Atlanta-based developer Portman has received approval from the Pompano Beach Planning & Zoning Board for a new mixed-use apartment project at 2400 East Atlantic Boulevard. The eight-story development will feature 397 apartments and 10,600 square feet of retail and restaurant space. Planned amenities include a pool and fitness center.
Portman initially proposed the project in May. Construction is expected to begin this fall, with completion targeted for late 2028. The development site currently consists of an office building and parking lot.
The company is led by Chairman and CEO Ambrish Baisiwala and President John C. Portman IV, who is the grandson of the late founder John C. Portman Jr., noted for designing major projects such as Atlanta’s Peachtree Center, San Francisco’s Embarcadero Center, and Detroit’s Renaissance Center.
Portman has traditionally focused on office and hospitality projects but has been expanding into multifamily, industrial, and student housing sectors as part of its efforts to manage a $5 billion pipeline.
Pompano Beach continues to attract developers, with several large-scale residential projects underway or planned in recent years. In June, Related Group partnered with Merrimac Ventures to secure a $160 million construction loan for Waldorf Astoria Residences Pompano Beach—a planned 92-unit development (https://therealdeal.com/miami/2024/06/19/perezs-motwanis-score-160m-loan-for-waldorf-astoria-pompano-beach-condos/). Additionally, BH Group joined Related Group on the W Pompano Beach Hotel & Residences (https://therealdeal.com/miami/2024/03/11/bh-group-partners-with-related-on-w-hotel-residences-in-pompano-beach/).
Other significant developments include Ritz-Carlton Residences, Pompano Beach from Fortune International Group and Oak Capital. These partners obtained a $259 million construction loan from Bank OZK in 2023 (https://therealdeal.com/miami/2023/05/09/developer-scores-259m-loan-for-ritz-carlton-residences-in-pompano-beach/) as part of ongoing investment activity in the city.
“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,” according to the press release.
