The Bentonville, AR-based retailer received authorization last year to build a new superstore as part of 270,000 sf of retail space on a portion of the old-Pompano Beach Racing Track at the southeast corner of Powerline Road and Atlantic Boulevard, according to Broward County records.
Besides the superstore, plans for the 37-acre center also include the proposed development of Wendy's and Pollo Tropical fast-food franchises, a bank branch and a convenience store.
Of the 270,000 sf, industry experts estimate Wal-Mart would allocate from 150,000 sf to 175,000 sf for a superstore. Development costs on just the superstore could range from $60 to $75 a sf at a total possible cost of about $13.1 million. Wal-Mart corporate officials did not respond to requests from GlobeSt.com for comment.
The retailer required final approval on modifications to an existing plat prior to pulling permits. Broward County granted that authorization Tuesday.
County officials granted waivers on certain right-of-way requirements, with no objections from either the city of Pompano Beach, the South Florida Water Management District or the Florida Department of Transportation. The South Florida office of Kimley-Horn & Associates Inc. is representing the retailer as the project engineer.
Property records show that Atlantic Business Center LLC transferred a warranty deed last fall on the undeveloped property to Wal-Mart Stores East in exchange for $8 million or about $216,216 an acre ($4.96 per sf).
Atlantic Business Center is a holding of Premier Commercial Realty Inc., developer of the adjacent 85-acre warehouse distribution center known as Atlantic Business Center. Premier Commercial is now constructing two buildings that will contain about 138,500 sf of leaseable space when completed this fall, Peter D. Sheridan, the company's president, told GlobeSt.com in an interview last March.
When finished at Atlantic Business Center, Sheridan estimates the company will have easily invested $75 million in total development costs.
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