Boca Raton’s office parks become mixed-use projects

Miami /
Sep.September 30, 2016 12:45 PM

A decades-long magnet for corporate headquarters, Boca Raton is now seeing some of its office parks converting to transit-oriented, mixed-use projects. 

Growing traffic congestion and a growing population has led the city to adopt its own transit-oriented zoning called planned mobility developments – a marked change from the large single-family home developments with expansive lawns, and separate, isolated business parks that Boca Raton is known for.

Boca’s PMDs still allow for lower densities and intensities than in more urban cities like Miami, Fort Lauderdale and West Palm Beach. The first in the city, Boca Village, was approved in June 2013 but expired before anything was developed, Jim Bell, acting deputy director of Boca Raton’s Development Services Department, told The Real Deal.

Next up was 900 Broken Sound, approved in June 2014. When completed, the project will have a 370-apartment complex called 850 Boca, developed by CC Residential, and a 160,000-square-foot office building.

Before it was 900 Broken Sound, it was part of a complex known as the Arvida Park of Commerce, one of the first business parks in Boca Raton, built in 1978. The 700-acre park is now known as the Park at Broken Sound, which is zoned LIRP (light industrial research park) with a PMD overlay. While the underlying industrial zoning still exists, developers can seek approvals for flexible uses allowed by the transit-oriented designation.

Because of the PMD, 980 apartments are under construction at the Park at Broken Sound, and with the office parks, less traffic is expected.

They include:

  • The Altman Companies’ 398-unit Altis
  • On the same parcel as Altis, Schmier and Feurring is a developing a 64,000-square-foot retail center called Park Place.
  • Allure Boca Raton is being developed by James A. Danburg, Jimmy Tate and Sergio Rok and will have 282-units.
  • CC Residential will have 370 units at the 850 Boca development. Phase I of 850 Boca is expected to be delivered next week, Keith O’Donnell, principal, capital markets group at Avison Young in Boca Raton told TRD.

“These companies sometimes bring in employees from out of state to work on short-term projects, so they need alternative housing sources,” Bonnie Miskel, land use attorney and partner at Boca Raton-based Dunay, Miskel and Backman, told TRD.

New uses at the former Arvida Park of Commerce come at a good time for the property, which “struggled with many owners,” said Orin Rosenfeld of Rosenfeld Realty Advisors in Boca Raton. The light industrial zoning limited the kinds of tenants it could accept, he said. Among the uses that were prohibited were medical uses. And, for a long time, tenants had to be regional headquarters, he said. Now, those requirements have been relaxed.

Even the Cornerstone Corporate Center in Plantation is trying to introduce residential into the all-corporate setting. Bill Laystrom, an attorney for the land owner, told the city’s planning and zoning board earlier this month that the owner of the park had been trying to sell two office parcels to developers for 19 years, without a sale taking place.

Whether or not the land appealed to office developers, building apartments and/or retail brings in a greater return on investment than office, Rosenfeld said.

“Land costs are high, so you need a good return,” he told TRD.


Related Articles

arrow_forward_ios
Alexander Bafer and 824 Pelican Point Cove, Boca Raton (LinkedIn, Choeff Levy Fischman Architecture)
Former Facebank CEO buys waterfront Boca Raton spec home for $12M
Former Facebank CEO buys waterfront Boca Raton spec home for $12M
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Terranova founder Stephen Bittel and Cineworld CEO Mooky Greidinger with Shadowood Square (Getty, Google Maps, Terranova, iStock)
Terranova wins suit against Regal Cinemas over $807K in unpaid rent at Boca Raton shopping center
Terranova wins suit against Regal Cinemas over $807K in unpaid rent at Boca Raton shopping center
James and Marta Batmasian with former Boca Raton Mayor Susan Haynie (Investments Unlimited)
Ex-Boca mayor pleads guilty in public corruption case over financial ties to real estate tycoon
Ex-Boca mayor pleads guilty in public corruption case over financial ties to real estate tycoon
1871 Thatch Palm Drive in Boca Raton’s Royal Palm Yacht & Country Club. (Royal Palm Properties)
Homebuilder sells Boca Raton house for $6M
Homebuilder sells Boca Raton house for $6M
300 West Palmetto Park Road in Boca Raton with PGIM Real Estate executive Eric Adler, Harbor Group International CEO Jordan Slone and president T. Richard Litton Jr. (Google Maps)
Harbor Group International buys Boca Raton apartments for $81M
Harbor Group International buys Boca Raton apartments for $81M
Steven H. Rosen and 246 Princess Palm Road, Boca Raton (Royal Palm Yacht & Country Club)
Private equity head buys Boca Raton spec home for nearly $7M
Private equity head buys Boca Raton spec home for nearly $7M
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...