Pompano Beach gives final approval to Cavache’s 319-unit multifamily project
Construction is expected to start early next year, with completion slated for 2026 Cavache Properties has received final approval for its second multifamily project in Pompano Beach, located in the Old Town Square area. Cavache Properties has received approval for their second multifamily project in Pompano Beach, known as Old Town Square II. The development will be situated at 210 Northeast Third Street, encompassing the former Christ United Methodist Church building as well as adjacent parcels to the north and south. Comprising of two buildings, the development will feature a 10-story structure with 229 units and a six-story building with 90 units. These two buildings will be interconnected by pedestrian bridges spanning Northeast Second Street, as stated in a news release from Cavache. The 10-story building will incorporate 3,400 square feet of commercial space designated for retail or a restaurant. Old Town Square II will offer apartments ranging from one to three bedrooms. Construction is scheduled to commence early next year, with an estimated completion date in mid-2026, according to the press release. The project received approval from the Pompano Beach Planning and Zoning Board last week. After acquiring a 5-acre assemblage consisting of six lots, including the designated Old Town Square II development site, Cavache Properties received approval nearly two months later. The purchase, worth $8.4 million, encompassed various properties such as 219 Northeast Third Street, two lots at 200 Northeast Fourth Street, and an empty parcel located on the northwest corner of Northeast Second Avenue and Northeast Second Street. According to Adam Adache, the managing partner at Cavache, the Christ United Methodist Church had stopped using the Pompano Beach building and had been conducting services in Fort Lauderdale prior to the sale. As part of their plans, Cavache intends to relocate a historic building from the church campus to Centennial Park. Regarding the remaining approximately 2.7 acres that won’t be developed as Old Town Square II, Adache mentioned that Cavache currently lacks specific project plans, as shared with TRD in May. Notably, Cavache is also working on the first phase of the Old Town Square project, located one block west of Christ United Methodist Church. This phase, spanning 1.7 acres between Northeast Second and Third streets on the east side of Northeast First Avenue, involves the development of a 281-unit residential complex with over 5,000 square feet of retail space. Completion for this project is expected this year. Cavache Properties, headquartered in Pompano Beach, is led by Adam and Daniel Adache, along with Managing Director Anthony Cavo. The firm has successfully completed various projects, including the boutique condominium project called 30 Thirty North Ocean, which features two five-story buildings comprising 24 units situated at 3030 North Ocean Boulevard in Fort Lauderdale. The architectural design for Old Town Square II is being handled by the Fort Lauderdale-based Adache Group Architects, led by Daniel Adache. It is worth noting that the development on former church-owned properties is a trend observed in South Florida. In Pompano Beach, the Archdiocese of Miami’s 8.3-acre site at 1200 Northwest Sixth Avenue is being transformed into an affordable housing complex known as St. Joseph Manor II Apartments. Developer Smith & Henzy Advisory Group, who leased the site from the Archdiocese, is responsible for the construction of the 50-unit complex. South Florida Luxury Real Estate | Ocean Area Living | Heather Lefebvre
Redevelopment of Christ Church gets approval from Planning and Zoning Board
The Planning and Zoning Board granted unanimous approval on June 28 for the site and building design plans of Old Town II in Pompano Beach. However, the final authorization for the project lies with the city commission. The proposed development is situated at 210 NE 3 St. and 290 NE 2 St. It comprises two buildings on two parcels: a 10-story mixed-use building and a 6-story residential building. The 10-story structure will have a 415-space garage (with 32 on-street parallel spaces planned) and 3,400 square feet of ground floor commercial space. Across both buildings, there will be a total of 319 residential units, out of which 48 units are reserved for affordable housing. The development, spanning 2.34 acres, will offer various amenities such as a pool, dog park, fitness center, spa, clubhouse, and multiple lounges. The available apartments will range from one to three bedrooms, with sizes of up to 1,152 square feet. The project also includes plans for 10-foot wide sidewalks surrounding the development, along with trees and two bridges over Northeast 2 Street, connecting the two buildings. These bridges, located on the third and sixth floors, will provide convenient access for residents in the smaller building to reach the garage and amenities in the larger building