2507 N. Ocean Blvd. (Melanie Bell)
Two Pompano Beach waterfront parcels once earmarked for a luxury midrise hotel could still become a 150-room property, despite derailment of original plans.
The 2.8-acre site adjacent to the Hillsboro Inlet has a 25-slip marina and preliminary approval for a hotel and restaurant development. Based on the original vision, the hotel would provide unobstructed Intracoastal Waterway views to the north, and third-floor views of the Hillsboro Inlet and Atlantic Ocean to the south.
But plans never got off the ground. Current owner Hunter Hospitality LLC, a Wellington company linked to luxury real estate developer Viking Development LLC in Bellingham, Wash., is in receivership, with a receiver authorized to liquidate the Pompano site and other assets.
Hunter Hospitality purchased the Ocean Boulevard land and a second parcel at 2629 N. Riverside Drive for $1.5 million in 2011, according to Broward County public records. The developer then started talks with the city for a luxury hotel/marina project on the two parcels, but never reached the permitting stage.
“We’ve been given general guidance by the city, and we understand the city is inclined to provide a building permit for hotel use,” said Richard R. Lillis, executive vice president of Colliers International Hotels, the brokerage group marketing the commercial property.
Colliers International brokers Lillis, Clinton Casey and Kent Schwarz are handling the sale on the receiver’s behalf. They’re contacting multiple developers in a market-driven sales push with no asking price or list price. The brokers are then likely to issue a call to offer, before selecting a bidder.
“We think the Pompano Beach market is ripe for such development. It really is underserved by fine hotels,” Lillis said. “There are a few, but we think there is an opportunity for more.”
The greater Fort Lauderdale market has seen a 7 percent annual increase in revenue per available room—a performance metric that considers average daily room rate and occupancy, according to Atlanta-based PKF Hospitality Research.
And with no Hilton, Hyatt or Starwood brands in Pompano Beach, marketers say the area is primed for a major entrant targeting boaters, local diners and leisure travelers.
“The project’s enviable location on the Intracoastal Waterway, the riparian rights, the proximity to the Hillsboro Inlet and the beautiful beaches of Pompano create a very compelling message that will attract a broad spectrum of buyers,” Lillis said. “A developer could incorporate the marina to access the ocean for boating and fishing.”