by Marie Puleo, Pompano Beach Real Estate and Development Reporter
The Festival Marketplace in Pompano Beach has plans to expand beyond its existing indoor flea market, which includes over 250 vendors, by adding a new one-story 25,500-square-foot building for restaurant and retail use. The expansion will also include a Racetrac gas station and convenience store, and a vacant pad area for additional future development.
IMC Equity Group, which acquired the Festival Marketplace (formerly known as Festival Flea Market) in April 2018, has submitted a site plan application to the City for the proposed redevelopment, which will replace existing surplus parking at the northeast corner of the property that is presently used by the 381,762-square-foot indoor flea market building.
Historically, the Festival Marketplace’s business is seasonal, said Carlos Segrera, Chief Investment Officer of IMC Equity Group, which is based in North Miami. The goal of the redevelopment is to bring in more traffic from local residents year round.
Tenants of the existing Festival Marketplace – located at 2900 W. Sample Road in Pompano Beach – include restaurants, fragrance outlets, and stores selling cosmetics, shoes, clothing, jewelry and home furnishings.
Segrera anticipates at least one or two restaurants will lease space in the new building, and said the 1-acre pad area will be suitable for a drive-through restaurant. He expects the property’s frontage on Sample Road will be a key factor in generating interest from potential tenants.
The site plan for the project is scheduled to go before the city’s Development Review Committee on Sept. 4. Construction could start in the second quarter of 2020, said Segrera.
IMC Equity Group has already received authorization from the Florida Department of Transportation to construct a new turn-in on Sample Road that will lead directly to the new businesses.
The Pompano Beach Festival Marketplace owner also has separate plans to add a 10,000-square-foot entertainment space for kids inside the existing building that will include interactive video games and a room for holding parties.
In addition, there are plans to convert a 10-acre parking area located south of the existing Festival Marketplace building into multi-tenant warehouses.
The objective is to “enhance the excess land that we have,” and maximize the economic viability of the property, said Segrera.
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