without having to go down to the street level. The current ownership of the land belongs to Christ Church United Methodist, but they intend to sell it to Adache Group Architects. The church is no longer utilized for religious services. Adache Group Architects is currently in the process of constructing Old Town Square, a development located across the street from the church, which will consist of a 10-story building housing 280 apartments and 5,000 square feet of commercial space. During the meeting on June 28, the developer committed to donating $50,000 towards implementing measures to calm traffic in the area. Nectaria Chakas, an attorney representing the developer, stated that the remaining parcels surrounding the church will also be acquired by Adache Group Architects. She further mentioned that the developer will likely propose another project for those parcels at a later time. Despite the developer’s plan to provide a minimum of one parking space per residential unit, concerns were raised by Board member Derek Lewis regarding tenants parking in the surrounding neighborhood. He inquired whether tenants would be required to pay for additional parking spaces. Lewis expressed his observation that tenants often tend to park on the street, as has been observed in other buildings. “That’s really a management decision that will happen down the road,” responded Chakas. Board member Carla Coleman also expressed concern over residential parking from developments “bleeding” into the surrounding neighborhood. “This is an issue.” During the board meeting, the sole significant concern raised by board members came from Tundra King. She inquired about the security measures that would be implemented in response to her comment regarding a large group of “unhoused” individuals in the vicinity. In response, Chakas reiterated her previous statement, stating that the responsibility for security would lie with the management company. The remaining comments expressed during the meeting were in favor of the project. Saracha Peterson, the only member of the public who spoke, praised the developer’s decision to allocate some units for affordable housing instead of paying a fee to the county. Peterson emphasized that having this kind of developer in the community was desirable. Board Chair Fred Stacer also lauded the developer for discreetly integrating the garage within the building, echoing Peterson’s sentiments by stating that this is the kind of developer they wish to have. If the city commission grants approval, the project, estimated to cost $100 million, is expected to commence construction in 2024 and conclude in 2026. South Florida Luxury Real Estate | Ocean Area Living | Heather Lefebvre
BH acquires Chetrit’s Pompano Beach development site for a sum of $48 million.
A collaborative partnership has obtained a 3.7-acre waterfront property that has received approval for a mixed-use project. Related Group and BH Group have once again joined forces, marking their sixth collaboration since 2001. Their most recent venture involves the acquisition of a Pompano Beach development site for a total of $47.5 million. The property in question spans 3.7 acres and is located at 20 North Ocean Boulevard, boasting site approval for a mixed-use project. Centennial Bank played a role in the transaction by providing a mortgage worth $28.5 million, according to a spokesperson from the joint venture. Records indicate that the seller is an affiliate of Chetrit Group, a New York-based real estate firm led by Joe Chetrit. Back in 2009, Chetrit Group teamed up with Ari Pearl, a developer based in Hallandale Beach, to acquire the land for $9 million. However, Pearl withdrew from the project approximately two years ago, as confirmed by a spokesperson. The proposed development, known as Oceanside Pompano Beach, had previously gained approval from the city of Pompano Beach in 2016. It entailed a 24-story tower comprising 77 condominiums, as well as a 22-story hotel featuring 303 keys and 49 condo-hotel rooms. The project also encompassed 9,875 square feet of restaurant space, 4,836 square feet of retail space, a 21,357-square-foot spa, a 12,300-square-foot banquet hall, and nearly 600 parking spaces. Related, a prominent development firm headquartered in Coconut Grove and led by Chairman Jorge Pérez, alongside his two eldest sons Jon Paul and Nick Pérez, has joined forces with BH Group, an Aventura-based development firm helmed by Liat and Isaac Toledano, to embark on a collaborative spree of co-developments. One of their notable endeavors involves a partnership with Trinity Investments, based in Honolulu, and Credit Suisse Asset Management, who are the owners of the Diplomat Beach Resort in Hollywood. The joint effort aims to construct a proposed 38-story condominium comprising 350 units, alongside a 43-story hotel featuring 500 units. These structures will be situated on vacant plots adjacent to the oceanfront 1,000-key hotel. Recently, Related and BH unveiled plans for the hotel, which will bear the Hilton