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Tuesday, January 19, 2016

Commercial Real Estate News for Florida

Four big proposals in Broward city, including waterfront building by major New York developer

Pompano Beach officials will consider four big development proposals, including a multifamily building by major New York developer Chetrit Group and an oceanfront condominium.

The items are set for a hearing before the city’s Development Review Committee on Jan. 20. They would need a city council vote for final approval.

Led by Meyer Chetrit and Joseph Chetrit, the Chetrit Group is one of the largest property owners in New York City and it’s made headlines in Miami with a proposal for a huge mixed-use project along the Miami River.

In Pompano Beach, Chetrit Group affiliate CG Hillsboro Shores filed a land use amendment that would allow 122 units at 2629 N. Riverside Drive and 2507 N. Ocean Blvd. The 4.2-acre site is on the Intracoastal Waterway near the Hillsboro Inlet. It currently has a marina and boat slips.

Chetrit Group plans to build 108 multifamily units and 14 townhouses there. The developer pledged to improve the marina and boat slips. It acquired the property for $6.4 million in January 2015. Attorney Bonnie Miskel, who represents CG Hillsboro Shores in the application, couldn’t be reached for comment.

Condo on the beach

The Ocean Sapphire condominium would have 29 units right on the beach at 700 Briny Ave. The rezoning application was filed by Chrome Group, managed by Maria Giglio, Michael K. Fish, and Lourdes Ors in Miami. It acquired the 1.3-acre site for $3.69 million in 2014. Garcia Stromberg is the architect for the project. Miskel, who represents Chrome Group, couldn’t be reached for comment.

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