Portman Holdings proposes a 397-unit apartment project in Pompano Beach that would replace an existing office building.
The application comes as developers increasingly are replacing aging office buildings with new projects.
Atlanta-based Portman wants to build the apartments on a 3.2-acre site at 2400 East Atlantic Boulevard, according to an application included in a city committee meeting agenda. Preliminary plans are for a three-story to eight-story building with 397 apartments and 12,000 square feet of ground-floor commercial space. The apartments will consist of studios, as well as one- to three-bedroom units, according to the application.
The Pompano Beach Development Review Committee will vote on the project’s master plan at its meeting on Wednesday.
The 3.2-acre site is owned by Sharon S. Gordon and First National Bank of Pompano Beach, records show. It consists of a roughly 39,000-square-foot office building completed in the 1960s and a parking lot.
Developers across South Florida are seizing on aging office buildings with plans for residential or other projects. In Boca Raton, Pebb Enterprises, the Toledano family’s BH Group and the Pérez family’s Coconut Grove-based Related Group plan to redevelop a portion of the Home Depot headquarters office complex at 6600 North Military Trail with 500 multifamily units and a 36,700-square-foot gym.
Portman, founded by the late architect and developer John C. Portman Jr., has a portfolio spanning $3 billion of assets under management and 80 million square feet of completed projects, according to its website.
South Florida’s multifamily market is experiencing a supply overhang. After the influx of residents from late 2020 through 2022, developers completed a record 18,600 apartments last year, according to CoStar Group. Net new leases lagged behind at 15,000.
Yet, developers continue to file a flurry of proposals. The oversupply is expected to be absorbed and demand is expected to pick up later this year and next year.
In Naranja, Coinco Investment proposes three four-story buildings with 192 units on the southeast corner of U.S. 1 and Southwest 232nd Street in unincorporated Miami-Dade County. Developer Louis Birdman and his partners scored approval this month for a mixed-use development with 618 apartments and 25,400 square feet of commercial space at 1600 South Park Road in Hollywood.
Federal Realty Investment Trust wants to build a 308-unit apartment project on a portion of its Shops at Pembroke Gardens at 527 Southwest 145th Terrace in Pembroke Pines.
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