Archstone plans to build 390 units of rental townhouses and apartments in three large buildings along Palmetto Park Road near beach land in Boca Raton, the Palm Beach Post reported.
The national apartment operator is on the verge of purchasing the 5.8-acre parcel from lender Fifth Third Bank, which took control of the property from Greg Talbott after he defaulted on a $29 million loan on the site last year. Talbott spent many years gathering the land with audacious plans for a mixed-use project called Palmetto Promenade.
Some real estate executives believe the presence of a respected real estate developer like Archstone will encourage more development in the otherwise quiet district of downtown Boca Raton, the Post said. [Palm Beach Post]