Pompano Beach Mega-Project Keeps Getting Bigger
Investors grab pieces of The Pomp as 225-acre project aims for 4,000 homes.
They call it The Pomp, a mega-project in Pompano Beach built around a renovated casino that has developers lining up to ante up for a piece of the action.
The latest bet on the master-planned mixed-use community rising around Harrah’s Pompano Beach Casino has been placed by Atlantic Residential and Northwestern Mutual Life Insurance, which ponied up $29M for a vacant 12.8-acre site in the development.
Atlantic bought a 22.7% stake in the site, located at 777 Isle of Capri Circle, with Northwestern taking the balance, according to real estate database Vizzda.
The partners are planning to build a 423-unit multifamily complex under Atlantic’s Indigo brand, with Northwestern Mutual also providing an $87.6M loan on the project, which will feature two two-story buildings and seven five-story buildings.
The seller was Baltimore-based Cordish Companies, which is partnering with Reno-based Caesars Entertainment as master developers of The Pomp, a 225-acre master-planned development located between Pompano Park Place and North Cypress Bend Drive, bordered by the South Pompano Parkway and the Tri-Rail train tracks.
The Pomp mega-project envisions 4,000 residential units, 1.3M SF of retail and entertainment space and 1.4M SF of office space, according to plans unveiled last year.
A Live! dining and entertainment District will encompass 25K SF of food and beverage outlets, including Sports & Social and PBR Cowboy Bar. The Live! District will open onto a central plaza that will offer live music and entertainment as well as special events.
Topgolf is slated to open its eighth Florida facility at the development this year.
Rounding out the CRE sectors that will rise on pieces of The Pomp is a mega-warehouse. Last year, Cordish and Caesars sold an 88-acre parcel for $180M to Rockpoint, which is planning to develop and manage a 1.5M SF industrial project.
Located about 35 miles north of Miami and less than 10 miles north of Fort Lauderdale, The Pomp’s name pays homage to the former Pompano Park racetrack, which was located on the project site.
In 2022, Pompano Park was rebranded as Harrah’s Pompano Park and converted into a racino with slot machines, shortly before plans were announced to close the track and demolish it for redevelopment. The last day of horse racing at Pompano Park was April 17, 2022.