Pompano Beach’s plan to transform a mostly vacant area into the Innovation District has taken its first step as the City Vista Apartments have broken ground.
Located on the north side of Atlantic Boulevard, east of Interstate 95, the neighborhood has been overlooked by developers for years. The Pompano Beach Community Redevelopment Agency acquired a large section of the area over the years. In June, it sold 2.4 acres to City Vista Associates, an affiliate of Miami-based Landmark Cos., for $1.3 million.
City Vista Associates recently obtained a $12 million construction loan from Citibank and a $100,000 HOME Investment Partnership loan from Broward County. That allowed it to break ground on 111 apartments and 3,800 square foot of ground-floor commercial space at the northeast corner of Martin Luther King Boulevard and Northwest 6th Avenue.