Tag Archives: Pompano Beach Innovation District

Pompano Beach CRA Offers New Opportunity for Brokers to Find Master Developer

POMPANO BEACH, Fla. /ScoopCloud/ -- The City of Pompano Beach and Pompano Beach CRA have opened a new opportunity for all real estate brokers in the municipality's pursuit of a master developer for the City's Downtown and Innovation District. A 2% commission is in play for the transformative project, one of the last of its kind in the South Florida market. Currently, a Request for Letters of Interest (RLI) for a Master Developer has been issued, with a deadline of July 10, 2019.

"This is a tremendous opportunity for any broker who is well-connected with the nation's top developers," said Nguyen Tran, CRA Director. "We are seeking developers who understand our goals for the area, offer experience in prior projects of this scope and have the financial capability to undertake this project. By reaching out to the national real estate broker community, we hope to expand our list of potential applicants."

Over the past 20 years, the Northwest CRA has assembled over 30 acres of land within the almost 70-acre Innovation District. Most developable parcels are generally located along the busy I-95 corridor and Atlantic Boulevard, making this one of the last prime development opportunities of its kind in South Florida.

Based on a previous market analysis, the following can guide the master plan for a mix of desirable uses:
* Office/ Flex space 750,000 sq. ft.
* Retail 165,000 sq. ft.
* Residential 1,500 units
* Hotel/ Hospitality up to 420 rooms (multiple building)
* New City Hall/ Government Offices P3 opportunity
* Restaurant 35,000 sq. ft.
* Education open opportunities

In addition, as part of the marketing and branding strategy for downtown, the CRA envisions a creative and unique drainage system, possibly using linear waterway systems that create a visible and desirable asset for development parcels, much like the waterways in Amsterdam in the Netherlands, and San Antonio, Texas (from a visual perspective). A stormwater conceptual master license has already received county approval and a drainage district will need to be formed. Design and construction of a creative and aesthetically pleasing drainage option can occur simultaneously with the vertical development.

The City has also invested heavily in cultural assets in the downtown area. The Pompano Beach Cultural Center, Bailey Contemporary Arts and Historic Ali Cultural Arts are spread out over three distinct geographic areas in the Downtown providing opportunities for pedestrian movement between them. Highlighting these facilities and using them as anchors in the master plan will provide a ready-made set of assets to build upon for future redevelopment.

Brokers can direct developers to the City's eBid system to view the complete solicitation document, which can be downloaded for free as a PDF at: https://pompanobeachfl.ionwave.net/CurrentSourcingEvents.aspx.

Developers will verify in their response that they are represented by a licensed brokerage firm. The Letters of Interest must be submitted electronically through the City's eBid System on or before July 10, 2019. Developers must be registered on the City's eBid System in order to view the solicitation documents and respond to this solicitation.

About The Pompano Beach CRA:

The City of Pompano Beach Community Redevelopment Agency (CRA) was created in 1989. It has two dependent districts: Northwest CRA and East CRA established by City government for the purpose of carrying out redevelopment activities that include reducing or eliminating blight, improving the economic health of an area, and encouraging public and private investments in a CRA district.

The Northwest CRA District covers an area of about 3,084 acres encompassing a large part of the western portion of the City between Atlantic Boulevard and Copans Road generally west of Dixie Highway. The Pompano Beach CRA is funded through Tax Increment Financing (TIF). The funds are collected as property values increase and a portion of that increase is captured by the Agency. TIF raises revenue for redevelopment efforts without raising taxes.

*IMAGE link for media: Send2Press.com/300dpi/19-0614s2p-pompano-bch-300dpi.jpg
*Image caption: Rendering of the Innovation District.

MEDIA CONTACT:
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Kay Renz PR
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News from Pompano Beach CRA

The City of Pompano Beach and Pompano Beach CRA have opened a new opportunity for all real estate brokers in the municipality's pursuit of a master developer for the City's Downtown and Innovation District. A 2% commission is in play for the transformative project, one of the last of its kind in the South Florida market.

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Pompano Beach CRA and Urban Land Institute Symposium to Reveal Half Billion Investment Opportunity

POMPANO BEACH, Fla. /ScoopCloud/ -- The Pompano Beach CRA (www.pompanobeachcra.com) has partnered with the Urban Land Institute to host a unique symposium outlining the $500 million investment opportunity available for developers in the Pompano Beach Innovation District. Nationally recognized redevelopment experts and invested developers will provide comprehensive details about the last 24 acres of undeveloped parcels in Broward County with prime visibility from I-95.

The event will take place on June 23 from 8 a.m. - 11:30 a.m. at the Pompano Beach Cultural Center, located at 50 W. Atlantic Blvd. Admission runs from $25-$65, tickets at: http://seflorida.uli.org/events/.

"The Pompano Beach Innovation District is one of the most exciting development opportunities in South Florida," stated Emily Marcus, Project Manager with Redevelopment Management Associates, which manages the Pompano Beach CRA. "The Innovation District already has anchors and assets including three major cultural facilities, a culinary and tech industry presence, proximity to the Pompano Beach Airport, and contiguous access to over 30 million square feet of industrial space."

The symposium will feature over 15 esteemed speakers who will provide strategic insights about developing this prime location including Mitchell Weiss, now a Harvard lecturer, who was the Chief of Staff under Mayor Thomas Menino of Boston.

Mitchell will lead a session on how Boston used their public clout to launch their Innovation District and how the city of Pompano Beach can benefit from their experiences. In the afternoon, he will entertain roundtables of local stakeholders, business leaders and elected officials to share his depth of knowledge to assist the city in adopting a sound approach to building the area.

The CRA's reinvention of the original downtown is already visible with the transformation of the Ali Building and the Bailey Hotel into vibrant arts and culture venues. In addition, they spearheaded the plans for building the Pompano Beach Cultural Center and Library, which recently opened and the building of the City Vista apartments. Two new residential projects are also in the planning to permit stage, and multiple restaurants and retailer are scheduled to open in 2018.

The CRA has created a master plan for the 38-acre site, where 24 acres are owned by the CRA or the City. This plan is designed around a linear waterway system - narrow drainage canals between the parcels - to replace conventional man-made lakes that take up lots of space for drainage and result in suburban development patterns. This plan not only helps to free up more property for development but establishes an urban and walkable environment. This model is based upon similar linear waterways in locations such as San Antonio, Texas and the Netherlands.

Recent land use and zoning updates have made it possible for this type of development to take place in the downtown. The innovation district can accommodate approximately 750,000 square feet of office space; 165,000 square feet of retail; 35,000 square feet of restaurants; 1,500 residential units and two hotels with a combined 420 rooms.

For a complete list of speakers and topics please visit: http://seflorida.uli.org/events/.

The Pompano Beach CRA has partnered with the Urban Land Institute to host a unique symposium outlining the $500 million investment opportunity available for developers in the Pompano Beach Innovation District. Nationally recognized redevelopment experts and invested developers will provide comprehensive details about the last 24 acres of undeveloped parcels in Broward County with prime visibility from I-95.

This version of news story was published on ScoopCloud™ (ScoopCloud.com) - part of the Neotrope® News Network - all rights reserved.