Developer Spends $29.1M on Pompano Beach Apartment Site

A developer duo made up of Atlantic Residential and Mutual Life Insurance Corp. acquired a 12.8-acre site adjacent to a Pompano Beach casino for $29.1 million. The site was owned by a joint venture made up of the Cordish Cos. and Caesars Entertainment, which run Live! at the Pomp and Harrah’s Pompano Beach casino.

The property at 777 Isle of Capri Circle has been approved for 423 units in nine buildings between two and five stories, plus 588 parking spaces and a clubhouse with a pool and pickleball courts. It will be called Indigo Pompano Beach.

The project is limited to no more than 2,000 square feet of retail. The South Florida Business Journal reports Cordish and Caesars are building a significant amount of retail, restaurant and entertainment at the Pomp, so they don’t want this site to have a competing use in the future. Multifamily, on the other hand, could bring more customers to the Pomp.