City to Host Downtown Public Workshop | Master Developers to Present Plans for the New Downtown
The City of Pompano Beach and the Pompano Beach Community Redevelopment Agency (CRA) will be hosting a public workshop featuring presentations by the two short-listed Master Developers who responded to an Invitation to Negotiate (ITN). The meeting will take place on Wednesday, May3rd at 5:30 p.m. at the Pompano Beach Cultural Center which is located at 50 West Atlantic Boulevard.
“We are looking forward to introducing these Master Developers to our residents, business owners, and stakeholders,” said Nguyen Tran, CRA Director. “This Workshop will provide an exciting opportunity for the public to view each proposer’s plan for the Downtown, while providing input about the specifics of each plan.”
The CRA hired globally acclaimed real estate firm CBRE as the exclusive agent to broadly market the opportunity and analyze responses for a Master Real Estate Developer for the +/-75.38-acres of publicly-owned land assemblages along the I-95 corridor. The Master Developers will be announced at the meeting, not prior. After the public input meeting, the ITN Negotiating Team will begin negotiations with the two respondents. This is typically a lengthy and complex process; therefore, the final award date cannot be estimated at this time.
Downtown Pompano Beach includes four quadrants: The Old Town District, also known as Old Pompano; The Civic Commons District, which includes City Hall, the library, and Cultural Center; the Innovation District, with MLK Boulevard as the “main street” between Dixie Highway and I-95; and a residential area.
Located in Broward County between Palm Beach and Miami Dade Counties, Pompano Beach is looking to capture the influx of new development interest flocking to the State of Florida. With land assemblies ranging in size from +/- .2 – 8.35 acres, the large amount of acreage is a unique opportunity to build on the foundation the City and CRA have laid for development of the new Downtown. A commuter rail stop is planned in the middle of the Downtown area and will connect the four intersections of Downtown where redevelopment is already occurring. Two new luxury apartment projects, restaurants and cultural buildings were all drawn to the area based on aggressive public investment by the City and its CRA. The public investments included a new $50 million beachfront, garage and pier, a $180 million bond for citywide public improvements, land use and zoning upgrades, infrastructure and streetscape improvements, and entitlements and availability of land for residential, hotel and commercial development.