investigation
Land Proposed for Northwestern Mutual Life Insurance and Atlantic Residential for 423-Unit Complex
A photo rendering of Atlantic Residential CEO Richard Aaronson with 777 Isle of Capri Circle in Pompano Beach (Getty, Atlantic Residential, Google Maps)
Atlantic Residential and Northwestern Mutual Life Insurance have acquired a $29. 1 million progression to build apartments near Harrah’s Pompano Beach Casino.
Its acquisition comes amid a near-record pipeline of multifamily developments in South Florida, which has slowed leasing and slowed hiring growth.
Atlanta-based Atlantic and Milwaukee-based Northwestern Mutual obtained the 12. 8 vacant acres at 777 Isle of Capri Circle in Pompano Beach from Cordish Companies, according to Vizzda’s real estate records and database. Atlantic took a 22. 7% stake in and Northwestern Mutual took the remaining 77. 3% interest.
Northwestern Mutual made an $87. 6 million loan on the property, records show. They also signed a lease agreement with an entity connected to Atlantic and Northwestern Mutual.
The project, which would be developed under Atlantic’s Indigo apartment brand, would consist of a 423-unit complex with two two-story buildings and seven five-story buildings, according to Vizzda records. It would offer 30 studios, 184 one-bedroom apartments. apartments, 159 two-bedroom apartments and 50 three-bedroom apartments.
The site is part of the 225-acre The Pomp master project, which includes the renovated Harrah’s Pompano Beach casino. Baltimore-based Cordish and Reno-based Caesars Entertainment are the lead developers of The Pomp, which would eventually feature 4,000 residential units; two hotels; 1. 3 million square feet of retail and entertainment space; and 1. 4 million square feet of workplace space, according to a Cordish and Caesars press release issued last year. Life! The entertainment district would feature 25,000 square feet of food and beverage tenants, adding
The Pompano development site, roughly between Pompano Park Place and North Cypress Bend Drive, and between South Pompano Parkway east of the Tri-Rail railroad tracks, includes a former racetrack.
Last year, Cordish and Caesars sold an 87. 8-acre portion of The Pomp for $180 million to Rockpoint, which plans to expand and manage a 1. 5 million-square-foot commercial project.
Atlantic, led by CEO Richard Aaronson, was founded in 1995 and has developed more than $1. 5 billion worth of residential and mixed-use projects comprising 7,000 combined developments, according to its website.
Northwestern Mutual has a real estate investment arm, Northwestern Mutual Real Estate, which makes investments in debt and stocks, according to its website.
Some multifamily developers in South Florida have put their planned projects on hold this year. Over the past four years, developers have taken advantage of the influx of citizens to launch new apartment projects, resulting in a significant portfolio of structures. According to CoStar Group, more than 40,700 teams are under structure in South Florida, just shy of the record of 42,500 games under structure in 2022. The deliveries have led to stabilization of hiring and even drops in some areas. -The markets, as well as higher interest rates and The rise of insurance has made the structure more expensive.
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