brand. In April, the partnership of Related and BH acquired a 14-acre site in Plantation for $13 million. The site includes an empty office building that can be redeveloped into a mixed-use project. Additionally, the collaboration is progressing with Icon Aventura, an anticipated 26-story mixed-use building encompassing 308 apartments, 12,000 square feet of ground-floor retail space, and a garage. The Related-BH duo purchased the 4-acre site in Aventura last year for $51 million. Furthermore, the two firms have established a partnership with billionaire Teddy Sagi to co-develop a 10-story waterfront condominium boasting 53 units in North Miami, as well as a luxury condo project comprising 50 units on Fisher Island. Pompano Beach also holds promise for Related, as the firm has numerous projects in the pipeline. Notably, they are working on a 20-story condominium project encompassing 105 units located at 1116 North Ocean Boulevard. South Florida Luxury Real Estate | Ocean Area Living | Heather Lefebvre
Cavache buys Pompano Beach church, plans 319-unit multifamily project
Developer downsized the project from the previous proposal for 325 apartments Cavache Properties bought a church campus and surrounding sites in Pompano Beach, with plans to develop a 319-unit multifamily project. According to records and the real estate database Vizzda, Cavache Properties has made a significant investment of $8.4 million in the purchase of six lots spanning approximately 5 acres. The acquired properties include the Christ United Methodist Church, as well as adjacent lots located at 210-219 Northeast Third Street. Additionally, the purchase encompasses a vacant lot situated at 290 Northeast Second Street, two land parcels at 200 Northeast Fourth Street, and another vacant site positioned on the northwest corner of Northeast Second Avenue and Northeast Second Street. Christ United Methodist Church was the seller. Pompano Beach-based Cavache took out a $6 million loan against the real estate from American National Bank, records show. According to Adam Adache, the managing partner at Cavache, the initial phase of the development will include a 10-story building comprising 229 units and a six-story building housing 90 units. Furthermore, Cavache has planned for approximately 3,500 square feet of commercial space, offering flexibility for use as either retail establishments or a restaurant. These development plans involve utilizing 2 acres of land that include the Christ United campus and an adjoining lot. However, Cavache has not yet determined specific plans for the remaining 3 acres of land. Dubbed Old Town Towers, the planned development represents a smaller project than Cavache’s previous proposal for 325 units. “We didn’t downsize it much,” Adache said. Projects “always change going through the different iterations of meeting all of the requirements.” While the Pompano Beach City Commission gave its blessing to Old Town Towers as a whole, the planning and zoning board will take up details of the proposals for a final vote in June, according to Adache. If the project is approved, construction is expected to start next year. By then, expensive construction financing, as well as high labor and material costs, should have stabilized, Adache said. “We are hoping,” he said. “I think every developer is hoping right now, but we will keep an eye on it.” This transaction represents the most recent instance in a series of church property sales to developers in South Florida. According to Adache, the Christ United Methodist Church has not been active at its Pompano Beach location for some time, instead conducting services in Fort Lauderdale. As part of their commitment, Cavache has pledged to relocate a historic building from the church campus to Centennial Park in the city. The purchased properties also include Harbour Church, which will continue to lease its space. That site isn’t part of the immediate project plan. In Fort Lauderdale, developers Tal Levinson and Eric Malinasky plan a six-story, 300-plus unit multifamily building on the former site of the First Eben Ezer Missionary Christian Church and adjacent properties on the southeast corner of Northwest Seventh Street and Northwest Fourth Avenue. As part of the deal, Levinson and Malinasky helped First Eben Ezer secure its new, bigger home in Oakland Park. Christ Journey Church sold 13.5 vacant acres at Sunset Drive and the Palmetto Expressway near Coral Gables for $13.2 million in March to CC Homes, which plans 26 single-family homes. Christ Journey will use the proceeds for the construction of its new home. In Pompano Beach, land that the Archdiocese of Miami owns at 1200 Northwest Sixth Avenue will be turned into a 150-unit affordable housing complex. Developer Smith & Henzy Advisory Group leases the site from the Archdiocese. Source: https://therealdeal.com South Florida Luxury Real Estate | Ocean Area Living | Heather Lefebvre
Interest Rates Hover Near Historic All-Time Lows
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