A joint venture between Alliance Residential and developer Dev Motwani broke ground on a major mixed-use project in Pompano Beach with a $46.7 million construction loan, property records show.
Earlier this week, Alliance Residential bought into the 4-acre waterfront site at 1333 South Ocean Boulevard for $15.83 million. Santander Bank provided the construction financing to the new owner, CRP/AR Oceanside Owner.
The developers are building Broadstone Oceanside, an eight-story, Class A building with 211 apartments, nearly 2,800 square feet of ground floor retail space and a 432-space parking garage, according to a notice of commencement. Last year, the city approved the project, which includes seven two-story townhouses, a clubhouse, a swimming pool, dog park, and 27 boat slips.
Records show Motwani’s WH Pompano LP paid $11.5 million for the property, which at the time included a beachfront lot across the street, in 2011. The Broadstone project will front the Intracoastal Waterway, and Motwani has not finalized plans for the site at 1350 South Ocean Boulevard.
Development in Pompano Beach has been limited to projects like Sabbia Beach, a luxury condo project slated to top off later this month. It’s about 85 percent presold. The city is also developing an “innovation district” as part of a plan to renovate its aging, downtown center.
Motwani and Alliance Residential could not immediately be reached for comment.