The Estate Cos. Breaks Ground on South Florida Luxury Property
Pompano Beach is the latest property constructed as part of the company's Soleste Living brand.
The Estate Cos. has broken ground on the 253-unit Soleste Pompano Beach community, its latest luxury multifamily development in South Florida under its Soleste Living brand.
Located at 208 N Federal Highway in Pompano Beach, Fla., in Broward County, the building will measure eight stories with 4,000 square feet of commercial space. The Estate Cos. received approval for the luxury development in June 2022.
An affiliate of the developer secured a $52.5 million construction loan in January backing the project, according to several media reports. The South Florida Business Journal reported Synovus Bank acted as administrative agent for a group of lenders.
The mixed-use project, which sits on two acres, will feature studios, one- and two-bedroom units along with live-work units in a combination of residential and business space ranging from 450 to 1,050 square feet. A parking garage will include 367 spaces with an additional 11 parallel parking spaces at ground level. The Estate Cos. will also offer various health and wellness offerings and social amenities, including a pool and deck, a fitness center and public open space with a picnic area.
Jeffrey Ardizon, principal, at The Estate Cos., said in a prepared statement that residents will enjoy proximity to the beach and numerous entertainment and dining options in the East Atlantic Boulevard area. Soleste Pompano Beach is less than 2 miles from the Pompano Beach Pier and is 40 miles from Miami.
Growing Florida portfolio
Pompano Beach, and South Florida generally, are part of a market that continues to demonstrate healthy absorption and strong long-term fundamentals despite recent headwinds, Ardizon said in the statement.
The Estate Cos. is one of the largest and most active multifamily development firms in Florida. Soleste Pompano Beach is part of the company’s strategic plan to increase its focus on Broward and Palm Beach counties. The firm has projects in various stages of development in Spring Gardens, Dania Beach, Riviera Beach, West Palm Beach, as well as a pair of projects in North Miami Beach and three more in Hollywood, among others.
In July 2022, The Estate Cos. sold Soleste Grand Central, a 360-unit luxury community in Miami to Avanti Residential for $181 million. A partnership between The Estate Cos. and PTM partners completed the project—the first large-scale ground-up Opportunity Zone property to be delivered in Miami-Dade County—in November 2021. Located at 218 NW Eighth St. in the Overtown neighborhood, approximately 20 percent of the units were reserved for workforce housing.
In May 2021, The Estate Cos. secured a $76 million construction loan for Soleste NoMi Beach, a 23-story, 367-unit luxury community located at 16395 Biscayne Blvd. in North Miami.