Land next to the Pompano Beach casino was sold for a record $29 million
Developers Northwestern Mutual Life Insurance and Atlantic Residential have purchased a parcel of land for $29.1 million. The property is located next to Harrah’s Pompano Beach, a world-famous casino.A 423-unit apartment building is planned.
What is remarkable about this deal?
The year 2024 was a record year for South Florida in terms of multifamily construction. Right now, there is a trend of declining interest in rental housing. The rental market is losing ground, which is forcing renters to lower prices.
Three companies were involved in the deal: Cordish Companie (seller), Atlantic (Atlanta buyer), and Northwestern Mutual (Milwaukee buyer). Atlantic received a 22.7% stake, with Northwestern Mutual holding the rest. The total site area is 12.8 acres.
Construction will be conducted under the brand name Atlantic Indigo apartments. The project will consist of two two-story buildings and seven five-story buildings. Buyers will have a choice of 30 studios, 184 one-bedroom apartments, and 159 two-bedroom apartments. For those who want to buy the maximum-size apartments with three bedrooms, 50 different options will be available.
The apartment block will be part of The Pomp project
The Pomp is a development that will be spread over 225 acres. Its integral part is Harrah’s Pompano Beach casino. In addition to the previous developers, Cordish and Caesars Entertainment are also represented here. Eventually, the entire development will consist of 4,000 residential units, two hotels. As for commercial real estate, the office space will reach 1.4 million square feet and retail space will be spread over 1.3 million square feet.
The site will be geographically located between Pompano Park Place and North Cypress Bend Drive. The maximized location attracts a large influx of tourists. Investors consider this project as one of the most promising in South Florida.
However, this location can be pretty crowded. After all, we are talking about a popular vacation spot, the main object of which is a famous land-based casino. The popularity is growing despite the pressure from the iGaming industry. The gambling market is growing, and this growth will only intensify.
After all, many people prefer to play over the Internet from the comfort of their homes. You can find quite a few well-known online casinos in the search engine. But most games and betting options are presented at Melbet. To get access to all the features, you need to visit the Melbet registration site and make an account at Melbet. After that it’s just a matter of funding your account and you can start playing directly from your PC or phone.
But even the best iGaming platform can’t give you the unique atmosphere of a land-based casino. Especially if it’s Harrah’s Pompano Beach, which is loved by thousands of players from all over the US and abroad. It is not among the largest in the world, but the number of games is really great.
What is known about the developers
Atlantic is a construction company that has been in business since 1995. It is currently headed by Richard Aaronson. Over the company’s history, more than 7,000 residential units have been built for a total of $1.5 billion.
Northwestern Mutual Real Estate is involved in debt and equity investments
South Florida has seen a boom in multifamily residential construction this year. This is due to an influx of residents from various parts of the country. According to CoStar Group, more than 40,000 housing units are now under construction. But such a trend also has a negative impact. The rental real estate market is losing ground due to falling prices. The construction of apartment buildings now requires more money, as the prices of materials and labor are rising due to new insurance standards.