BY MARIE PULEO | POMPANO BEACH REAL ESTATE AND DEVELOPMENT REPORTER
POMPANO BEACH REDEVELOPMENT NEWS: Old Town Square, a 10-story mixed-use development that is planned for the Old Town district of Pompano Beach, is expected to break ground by mid-October, according to the developer, Adam Adache, managing partner of Cavache Properties.
Old Town Square will be built on approximately 1.9 acres of land located on the east side of NE 1st Avenue, between NE 2nd Street and NE 3rd Street. Geared toward young professionals and millennials, it is slated to have 281 residential units and 5,213 square feet of ground-floor commercial space.
The residential units will be studios and one- and two-bedroom units rented at market rates, ranging from approximately $1,400 to $2,400 per month. Old Town Square will be the first project of its type in Old Town to offer market rate residential units, said Adache.
The fifth floor will include amenities such as a resort-style swimming pool and sun deck, a whirlpool spa, barbecue areas, and a state-of-the-art gym with an outdoor yoga deck and additional outdoor fitness equipment. A business center for use by Old Town Square residents will be located on the ground floor. There will also be a ground-floor self-service grab-and-go retail market, where residents and guests can purchase grocery items, toiletries, snacks, beverages and pre-packaged food from some of the new local restaurants.
Adache envisions a small restaurant occupying the southwest corner of the property, where there will be a public plaza, colonnade and fountain.
The development will have a total of 326 parking spaces, including a 305-car parking garage, on-street parking around the perimeter of the building, and a small lot along NE 3rd Street for guests and retail parking.
Over 121 air-conditioned storage spaces, located on a mezzanine level, will be available to tenants on a rental basis.
In 2019, the Old Town Square project, currently estimated to cost over $70 million, was approved to receive $7.8 million in financing from the Pompano Beach Community Redevelopment Agency (CRA).
Once the developer constructs the project and starts paying taxes on it, a total of $7.8 million in taxes (city-generated tax increment funds, or TIF) will be rebated back to the developer over a period of approximately 20 years.
The financing was provided from the CRA to help support market rate development in Old Town, a transitional area that the CRA is developing as a restaurant, cultural arts and entertainment destination.
The Old Town Square project will take approximately 19 months to construct, said Adache.
Adache is a Pompano Beach resident, and Cavache Properties has offices in Pompano Beach and Fort Lauderdale.
For more Pompano Beach real estate and development news and things to do in Pompano Beach read Pompano! magazine and search our website.
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