Invesca Development Group just broke ground on the second phase of Koi Residences & Marina in Pompano Beach, after securing a $28 million construction loan, property records show.
Florida Community Bank provided the financing to Invesca affiliate Envy Development PB LLC, led by Invesca’s founder and CEO Christopher Longsworth. The developer broke ground on the first phase of the project at 452 Southeast First Street in 2015, after closing on the 9.8-acre, 11-parcel site for an undisclosed price – an effort which took nearly three years to complete.
Phase two of Koi Residences & Marina, called Envy Pompano Beach, includes two 11-story rental towers that will feature retail along east Atlantic Boulevard, according to a release. Amenities at Envy include a cardio center, rooftop pool with cabanas, access to a 26-slip marina and zen gardens, which will feature annual art installations.
The rental units will add to the already completed 46 three- and four-story waterfront villas, part of phase one of the project.
The project at is east of the Dixie Highway and just south of Atlantic Boulevard. Phase two broke ground on Monday and is slated to be completed the second quarter 2019, according to the release.
Invesca, based in Davie, is also in the midst of developing Strata at Plantation, which recently sold out its first phase of the 147 townhome development.
The firm joins a handful of developers contributing to Pompano’s recent growth. Projects in the pipeline include Aspire Real Estate Development’s 19-unit boutique condo project Arya Oceanside Residences and Sabbia Beach, a 19-story tower developed by Fernbrook Homes and Grupo Fernandez, which topped off in August.
More from The Real Deal Miami via http://ift.tt/2AooHAH. Rendering of Envy Pompano Beach and Invesca’s founder and CEO Christopher Longsworth (Credit: Invesca)