Economic Hub to Lunch Downtown Development in Pompano Beach
Pompano Beach seeks bids to help rejuvenate its downtown area
Economic Hub to Launch Downtown Development in Pompano Beach
Pompano Beach Florida has 30 acres of prime real estate with some major development plans underway. This site could soon be the new home of a new city hall, restaurant(s), and an educational facility in addition to residential and commercial retail spaces. Current plans details 420 hotel rooms, 1,500 residences, 750,000 sq ft of office space, and 165,000 sq ft of retail space.
The Pompano Beach City-owned property has been assimilated during the last two decades and just happens to be zoned in a federal opportunity zone which may provide tax breaks to investors.
The majority of Pompano Beach‘s parcels in opportunity zone are located on Atlantic Blvd near I-95.
Additional South Florida towns including Homestead and Dania Beach have launched similar efforts to redevelop its cores.
As if this wasn’t enough, Pompano Beach is already shown signs of redevelopment boom underway as original owners are passing and/or moving away while young families are taking advantage of the spacious affordable housing that has been overlooked for so long.
The Pompano Beach Community Redevelopment Agency’s director Nguyen Tran believes that the project has the opportunity to become “an economic hub for the region”.
Bids are due by July 12th, 2019.
For the record: Illustration is courtesy of City of Pompano Beach
Credit to Paul Owers from Costar