Groundbreaking begins on 19-story condo tower

Developers will break ground Wednesday on Sabbia Beach, a 19-story condominium in Pompano Beach.

Danny Salvatore, principal at Fernbrook Florida LLC, said he’s confident the ceremony will help spur future sales because it shows prospective buyers that the project at 730 N. Ocean Blvd. is on schedule.

“People want to believe it’s happening,” he said.

Sabbia is priced from the $900,000s to $5.3 million. Buyers have signed contracts for about 60 percent of the 68 units, according to Fernbrook, a Canadian-based development firm.

Salvatore said site work will start next week, and he expects construction to begin within the next few months. The project is due to open by mid-2018.

Fernbrook is requiring buyers to make 35 percent down payments: 20 percent at the contract signing and 15 percent once construction starts. The balance is due upon completion.

South Florida’s condo market is stable but starting to cool, analysts say. Salvatore described the sales pace at Sabbia Beach as “steady and slow,” adding that the uncertainty over the presidential election has some potential buyers holding off.

“I think that’s a fair statement,” he said. “I’d rather be conservative than overly bullish.”

Some industry followers say the challenge facing Fernbrook is that Pompano Beach isn’t as desirable a market for luxury condos as Fort Lauderdale, Hollywood and Hallandale Beach. Those cities are closer to Miami, the most active condo market by far in the tri-country region.

But Judy Trudel, a South Florida real estate agent not affiliated with Sabbia Beach, said discounts offered in Pompano make the area an attractive alternative to more popular condo markets.

Sabbia Beach can wait out the slow summer season and the presidential election and be ready to capture sales next year, when construction should be well underway, Trudel said.

“It sounds like the timing is just right,” she said.

“People want to believe it’s happening.” Danny Salvatore, principal at Fernbrook Florida LLC, on the groundbreaking

PHOTOS BY SABBIA BEACH/COURTESY Illustration of Sabbia Beach in Pompano Beach, slated for completion by mid-2018.

Sabbia is priced from the $900,000s to $5.3 million. Buyers have signed contracts for about 60 percent of the 68 units.