As Pompano Beach, Fla., goes upscale along the ocean, Grover Corlew is turning its attention to a neglected section of the city.
The real estate development firm scored a $78.2 million loan for PNC Bank to build a multifamily property on Pompano Beach’s mainland, property records show. The two-building complex, called Mayla Residences, will include 355 units, of which 53 will be reserved for workforce housing, and 60,000 square feet for retail.
“The goal is to create more connected, pedestrian-friendly communities, where people can live, work and play,” Grover Corlew partner Anuj Grover said in a statement.
The 3-acre development, located at 2335 and 2401 E Atlantic Boulevard, will be located on the parking lot of two office buildings that Grover Corlew owns. The project was conceived with the Pompano Beach Community Redevelopment Agency (CRA), part of an effort to revitalize the city’s East Atlantic Boulevard corridor.
“Due to the lack of signature projects of this size in the immediate area, the spin-off impacts due to the spending of the residents will create an economic boost to the surrounding businesses,” Nguyen Tran, a director at CRA, said in a statement.
The project will also create 600 jobs, generate new developments and increase demand for commercial space in the area, the CRA and Grover Corlew predict. The developer plans to add a pedestrian plaza along the ground-floor retail space and “enhance walkability and increase connectivity to the beach,” which is less than a mile away.
The development is set to break ground next month and with scheduled completion expected by July 2023.
The Grover Corlew project comes as Pompano Beach, long viewed as a sleepy town, has welcomed a slew of luxury oceanfront developments . Fortune International Group and Oak Capital launched sales of a Ritz-Carlton-brand condominium last month.
The Related Group has almost sold out the Solemar, a condominium under construction where prices start at $1.3 million. The firm, Miami’s largest condo developer, is also working on a project a block away.
