Related Group's decision to build an oceanfront condo in Pompano Beach looks to be paying off
by Mike Vogel
Updated 2 yearss ago
A Luxury Gamble Pays Off
Miami-based Related purchased the site in 2011, believing that the dwindling supply of waterfront sites meant investing in markets new to luxury. “There’s only so much beach,” says Related Vice President Nick Perez.
The company broke ground in May on Solemar with 80% of units sold. The units go for $1.8 million to $5.2 million, or about $800 per square foot, inexpensive for luxury relative to Fort Lauderdale and Miami-Dade to the south and Boca Raton to the north, Perez says.
People from the Northeast U.S. make up nearly 40% of buyers. They typically are in their early 40s to early 60s, often empty-nesters or soon to be. About half plan to make Solemar their primary residence when it’s completed in 2023.
In response to the pandemic, Related brought in Australia-based Delos to outfit each Solemar unit with Delos’ Darwin wellness package of air purifiers, water filtration and circadian lighting. Sons of Related founder Jorge Perez, Nick Perez and his older brother, JP, Related’s president, are leading wellness initiatives across Related’s portfolio. The project has been helped by Pompano’s investment in revitalizing what the city has branded as the Pompano Beach Fishing Village with dining and a promenade, linking the Intracoastal to the fishing pier opened in 2019. “I think ultimately, if the cities want it, you will see luxury development go through all the beaches Florida has to offer,” Perez says.
- Denver-based Stone Collection’s importer and distributor Marble of the World opened a 94,264-sq.-ft. showroom and warehouse at IDI Logistics’ Pompano Business Center II in Pompano Beach. Marble relocated from Fort Lauderdale.
- New York-based insurance broker and consultant NFP leased 15,000 square feet, including the penthouse floor, at the new DiVosta Towers office project in Palm Beach Gardens. Gardens Wealth Management separately signed a lease for half of a floor, and Virtu Financial took 10,000 square feet.
- New York-based Goldman Sachs is reportedly relocating some employees to Related Cos.’ 360 Rosemary office building in West Palm Beach and may take space in a second tower to be constructed. New York-based investment banker PJ Solomon opened an office in downtown Fort Lauderdale.
- St. Louis-based Sansone Group broke ground at the 400- acre Legacy Park at Tradition in Port St. Lucie. Two spec buildings totaling 688,000 square feet and a 245,000-sq.-ft., 490-job FedEx Ground Sortation Center are under development.
- JLL in the fourth quarter will relocate its Fort Lauderdale office from 200 E. Broward Blvd. to Bank of America Plaza at Las Olas City Centre.
- Developer Roberto Suris plans a 501-unit Soleste Westgate apartment project on the Lauderhill site of the first Target superstore in Southeast Florida. Suris expects the project to be completed in 2024.
- The mixeduse Cornerstone at downtown Coral Springs will include a 142- room Hyatt Place hotel.
- Tampa General Hospital’s Cancer Center of South Florida opened a location in Palm Springs in addition to its site in Palm Beach Gardens.
- Tampa-based health insurance tech company Benefytt Technologies leased 26,163 square feet at Hotwire Technology Center in Cypress Creek in Fort Lauderdale, Benefytt’s second lease in South Florida in the last year.
- Fired Broward Health procurement director Brian Bravo, 46, of Pembroke Pines, pleaded guilty to a federal conspiracy charge related to taking $427,000 in kickbacks from vendors in return for giving them contracts with the government health care system in north Broward. He is scheduled to be sentenced this month.
- Isle Casino Pompano Beach will be able to drop harness racing at Pompano Park, the only harness racing site in Florida, under the new gambling deal approved by the Florida Legislature with the Seminole Tribe and its gambling operations. Thoroughbred racing at Gulfstream Park in Dania Beach isn’t affected. The legislation faces court challenges.
- Broward County commissioners authorized Port Everglades, Broward’s seaport, to negotiate with Disney Cruise Line about basing a ship at the port.
- REI Co-op will open a store at downtown Palm Beach Gardens next spring.
Read more in Florida Trend's August issue.
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