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POMPANO BEACH, FL-For an aggregate investment of $14.5 million, the US Tower division of London-based Taylor Woodrow has acquired adjacent beachfront properties for the Waters, a condominium development, set to break ground in mid 2006. “Units will average 3,000 sf, and the selling prices will be in excess of $1 million,” Ian Kramer, project manager, tells GlobeSt.com.

To make way for the Waters, under the TW/Beach Residences-Pompano LLC entity, Taylor Woodrow bought the two-acre parcel at 730 N Ocean Blvd. for $7 million from Thomas Gronemeier. The Seacastle Motel is currently located on the land. A year ago, a Taylor Woodrow entity paid $7.5 million for the adjacent, 740 N. Ocean Blvd. parcel occupied by the Villa Mar Inn.

Kramer says his company will raze the existing buildings. The Waters, a single 16-story building, will be constructed on the adjacent parcels. It will contain 50 residential units, and no floor will contain more than four units, according to Kramer. “We’re extremely excited about this particular piece of property,” he says, “because of its position directly on the beach and its central location in the tri-county area.”

Taylor Woodrow’s Tower division is based in Bradenton. It is currently developing 21 projects in Florida. They include the 135-unit Diplomat Oceanfront Residences adjacent the Diplomat Hotel in Hollywood, and Mirasol Beach Residences on Singer Island.

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