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
