- Prime Redevelopment Consultant
- Negotiated P3 Development Terms
- Managed all Consultants & Advisers
Public-Private Partnership (P3)
The East CRA district of the City of Pompano Beach is generally bordered by the beach and US1, a major highway corridor in Florida. The intracoastal waterway separates the beach from the mainland, and for 20 years, private developers were only drawn to the eastern side of the intracoastal due to the beach front access and activity. The western end of the CRA had not attracted any new redevelopment beyond that of superficial, aesthetic improvements to properties, which while attractive, did not spur additional growth.
To incentivize development of sufficient caliber to impact the tax base, and to stimulate economic growth west of the intracoastal, the Pompano Beach CRA determined a financing mechanism was needed to attract a multifamily, mixed-use developer. RMA crafted a series of development incentives ranging from small scale façade programs to tax increment financing for large scape projects. The owners of two very dated and antiquated low -rise commercial office buildings responded to the newly formed incentives, and demonstrated that not only were the incentives needed, without the additional financial assistance, the project could not get funding.
With RMA’s assistance, the Pompano Station developer was able to overcome the high costs of land and construction and transform the office buildings into an optimized residential and commercial hub. Over $19 million will be collected in tax increment financing in the 20 years following completion of Pompano Station. Revenues to Pompano Beach’s General Fund alone is estimated at $4.5 million. Indirect effects include employment opportunities and appreciation of surrounding property values.