A joint venture led by Butters Group is seeking to build a $75 million Class A office project in Boca Raton.
Butters and partner Konsker Development recently submitted plans to the city of Boca Raton for Midtown Place at Boca Raton, a five-story building with 120,000 square feet of office space, according to a press release. The project would rise on a 4-acre site that currently houses a vacant 35,669-square-foot health club at 1751 North Military Trail.
In August, an affiliate managed by Malcolm Butters, CEO of Coconut Creek-based Butters, and Mitchell Konsker, principal of New York-based Konsker, paid $11 million for the property, according to records.
Construction on Midtown Place is expected to begin in early 2023 and finish by mid-2024, making it one of the first major ground-up Class A office projects in Boca Raton in more than a decade, the release states. The project is near Glades Road and the Town Center at Boca Raton mall.
Designed by Cape Town, South Africa-based architecture firm SAOTA in partnership with Boca Raton-based RLC Architects, Midtown Place will feature offices with floor-to-ceiling impact glass windows and large balconies, the release states. Office suites will range from 10,372 square feet to a full floor at 29,357 square feet.
The developers have started pre-leasing the project, offering potential tenants customized offices with tenant improvement design and finish packages, Malcolm Butters said in a statement. Butters and Konsker are focusing on attracting out-of-state “high-end, multinational firms” relocating to South Florida, he added.
Midtown Place’s amenities will include a full-building back-up generator, garage parking, outdoor terraces, an onsite café, gathering plazas and a restaurant on the ground floor, the release states.
Founded in 1987, Butters develops, builds, leases and handles property management of industrial, office, retail and hospitality real estate, the release states. The company’s portfolio spans more than two dozen projects in South Florida, Orlando, Atlanta, and Greensboro, North Carolina.
Butters owns another Class A office building in Boca Raton completed in 2006. The company paid $13 million for the property in 2020, records show.
Amid the joint venture’s initial push to get city approvals, office deals in Boca Raton are heating up. A partnership between Macquarie Capital | Principal Finance and Vanderbilt Office Properties recently paid $171.5 million for three Boca Center office buildings. The purchases were part of an overall $261.5 million deal that also included the mixed-use complexes’ retail and restaurant portions, parking lots and an outparcel.
Last month, Boca Raton-based Grover Corlew paid $25.2 million for an office building in its own backyard, adjacent to another commercial property the company acquired in July.