Hotel-Motel

Pure Residence

3300 SE 1st St, Pompano Beach, FL 33062

Listing Price: $10,400,000

Lot Size
1.01 acres
Price/Acre
$10,296,000
Land Type
Land
Buildable Square Feet
389,907

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market Pure Residence, a 240-unit mixed-use development site located on the barrier island in the city of Pompano Beach, Florida. The property has site plan approval and is less than 6-months from having full development approvals for 240 condominium hotel units and 3,960 square feet of commercial in a 21-story high-rise tower.

The current owner acquired the site in April 2018 and has been working for over two years to obtain development approvals. Since the time of acquisition, the seller successfully signed contracts and took deposits from 46 buyers and had an additional 18 in the process of being executed, until March 2020, when Covid-19 impacted the market and buyers began cancelling. Initial sales in 2017 averaged $484 per square foot. In 2018, as the development got closer to being approved, sales increased to $659 psf. The past year of sales resulted in 18 buyers agreeing to pay an average price per square foot of $704. The total sellout amount was expected to be approximately $113,000,000 and $681 per square foot; not including any additional sales proceeds from storage or parking. The buyer profile ranged from Canadian, to American, to Latin American.

As Covid-19 concerns subside and markets settle down, the belief is that a new owner could quickly pick up presales where the current owner left off and with development approvals expecting within six months, the new owner should be able to begin development sometime in 2021.

Investment Highlights

  • 1.01 Acre Barrier Island Development Site
  • Approved for 240 Unit Condo-Hotel With Commercial
  • Very Walkable Location Across From The Beach
  • Walking Distance to Pompano Pier and Fishing Village
  • Significant New Development In Submarket
  • Easy Access to Downtown Fort Lauderdale

Exclusively Listed By

Listing Price: $10,400,000

Lot Size
1.01 acres
Price/Acre
$10,296,000
Land Type
Land
Buildable Square Feet
389,907

Investment Highlights

  • 1.01 Acre Barrier Island Development Site
  • Approved for 240 Unit Condo-Hotel With Commercial
  • Very Walkable Location Across From The Beach
  • Walking Distance to Pompano Pier and Fishing Village
  • Significant New Development In Submarket
  • Easy Access to Downtown Fort Lauderdale

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market Pure Residence, a 240-unit mixed-use development site located on the barrier island in the city of Pompano Beach, Florida. The property has site plan approval and is less than 6-months from having full development approvals for 240 condominium hotel units and 3,960 square feet of commercial in a 21-story high-rise tower.

The current owner acquired the site in April 2018 and has been working for over two years to obtain development approvals. Since the time of acquisition, the seller successfully signed contracts and took deposits from 46 buyers and had an additional 18 in the process of being executed, until March 2020, when Covid-19 impacted the market and buyers began cancelling. Initial sales in 2017 averaged $484 per square foot. In 2018, as the development got closer to being approved, sales increased to $659 psf. The past year of sales resulted in 18 buyers agreeing to pay an average price per square foot of $704. The total sellout amount was expected to be approximately $113,000,000 and $681 per square foot; not including any additional sales proceeds from storage or parking. The buyer profile ranged from Canadian, to American, to Latin American.

As Covid-19 concerns subside and markets settle down, the belief is that a new owner could quickly pick up presales where the current owner left off and with development approvals expecting within six months, the new owner should be able to begin development sometime in 2021.

Exclusively Listed By

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