Game Changing New Development to Break Ground
Old Town Square, a hip new mixed-use development, will break ground this October in the heart of downtown Pompano Beach. The $63 million dollar project by Adam Adache’s Cavache Properties is a 10-story, 282-unit amenity-rich apartment complex, which will also feature almost 5,000 square feet of retail space. This game-changing development will become a magnet for those attracted to a walkable, culture rich community.
The project received a $7.8 million tax financing incentive, known as Real Estate Development Accelerator (REDA) from the Pompano Beach Community Redevelopment Agency. Adache is the first developer to take advantage of the REDA program, which was created to attract investment in downtown Pompano Beach.
Public-Private Partnerships (P3s) such as this are a proven and effective strategy to accelerate the successful redevelopment of an area. The addition of Old Town Square will create an economic catalyst for the downtown which is already undergoing a tremendous transformation.
While the pandemic has slowed the construction of the Backyard, the area located behind Bailey Contemporary Arts , the plans for that groundbreaking will be announced this fall. The Backyard will feature a diverse array of culinary experiences crafted by some of South Florida’s leading restaurateurs.
Interest in Pompano Beach’s downtown area was ignited a few years back with the launch of Old Town Untapped. This successful street festival featuring live music, food and art attracted thousands of fun seekers from all over the tri-county area. The “discovery” of this new hotspot was part of the CRA’s mission to “Untap the Potential” of the area. People who came out for an enjoyable evening were soon buzzing about business ideas that could come to life in this redevelopment area. Very few cities have an many opportunities for investment and growth in such a strategically located area.