Cordish, Eldorado to JV on Major Mixed-Use Project
The project will feature dining, restaurant and entertainment space, along with a corporate office campus, a hotel and residential space.
POMPANO, FL—The owner of the Isle Casino Racing Pompano Park here is partnering with Baltimore-based the Cordish Companies to develop a mixed-use entertainment and hospitality project on more than 200 acres adjacent to the casino property.
Eldorado Resorts, Inc., the Reno, NV-based owner of the Isle Casino Racing Pompano Park, reports it has formalized a new joint venture with the Cordish Cos. The partnership, which will master plan, design and develop the project, will be owned on a 50%-50% basis between the two firms. The property is located 35 miles north of Miami and 10 miles north of Fort Lauderdale.
In its joint announcement, the two firms did not detail the scope of the project that will be developed on 223 acres, except to say that the development will “complement and encompass the site of the existing Isle Casino Racing Pompano Park.” The project will feature dining, restaurant and entertainment space, along with a corporate office campus, a hotel and residential space. The companies note that the project site is one of the largest undeveloped parcels in South Florida and “presents one of the best opportunities for development in the United States.”
“The Cordish Companies is one of the leading developers of high-profile, mixed-use destinations in the country and has a level of expertise that is unmatched,” states Gary Carano, CEO of Eldorado Resorts. “This development is an incredible opportunity to complement our existing gaming and racing facilities on the site and will become a vibrant destination for visitors to South Florida.”
The Cordish Companies previously developed the Seminole Hard Rock Hotel & Casinos in Hollywood and Tampa.
David Cordish, chairman of The Cordish Companies, expects the mixed-use development will create thousands of new jobs for the City of Pompano and South Florida and that its new amenities and attractions will attract substantial new visitation to the region. “I plan personally to spend significant time on the ground working to bring the development to fruition,” he says.
The Cordish Cos. operations in Florida have made headlines in the month of April. Earlier this month, the Jacksonville Jaguars and Iguana Investments reported they had selected the Cordish Companies as the development partner for their proposed $2.5-billion mixed-use district near the National Football League franchise’s Everbank Stadium. The multi-phased project could total as much as 4.25 million square feet of new construction.
Eldorado owns and operates 20 casino and entertainment properties in 10 states, including Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio, Pennsylvania and West Virginia. In total, Eldorado’s properties feature approximately 21,000 slot machines and VLTs and 600 table games, as well as more than 7,000 hotel rooms.