Atlantic and Northwestern Mutual Buy Dev Site Near Pompano Beach Casino
By Julia Echikson July 24, 2024 4:51 pm
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Atlantic Residential and Northwestern Mutual Life Insurance purchased a multifamily development site near the Harrah’s Pompano Beach casino and the 223-acre Pomp mixed-use development in South Florida for $29.1 million and secured funding to add a residential building, property records show.
The 12.8-acre parcel sits southwest of the 664,447-square-foot casino building at 777 Isle of Capri Circle, west of Interstate 95. The sellers are the owners of the casino, Baltimore-based Cordish Companies and Las Vegas-based Caesars Entertainment, which together are developing the Pomp project nearby.
Last year, Cordish and Atlantic filed plans to construct a 444,540-square-foot building, housing 417 apartments and 588 parking spots, according to the South Florida Business Journal.
Now it appears that Cordish has left the project, given that Northwestern Mutual Life Insurance owns a 77 percent stake in the new ownership. Atlantic owns the rest.
The deed stipulates that the new owners must build between 400 and 500 apartments, plus a maximum of 2,000 square feet of retail. They must also finish the development within 42 months after the close of the sale and maintain the property as a rental for at least 25 years.
Northwestern Mutual Life Insurance also provided a $87.6 million mortgage. The debt likely functions as both an acquisition and construction loan, though the breakdown remains unclear.
Representatives for the sellers and buyers did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
