Atlanta-based developer Portman has received approval to move forward with a mixed-use apartment project in Pompano Beach, Florida. The city’s Planning & Zoning Board gave the go-ahead last week for the eight-story development at 2400 East Atlantic Boulevard. The project will include 397 apartments and 10,600 square feet of retail and restaurant space. Amenities for residents will feature a pool and fitness center.
Portman first proposed the development in May. Construction is expected to begin this fall, with completion targeted for late 2028. The 3.2-acre site currently houses an office building and parking lot.
Portman is led by Chairman and CEO Ambrish Baisiwala and President John C. Portman IV. Portman IV is the grandson of the company’s founder, architect John C. Portman Jr., who was known for projects such as Atlanta’s Peachtree Center, San Francisco’s Embarcadero Center, and Detroit’s Renaissance Center.
The firm has traditionally focused on office and hospitality projects but has recently expanded into multifamily, industrial, and student housing developments while updating its leadership team to oversee a $5 billion pipeline.
Pompano Beach has seen increased interest from developers in recent years, with hundreds of new condominium units planned across the city. In June, Related Group—led by the Pérez family—and Merrimac Ventures secured a $160 million construction loan for their Waldorf Astoria Residences Pompano Beach project, which will add 92 units to the area (https://therealdeal.com/miami/2024/06/13/related-merrimac-score-160m-loan-for-waldorf-astoria-pompano-beach-condo-project/). Additionally, Related Group partnered with BH Group for another hotel and residential project in Pompano Beach (https://therealdeal.com/miami/2024/04/24/perezs-related-bh-group-plan-w-hotel-condos-in-pompano-beach-exclusive/).
Other significant developments include Ritz-Carlton Residences from Fortune International Group and Oak Capital; these partners obtained a $259 million construction loan from Bank OZK in 2023 (https://therealdeal.com/miami/2023/02/28/oak-capital-fortune-score-259m-loan-for-ritz-carlton-residences-pompano-beach-exclusive/).
“Pompano Beach has emerged as a magnet for developers in recent years, and hundreds of condo units are planned in the once sleepy coastal city.”
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