Efstathios and Nicolas Tsatas acquire second Pompano Beach condo-hotel dev site

Canadian developers Efstathios Tsatas and Nicolas Tsatas are expanding their portfolio in Pompano Beach with plans for their second project, a condo-hotel.

An entity managed by the pair acquired a nearly shovel-ready 1-acre site at 330 Southeast First Street, records and Vizzda show. The city of Pompano Beach approved a site plan and a building design development order several years ago for a 21-story tower with 240 condo-hotel units and more than 4,000 square feet of commercial space, Vizza states. 

Efstathios Tsatas is the son of  Nicolas Tsatas. They are both based in Montreal. The Tsatas entity paid $9.5 million for the development site and obtained $3.5 million in seller financing.

The seller, an entity managed by James Bircher in Fort Lauderdale, paid $3 million for the property in 2021 through a foreclosure auction, records show. At the time, a Bircher entity had won a foreclosure lawsuit against then-owner Pure Residence Resort Pompano Beach. 

In 2022, the Tsatas father-and-son team paid $17.7 million for a mixed-use property in Pompano Beach that is also approved for redevelopment. In 2020, the previous owner refiled plans to build a two-tower mixed-use complex that was originally approved in 2012, city records show.

The plans showed a 21-story building with 77 condos, a 19-story hotel with 110 rooms, a garage and retail space, city records show. 

Sites along or near Pompano Beach’s waterfront have become a hot commodity for condo developers. Last year, Philadelphia-based U.S. Development launched sales for Salato, a 10-story boutique condominium with 40 units in Pompano Beach. IMI Worldwide and Douglas Elliman are marketing the Salato condos. 

In September, a joint venture between Miami-based Related Group and Fort Lauderdale-based Merrimac Ventures filed plans with the city of Pompano Beach for a Waldorf Astoria-branded condo project at 1350 South Ocean Boulevard. In 2011, Merrimac, led by brothers Dev and Nitin Motwani, paid $11.5 million for the 1.8-acre oceanfront site. 
Related is also planning two other oceanfront condominiums in Pompano Beach. One of those projects, Casamar Residences at 900 North Ocean Boulevard, obtained a $158.9 million construction loan in September. Canadian bank CIBC’s U.S. arm provided the financing for the planned 118-unit project.