Related Group scores approval for first Boca Raton rental project
Nearly 300-unit complex will be built at the Park at Broken Sound
UPDATED, June 6, 5 p.m.: Boca Raton approved the Related Group’s plans to build an apartment complex in the Park at Broken Sound, marking the Miami developer’s first apartment project in Boca as it expands in Palm Beach County.
The Boca Raton City Council OK’d a plan to build a luxury 297-unit apartment complex at 5300 and 5400 Broken Sound Boulevard, said Glenn Gromann, a consultant for the developer and a director at the mixed-use office park.
The project will include a pool, gym and spa, courtyards, lounge and more amenities. It will have a six-story building with 261 apartments, and 36 townhouses in six mansion-style buildings bordering Broken Sound Boulevard, Gromann said. The Mizner-style development will be within walking distance to office buildings within the Park at Broken Sound.
Bill Shewalter, senior vice president at Related Development, said the developer will close on the land in August.
Related has ramped up its multifamily development in Florida and throughout the Southwest as the condo market remains stagnant. The firm, along with its partner Rockpoint Group, sold a newly developed pair of apartment buildings in Doral in May to Blackstone Group for $209 million.
The Park at Broken Sound was rezoned to allow for more residential development, which led to a number of new projects that have been sold to new investors. Last year, developers Jimmy Tate and Sergio Rok sold a new luxury rental complex in the Park at Broken Sound to GID for $92.1 million. Allure by Windsor, a 282-unit apartment community at 6750 Congress Avenue, traded hands about a year after it was completed for about $327,000 per unit.
Earlier this year, Dallas-based Trinsic Residential Group secured a $56.5 million loan from TD Bank for Aura Boca, a 322-unit luxury rental project at 789 West Yamato Road.