Pompano Beach Community Redevelopment Agency
- Acted as Prime Redevelopment Consultant
- Negotiated P3 Development of Pier Lot
- Managed all Consultants & Advisers
- Assistance with Bond Issuance
- Community Outreach
Pompano Beach Pier Project & Public-Private Partnership (P3)
The Pompano Beach CRA determined that attracting private sector investment to a redevelopment area known as the “Pier Site” was a top priority. The 6 acre parcel referred to as the Pier Site, located on Pompano Beach Boulevard consisted of a surface parking lot and other civic buildings. The site was situated in a prime location next to the beachfront area that was about to undergo a $10 million major streetscape, beach beautification and dune restoration project. The CRA/City recognized the value in advertising the site to attract a reputable developer that could bring new commercial development to the blighted beach area, now slated for revitalization.
The process chosen to secure a private sector development partner was an RFQ, a Request for Qualifications. This process, unlike an RFP (Request for Proposals), is designed to first identify a qualified development team and secondly, allow time to further develop a proposed concept. The qualification of the development team was of utmost importance, therefore the selection committee was seeking to identify a development partner that has owned and operated similar type projects, has designed and developed similar type developments, acted as a developer/owner who has been responsible for sales, leasing and marketing of the development, and demonstrated their ability to finance developments they own and operate.
In 2010, the CRA issued a request for qualifications (RFQ) for the development of the 6 acre parcel referred to as the Pier Site located on Pompano Beach Blvd. One response was received and the selection committee deemed that proposal incompatible with the pier development objectives. At the time the first RFQ was issued, the real estate market was also in a depressed state and financing for redevelopment projects was practically impossible to obtain. Staff reissued the RFQ in September of 2011 and received two proposals for the site. RMA principles then began negotiations on the business terms for the proposed development of the site with the most qualified firm.
The selection committee ranked Pompano Pier Associates, L.L.C., (PPA) as top candidate. PPA is a firm whose members have been responsible for numerous noteworthy redevelopment projects including commercial, residential and mixed use projects. PPA estimates the new development will bring a potential $21 million private investment to the City and key tenants have already been secured. The first key tenant, the Beach House restaurant, opened in 2018 and a second restaurant, Oceanic, is currently under construction.