Lucie. Two special buildings totaling 688,000 square feet and a FedEx Ground sorting center of 245,000 square feet and 490 jobs are under development.
  • In the fourth quarter, JLL will move its Fort Lauderdale office to 200 E. Broward Blvd. at Bank of America Plaza in downtown Las Olas.
  • Developer Roberto Suris is planning a 501-unit Soleste Westgate apartment project at the Lauderhill site of the first Target hypermarket in Southeast Florida. Suris expects the project to be completed in 2024.
  • The mixed-use Cornerstone in downtown Coral Springs will feature a 142-room Hyatt Place hotel.

HEALTH CARE

  • The South Florida Tampa General Hospital Cancer Center has opened a site in Palm Springs in addition to its Palm Beach Gardens site.
  • Benefytt Technologies, a Tampa-based health insurance technology company, leased 26,163 square feet at the Hotwire Technology Center at Cypress Creek in Fort Lauderdale, Benefytt’s second lease in South Florida last year.
  • Licensed Broward Health purchasing manager Brian Bravo, 46, of Pembroke Pines, pleaded guilty to a federal conspiracy charge related to collecting $ 427,000 in bribes from suppliers in exchange for awarded them contracts with the government health system of North Broward. He is expected to be sentenced this month.

ENTERTAINMENT

  • Isle Casino Pompano Beach may discontinue harness racing at Pompano Park, the only harness racing venue in Florida, under the new Florida Legislature-approved gaming agreement with the Seminole Tribe and its gaming operations. Thoroughbreds at Gulfstream Park at Dania Beach are not affected. The legislation faces legal challenges.

TOURISM

  • Broward County Commissioners have cleared Port Everglades, Broward’s seaport, to negotiate with Disney Cruise Line on a ship-to-port basis.

RETAIL SELLING

  • REI Co-op will be opening a store in downtown Palm Beach Gardens next spring.

Find out more in the August issue of Florida Trend.
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Tags: South East, Housing / Construction, Real estate, Feature

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