Old Town Square Receives $7.8 Million Financing From Pompano Beach CRA
OLD TOWN SQUARE RECEIVES $7.8 MILLION FINANCING FROM POMPANO BEACH CRA FOR A 10-STORY MIXED-USE DEVELOPMENT WITH 282 RESIDENTIAL UNITS. IT IS THE FIRST PROJECT TO RECEIVE FINANCING UNDER THIS CRA PROGRAM.
FROM THE POMPANO BEACH NEWS DESK
Below is a press release provided by Cavache Properties made public on Sept. 17
POMPANO BEACH – Cavache Properties, LLC., announced that Old Town Square, a 10-story 282-unit mixed-use development that is planned for the Old Town district of Pompano Beach, has received approval on a $7.8 million tax financing incentive, known as Real Estate Development Accelerator (REDA), from the Pompano Beach Community Redevelopment Agency (CRA). The CRA Board, made up of the Mayor and City commissioners, approved the Letter of Intent on July 16th and ratified the approval in tonight’s CRA meeting by approving the development agreement. Old Town Square is the first project to receive financing under Pompano’s REDA program. The development is expected to be completed for occupancy by 2021.
The $63 million project will be built on nearly two acres of land located on the east side of NE 1st Avenue, between NE 2nd Street and NE 3rd Street. The complex will include studios, one and two-bedroom units ranging from 480 to 1,200 square-feet and will be located at the heart of Old Town’s restaurant, arts and historic district which has been a focal point of the CRA’s redevelopment efforts. Old Town Square will also feature approximately 5,400 SF of retail space and several onsite amenities such as a resort style swimming pool and spa on the 5th floor, a state of the art fitness facility with a yoga deck, a dog park, business center and outdoor bar and barbeque area among other amenities.
“A project like this will ignite Pompano’s Downtown, which is already attracting restaurateurs, artists and other developers to the area—said CRA Director Nguyen Tran—This is exactly what the REDA program was created for and we are happy to be a part of this public/private partnership with Cavache Properties.”
“We are thrilled to be working with an experienced and laser-focused CRA and to be part of all that is happening in Pompano’s Downtown—said Adam Adache, Managing Partner at Cavache Properties, LLC—
Pompano is really becoming ‘the place to be’ and we are proud to offer a market-rate apartment project geared toward young professionals and millennials, who are being priced out of other downtown markets.”
Cavache Properties is currently developing 30 Thirty North Ocean, a chic, urban beach lifestyle condominium project located in the upscale Lauderdale Beach neighborhood in Fort Lauderdale. The project is currently under construction and anticipated to be completed by Winter 2019. They are also under development on a gated townhouse development in Lighthouse Point called SeKai Residences, which is expected to be completed by the end of 2020.
About Cavache Properties LLC.
Cavache Properties LLC., is a real estate development and investment company based in Pompano Beach, Florida. The company currently has several projects in the development phase in South Florida. The Cavache Properties Management Team has been involved in the design, development, and sales and marketing of multiple residential and commercial projects for 50 years. This includes condominiums, apartments, hotels, single family homes, townhouses, and retail. For more information, visit www.cavacheproperties.com.