Developers can move forward with plans to build a seven-story, 289-unit mixed-income apartment building with workforce and affordable housing in Boca Raton, where a hotel and office complex was originally planned.
The amended master plan for the 11.6-acre property, approved unanimously by Boca Raton officials on Tuesday, allows for the development of a 74-foot tall apartment building and a three-level parking garage with 601 spaces at 900 Northwest Broken Sound Parkway.
The development site, within the Park at Broken Sound, is now used as a surface parking lot for a 116,300-square-foot office building that was completed in 1989. It was previously approved for a 124-room hotel and a 74,000-square-foot office building in 2019, though neither project was ever built.
Now the owners of the site, 900 Broken Sound Acquisition Co. LLC and PHG Mainstreet Boca Raton, want to build a 334,285-square-foot apartment tower with a clubhouse, lobby, pool, co-working space, barbeque area and dog park. It will consist of 169 one-bedroom units, 106 two-bedroom units and 14 three-bedroom units. Of the total 289 units, 29 will be reserved for affordable housing and 14 for workforce housing for the next 30 years.
900 Broken Sound Acquisition, managed by Neal Merin and Jordan Paul of NAI Merin Hunter Codman, acquired the office building and most of the site for $23.7 million in 2018. Partner PHG Mainstreet, an affiliate of Atlanta-based real estate investor Peachtree Group, controls nearly 2 acres of land, which it acquired for $1.8 million in 2020, according to property records. A joint venture between Fort Lauderdale-based Mainstreet Capital Partners and an investment fund run by the Davis Companies was the seller in both deals.
The future development will also be near 950 Northwest Broken Sound, a 90-unit apartment community that was acquired by Bell Partners for $37.8 million in 2020.
The 700-acre Park at Broken Sound in Boca Raton consists of offices, retail, entertainment, and residential buildings. The bulk of the area is zoned for office and light-industrial, though Boca Raton’s Commercial-Industrial Multifamily Development code enables developers to pursue residential uses, especially if the projects include workforce and affordable housing.
Boca Raton has attracted interest from developers, thanks to the migration of high-income households since the pandemic. Pebb Enterprises, BH Group, and Related Group plan to transform Office Depot’s corporate headquarters in Boca Raton into a mixed-use community with hundreds of residential units, retail, and an Equinox gym.
