Atlanta-based developer Portman has received approval from the Pompano Beach Planning & Zoning Board for a new mixed-use apartment project. The development, planned for 2400 East Atlantic Boulevard, will feature an eight-story building with 397 apartments and 10,600 square feet of retail and restaurant space. Amenities for residents will include a pool and fitness center.
Portman introduced the proposal in May and plans to start construction this fall. Completion is expected by late 2028. The site currently contains an office building and parking lot.
The company is led by Chairman and CEO Ambrish Baisiwala and President John C. Portman IV. Portman IV is the grandson of John C. Portman Jr., who was known for designing major projects such as Atlanta’s Peachtree Center, San Francisco’s Embarcadero Center, and Detroit’s Renaissance Center.
Traditionally focused on office and hospitality developments, Portman has recently expanded into multifamily, industrial, and student housing sectors. The firm has also adjusted its leadership team to oversee a $5 billion development pipeline.
Pompano Beach has seen increased interest from developers, with several large-scale residential projects announced in recent years. In June, Related Group and Merrimac Ventures secured a $160 million loan for their Waldorf Astoria Residences Pompano Beach project. Related Group also partnered with BH Group on the W Pompano Beach Hotel & Residences project.
Other notable developments include Ritz-Carlton Residences, Pompano Beach by Fortune International Group and Oak Capital, which obtained a $259 million construction loan from Bank OZK in 2023 (https://therealdeal.com/miami/2023/01/19/fortune-oak-capital-get-259m-loan-for-ritz-carlton-residences-pompano-beach/).
“Pompano Beach has emerged as a magnet for developers in recent years, and hundreds of condo units are planned in the once sleepy coastal city,” according to the press release.
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