TCA Pompano Holdings pays $10.5M for 552 N Ocean Blvd, Pompano

Blue Ocean Resorts LLC held 552 N Ocean Blvd in Pompano Beach for 14 years. It sold to TCA Pompano Holdings LLC for $10.5 million on Sept. 25, in a deal Broward County recorded Sept. 30 as a special warranty deed.

Why it matters

The lot is oceanfront land with a 1953 building on it, and the buyer is paying for the dirt. The initials point to Turks Capital Acquisitions LLC, which the press has tied to a proposed 15-story, 59-unit condo called La Plage, designed by Arquitectonica, across 552, 600 and 604 N. Ocean Blvd. The deed does not name Turks Capital. The match rests on the initials, the address and the 1953 vintage described in coverage of that project, so treat the link as likely, not confirmed.

The numbers

The Broward County Property Appraiser lists 24,948 square feet of land, valued at $150 a foot, or $3.74 million. The building adds $457,920 for a total just value of $4.2 million. At $10.5 million, the price works out to roughly $421 a foot of land and about 2.5 times the appraised value.

The appraiser’s record shows 6,911 square feet of building across three units, actual year built 1953. Blue Ocean Resorts bought in March 2012 for $2.6 million, so the price is about four times what it paid. Two $100 transfers in 2014 and 2017 look like internal moves, not market sales. The buyer’s mailing address is in West Palm Beach.

What’s next

The sale does not change zoning. The La Plage rezoning and land use amendment went before Pompano Beach’s Development Review Committee in February and the Planning and Zoning Board in March, with City Commission votes expected in April. We have not confirmed the outcome of those votes, and the developer had not filed site plans as of mid-February.

The next filings to watch are a site plan and demolition permit for the three parcels, and whether the buyer’s full assemblage closes. Watch also for whether other South Florida beachfront owners reprice after a $421-a-foot comp.