More Apartments Planned off Federal Highway
A 34,000+ square foot parking lot at the corner of Northeast 4th Street and Northeast 20th Avenue in Pompano was just sold by 225 North Federal Highway LLC, managed by Scott Brenner of Brenner Real Estate Group in Fort Lauderdale. The buyer of the $5 million site off of Federal Highway is Pompano Atlantic LLC, an affiliate of Coral Gables based developer, Meyers Group.
The property was recently approved by Pompano Beach for an 8-story, 147 unit apartment building of over 160,000 square feet. Design was provided by RLC Architects.
Alan Losada, Meyers Group COO, stated that his firm will make some improvements to the design of the apartments, although the scope of the project will remain somewhat the same. Plans to begin breaking ground are slated for the first quarter of 2017,
“We think it’s an up-and-coming area,” Losada said. “There’s a lot happening right now there on the beach with new construction and restaurants…U.S. 1 has seen a lot of improvements with new shopping centers and a new LA Fitness.”
Brenner’s entity, 225 North Federal Highway LLC owns the office building and bank at 225 and 301 North Federal Highway.
The real estate market continues to offer slim inventory for those in search of purchasing homes. For others, many are not in the position to buy their home just yet whether it is down payment challenges or simply not being ready for longer term homeownership. With the rising costs of real estate, many millennials and empty nesters are looking for options that are easily attainable like one would find in an apartment rental. As rents increase in more traditionally downtown neighborhoods, areas like Pompano offer great convenience, proximity to beaches and local services and are becoming prime destinations for those in need of good quality housing.