South Florida Porsche Dealership to Expand With $52M Construction Loan
By Julia Echikson February 24, 2025 2:21 pm
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Copans Motors secured $52.2 million to expand the Champion Porsche luxury car dealership in Pompano Beach, Fla., property records show.
The financing from Wells Fargo (WFC) will fund the construction of a new 71,290-square-foot, two-story showroom and sales center at 300 Northwest 24th Street, just east of Interstate 95 near Copans Road, according to a filing to the Pompano Beach Planning and Zoning Board, which approved the project in June.
The development will include a separate four-story parking garage for 381 spots.
Champion Porsche’s existing, 119,000-square-foot dealership, constructed in 1991, will remain on its current 18-acre site at 500 West Copans Road, about a mile west of the new development. Once the new sales center is complete, the old site will be used to house the automotive repair, maintenance and parts departments.
Copans Motors, now led by Mitra Maraj, assembled the parcel for $15.2 million between 1988 and 2014, according to property records. A representative for Champion Porsche did not immediately respond to a request for comment.
The construction debt comes as Pompano Beach, a town north of Fort Lauderdale, sees a rush of luxury condo development along its oceanfront, with Miami’s largest condo developer, Related Group, going all in.
Since 2021, the developer has completed two luxury condo buildings. It’s also planning two more: Waldorf Astoria-branded and W-branded projects, in partnership with Merrimac Ventures and BH Group, respectively.
In late 2023, a joint venture between Fortune International Group and Oak Capital also scored a $259 million construction loan for a Ritz-Carlton-branded condo development in Pompano Beach.
Julia Echikson can be reached at jechikson@commercialobserver.com.
