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Mayla Pompano 355-Unit Multifamily Development Breaks Ground

A 355-unit development planned for the parking lots behind the former Bank of America and Chase Bank buildings on East Atlantic Boulevard broke ground last month. The two parking lots sit on opposite sides of NE 24th Avenue, just west of Publix.

The project, formerly called Pompano Station, is now named Mayla Pompano. An 8-story building with 208 residential units will be built on the 1.6-acre lot behind the former Bank of America building, located at 2335 E. Atlantic Blvd., on the west side of NE 24th Avenue.

An 8-story building with 147 residential units will be built on the 1.2-acre lot behind the former Chase Bank building, located at 2401 E. Atlantic Blvd., on the east side of NE 24th Avenue.

Although Bank of America and Chase Bank no longer occupy the buildings at 2335 and 2401 E. Atlantic Blvd., and their names have been removed from the facades, the two properties remain active office buildings.

The developer behind the Mayla Pompano project is Grover Corlew, the Boca Raton-based real estate investment management group that owns the two office buildings and the associated parking lots. Grover Cor1ew recently launched a new portfolio of multifamily residences under the brand name of Mayla Residences. The first property to be constructed under the Mayla Residences umbrella will be Mayla Pompano.

The residential units in Mayla Pompano will be market rate rental units, with 53 units of affordable workforce housing. Mayla Pompano will be the first new development in the East Transit Oriented Corridor (ETOC) to meet the requirement of providing a minimum of 15% of the housing units as affordable, rather than opt-out by paying a fee per unit.

The two Mayla Pompano residential buildings feature one-, two- and three-bedroom units, as well as studios. Floorplans range in size from 548 square feet to 1,383 square feet.

The residential buildings are courtyard-style and each has its own interior multi-level parking garage, with a combined 634 parking spaces. The parking structures will also serve the adjacent existing commercial buildings fronting Atlantic Boulevard.

Mayla Pompano amenities include a two-story clubroom, a 24/7 state-of-the-art fitness center and yoga-aerobics room, co-working space, a TV lounge, two resort-style pools with cabanas, outdoor kitchens with seating at both buildings, storage cages and a dog spa. Plans include 60,ooo square feet of ground-floor retail space.

In November 2020, Grover Corlew was approved for $9.1 million in tax increment financing from the Pompano Beach Community Redevelopment Agency (CRA) in order to get the project off the ground. The taxes generated by the project will be used to help finance the project, which lies within the East CRA district.

Grover Corlew also recently secured $78.2 million in financing from PNC Bank, NA for the construction of the project.

In addition to the residential buildings, the developer will build a 6,932-square-foot public pedestrian plaza on the east side of the former Bank of America building in an area that is currently used for parking. The developer will also carry out improvements to the facade of the building, which was built in the early 196os. ln addition, the ground floor will become either restaurant or retail space, and glazing will be added to open it up and encourage more pedestrian activity. The enhancements to the building are a condition of the CRA financing.

According to Nguyen Tran, director of the Pompano Beach CRA, the CRA got involved in the Mayla Pompano project because it will have positive “spin-off impacts.” The spending of the residents “will create an economic boost to the surrounding businesses, generate new developments, increase demand for more commercial space, and provide additional employment opportunities,” said Tran.

The Mayla Pompano project includes a covered pedestrian bridge over NE 24th Avenue that will connect the two residential buildings at the third floor. It will be the first pedestrian bridge over a city street in Pompano Beach, according to city officials.

In 2019, the developer of Harborside at Hidden Harbour, a 285-unit mixed-use project planned for the corner of North Federal Highway and NE 16th Street, requested approval of a pedestrian bridge over NE 23rd Avenue to connect two residential buildings, but the City Commission denied the request because it would have included putting dwelling units above the road right-of-way.

The Mayla Pompano pedestrian bridge extends into the City’s right¬≠-of-way, but does not include any residential units. In January, the City Commission approved a license agreement with the developer to allow the pedestrian bridge. Prior to it being considered by the City Commission, details of the pedestrian bridge were reviewed by the city engineer and other applicable City departments.

The pedestrian bridge is required to have a minimum clearance of 16 feet above the right-of-way. Per the license agreement, the developer will pay the City $1,000 per month for the use of the license area.

The Mayla Pompano project is currently expected to be completed by July 2023.

 

 

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