Eastern Pompano Beach Is Open For Business

Eastern Pompano Beach has quickly positioned itself to become the next hot spot for development in South Florida. Investors are betting that recent public sector efforts will translate into a thriving community. The growing interest in the once dilapidated area is attributed to the efforts of the city’s Community Redevelopment Agency (“CRA”). The City of Pompano Beach, working with its Chamber of Commerce, has laid the foundation to attract private investment to the city.

Over the last year the CRA has prepared a long-term finance plan to guide the redevelopment of the East and Northwest Redevelopment districts, hired professional staff to implement streetscape plans and incentive programs and positioned the Agency to engage in public-private partnerships to attract private investment. The underlying message is that the City of Pompano Beach is open for business!

Redevelopment Plan Paying Dividends

The CRA’s long-range plan appears to be paying off with real estate developers and other entrepreneurs seeking to profit from new areas that will boast art and other cultural endeavors, retail and dining attractions.

Cavache Properties LLC, based in Pompano Beach, is one of many investors getting in on the action early. According to Adam Adache, the company’s managing partner, “[w]e see it as a huge opportunity because of the proximity to the beach and Intracoastal [waterway], and we’re actively out there talking to several sellers, even in cases where properties aren’t for sale.” His primary focus is on residential waterfront and interior lots, but would consider other commercial properties that could attract residents and visitors.

Restaurateurs Butch Johnson and Wayne Alcaide are also very enthusiastic about the future of Eastern Pompano Beach. “Everybody’s committed to it. The city’s committed, the CRA’s committed.” Johnson said, “[i]t’s a reclamation project. It’s a good thing to take an area and turn it around.”

Comparing opportunities in Pompano Beach to other similar locations in east Fort Lauderdale, Adache said, “Pompano Beach has just as much promise but at a more desirable price. It’s just beginning [its] development but will likely take off soon because of the CRA mindset and increasing scarcity of land. It’s happening. We believe it has a good forward motion, and the whole area is on its way up.”

Topics:  CRA, Entrepreneurs, Incentives, Investors, Public-Private Partnerships, Redevelopment

Published In: Finance & Banking Updates, Commercial Real Estate Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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