Pompano Beach, long known as Broward County’s low-key alternative to Miami and Palm Beach, is undergoing a $2 billion downtown redevelopment paired with a wave of ultra-luxury oceanfront construction from brands including Waldorf Astoria, Ritz-Carlton, W and Armani/Casa.
The city’s downtown transformation centers on a 75-acre redevelopment led by RocaPoint Partners in partnership with the city of Pompano Beach. Plans call for roughly 4 million square feet of residences, retail, offices, hotels, civic buildings and public space, anchored by a new City Hall.
Along the beach, Miami-based Related Group has made what it describes as a multibillion-dollar commitment to the city, a bet that began well before Pompano drew attention from luxury developers.
“We saw the fundamentals early: incredible oceanfront, a great location between Miami and Palm Beach, and pricing that was still accessible relative to other South Florida coastal markets,” said Patrick Campbell, senior vice president of Related Group.
Related purchased the oceanfront site that later became its Solemar project at a courthouse auction in 2011, holding it for nearly a decade before development. “At the time, Pompano wasn’t yet viewed as a luxury destination, but we believed the ingredients were there,” Campbell said.
Solemar, Related’s first project in the city, sold for an average of about $900 per square foot, according to Campbell. Sales at the company’s under-construction Waldorf Astoria Residences Pompano Beach are now averaging roughly $1,800 per square foot — double the earlier price point. Two Waldorf penthouses sold this summer for $17.1 million and $18.1 million, setting new benchmarks for the city.
“Those numbers tell us buyers are willing to pay for exceptional product here, but there’s still a significant pricing gap between Pompano and comparable branded oceanfront residences in Miami or Palm Beach,” Campbell said. “That’s what gives us confidence there’s still room for the market to grow.”
A New Skyline Takes Shape
The 28-story Waldorf Astoria tower, developed by Related and Merrimac Ventures in partnership with Hilton, will hold just 92 residences and is expected to be completed next summer. It marks Waldorf Astoria’s first standalone residential development, and more than 85% of its units were under contract by the time the building topped out in May.
Amenities include a 20,000-square-foot oceanfront pool deck, spa and wellness facilities, concierge service and in-residence dining — a far cry from the town’s fishing-village roots.
Related is also developing the W Pompano Beach Hotel & Residences, while other firms have brought Ritz-Carlton and Armani/Casa projects to the area.
The building boom is drawing buyers from beyond South Florida. “We continue to see strong interest from the Northeast and Canada, along with a significant local component — South Florida and inland Florida buyers who want to be directly on the ocean,” Campbell said, adding that interest from Latin America and other overseas markets is growing, particularly around the W development.
Keeping Its Character
Despite the scale of investment, Campbell said Pompano doesn’t need to become a copy of its more famous neighbors. “I don’t think Pompano needs to become the next Miami or Palm Beach — that’s what makes it interesting,” he said. “It still has that relaxed, Old Florida beach-town character, but the level of product and hospitality is changing dramatically.”
“Five years from now, I think you’ll have a much more established luxury destination while still being able to walk down to the pier, go fishing and feel like you’re in a real beach town,” Campbell said. “The city is changing, but it’s retaining its character — and that balance is what will continue to differentiate Pompano.”
