Categories: P3 & Mixed-use Projects

Our approach is to deploy our expertise in real estate, finance and planning to present a comprehensive path to economic development that gets results.

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.

After a major redevelopment proposal was torpedoed by area residents and condominium board members, a prime beachfront parcel fell into decay as a surface parking lot. The 5+ acre city-owned parcel was then deed restricted to public use only, and all parking along the beachfront was removed, effectively making the beach only useable by the area condominium owners. The tired and dated look of the streetscape along the beach only added to the blighted look of the area.
An active group of stakeholders finally decided something needed to be done with the blighted beach area despite the residents’ resistance to any type of redevelopment activity. RMA was hired by the CRA and proposed a small pedestrian scale beachfront village with restaurants and retail, and the reinstatement of on street parking so non-condominium residents could access the beach and patronize the new retail and restaurants. After tremendous pushback from the residents, the consultant team was able to generate sufficient support city-wide to reclaim the beach front for all resident, not just those who lived next to the beach.
A $10 million streetscape project including dune restoration, and reversing the no parking ban, created an environment to attract a Master Developer for small scale beach-oriented restaurants, shops and a hotel through an RFP.
The public improvements including an award-winning state of the art parking garage and streetscape created a one-of-a-kind environmentally sensitive project. Tenants from all over the country were drawn to the project with one restaurant investment exceeding $9 million. Parking revenue increased from $500,000 a year to over $2. 8 million which funded the garage, and general fund revenue from the lease will exceed $700,000 annually. There is now universal support for the project, even by the condominium owners.