Oceanfront Site in South Florida’s Pompano Beach Hits the Market for $175M

Has Pompano Beach, Fla., a historically working- and middle-class town that is now seeing a rush of luxury development along its waterfront, ascended to a top-tier market? The owners of the oceanfront Beachcomber Resort and Villas sure hope so.

The 5.1-acre property has hit the market with an asking price starting at $175 million, according to Cushman & Wakefield, which is marketing the site.  

Located at 1200 South Ocean Boulevard, the property includes 3.4 acres along the beach and an additional 1.7 acres across the street, facing the Intracoastal Waterway. The asking price equates to about $35 million per acre.

An entity managed by Ronald and Maureen Russell has owned the 147-room hotel for almost 60 years since 1966. The seller is willing to provide the buyer time to arrange site plan approval before closing on the acquisition, per C&W, whose team representing the sellers includes Robert Kaplan, Errol Blumer and Mark Rutherford.

“Beachcomber is the largest oceanfront development site currently being marketed for sale in South Florida,” Kaplan said in a statement. “With 300 feet of beach frontage and a central location providing easy access to all of South Florida’s world-class amenities, the property has all of the attributes to make it highly desirable for a new, ultra-luxury condominium or hospitality development project.”

Other notable Pompano Beach deals in the past few years include Related Group and BH Group’s $47.5 million purchase in 2023 of a 3.7-acre plot at 20 North Ocean Boulevard, which is now slated to become a 24-story, W-branded condo and hotel development. That same year, Fortune International Group and Oak Capital obtained a $259 million construction loan from Bank OZK for their Ritz-Carlton-branded condo development. 

Julia Echikson can be reached at jechikson@commercialobserver.com.