The land has been vacant for five years, ever since the remaining residents packed up and the Bali-Hi Mobile Home Park closed for good.
McLean, Va.-based JAG-Star Development Co. last month paid $6 million in cash for the 9-acre tract along Federal Highway in Pompano Beach, and is in the early stages of planning a 240-unit apartment complex. Construction is expected to begin next year.
“We like the location near the beach, and it’s real convenient to the employment centers of Boca Raton and Fort Lauderdale,” said Michael Mulhall, a partner in the development. “We think there’s demand for this in that area of northeast Broward.”
In October 2005, Hurricane Wilma pummeled the 52-year-old Bali-Hi. It fell into disrepair, and the owner said he couldn’t afford to make the necessary renovations.
The site, north of Copans Road at 4009-4011 N. Federal Highway, was expected to become a 55-and-over community, but the economic downturn shelved those plans, and the tract eventually fell into foreclosure, said Dennis Palumbo, a local real estate agent. He brokered the sale between JAG-Star and lender Lighthouse Capital Funding.
. . .
Read: “Pompano rentals planned,“ an article by Bloomberg Businessweek.