Cavache Properties purchased a church campus and surrounding grounds in Pompano Beach with plans to develop a 319-unit multifamily development.
Cavache purchased six parcels totaling approximately 5 acres, including the United Methodist Church and adjacent parcels at 210-219 NE 3rd Street; vacant lot at 290 NE 2nd Street; NE Two lots at 200 Fourth Street; and another vacant lot at the northwest corner of NE 2nd Avenue and NE 2nd Street, according to records and real estate database Vizzda.
Christ United Methodist Church is the seller.
Pompano Beach-based Cavache took a $6 million loan from National Bank of the United States against real estate, records show.
For the first chapter of the development, Cavache plans to build a 10-story, 229-unit building and a 6-story, 90-unit building, along with approximately 3,500 square feet of commercial space for retail or restaurants, Adam Adache, Cavache’s managing partner told real deal. It will occupy 2 acres which now includes the Christ United campus and much across the street. Cavache has no plans for another 3 acres.
The planned development, known as Old Town Towers, is smaller than Cavache’s previous proposed 325-unit project.
“We didn’t shrink it too much,” Adache said. Projects “always change in different iterations to meet all requirements.”
While the Pompano Beach City Council expressed support for the entire Old Town tower, the Planning and Zoning Commission will hold a final vote on the proposal in June, according to Adache.
If the project is approved, construction is expected to start next year.
By then, expensive construction financing and high labor and material costs should have stabilized, Adachi said.
“We hope so,” he said. “I think every developer is hoping for that right now, but we’ll be watching it closely.”
The deal marks the latest in a string of sales of South Florida church properties to developers. Adachi said the United Methodist Church of Christ has not held an event at its Popano Beach grounds for some time and has been holding services in Fort Lauderdale instead. Cavache also vowed to move a historic building on the church’s campus to the city’s Centennial Park.
The purchased properties also include Harbor Church, which will continue to lease its space. This site is not part of the current project plan.
exist fort lauderdaledevelopers Tal Levinson and Eric Malinasky plan a six-story, 300-plus-unit complex multifamily housing Adjacent property on the former site of the First Eben Ezer Missionary Christian Church and the southeast corner of NW Seventh Street and NW Fourth Avenue.As part of the deal, Levinson and Malinasky helped First Eben Ezer in Oakland Park.
Christ Journey Church sells 13.5 acres of vacant land on Palmetto Expressway near Sunset Drive and Coral Gables $13.2 million March to CC Homes, which plans to build 26 single-family homes. Christ Journey will use the proceeds to build its new home.
exist pano beachthe land owned by the Archdiocese of Miami at 1200 Northwest Sixth Avenue will be turned into 150 units affordable housing complex. The developer, Smith & Henzy Advisory Group, leased the site from the Archdiocese.
