Vacant South Florida Macy’s to be Replaced by Apartments
Morgan Group won approval for 356 apartments at the site
By Jeff Ostrowski October 7, 2024 2:10 pm
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The site of a long-shuttered Macy’s in Pompano Beach, Fla., sold this week. The department store, closed since 2020, is slated to be replaced by apartments.
Two buyers, multifamily development firm The Morgan Group and private equity giant Carlyle Group, paid a combined $18.9 million for the store and the surrounding parking lot at the Pompano Citi Centre mall, according to deeds. Morgan Group has won approval for 356 apartments and 545 parking spaces on the site.
In part of the deal, Macy’s Retail Holdings sold its 150,353-square-foot building at 1200 Northeast 23rd Street for $10 million. It was built on the 6.7-acre site in 1969, according to property records. Also, SVAP Pompano Citi Centre, an affiliate of West Palm Beach-based Sterling Organization, sold 5.4 acres of parking lot for $8.9 million, according to a deed.
Tenants at Pompano Citi Centre include Burlington, Five Below, Lowe’s and T.J. Maxx.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
