BOCA RATON — The centerpiece of Boca Raton‘s new city’s government campus will include more than 1,000 residences, a 150-room hotel, and office and retail space.
The city selected a joint venture idea from Miami-based Terra Group and Palm Beach-based Frisbie Group to lead the redevelopment of 30 acres of publicly owned land around City Hall. Boca Raton City Center LLC, which is a partnership between the two developers, plans to build the 2.5 million-square-foot mixed-use project.
with 1,129 residences and a 150-room hotel, along with office and retail space, as the centerpiece of Boca Raton’s new city’s government campus.
The City Center plan, in a 5-0 vote Tuesday night, beat out three other proposals, including real estate powerhouse Related Ross, led by Miami Dolphins owner Stephen Ross. The West Palm Beach-based firm was second in the bidding with its office-heavy proposal. Related Ross envisioned three office buildings totaling nearly 1 million square feet.
The Frisbie-Terra Group proposal, on the other hand, proposed only 250,000 square feet of office space.
The area is adjacent to the Boca Raton Brightline station and the downtown library at 201 W. Palmetto Park Road. Several city-owned buildings would be demolished as part of the redevelopment.
“We are honored to have been unanimously selected by the Boca Raton City Council to lead the Government Campus Redevelopment Partnership Opportunity,” the partnership group said in a statement.
“Our team is committed to transforming this space into a vibrant, eco-friendly district that harmoniously blends civic, residential, and commercial uses. We look forward to collaborating closely with city officials and the community to bring our shared vision to life, creating a sustainable and connected neighborhood that will serve as a model for future urban development.”
The city was sold on the plan for the 1,129 residential units in a 10-story building, a City Hall of up to 100,000 square feet and a 50,600 square-foot community center. The proposal also included 3,434 parking spaces.
The development will feature a racquet complex, rooftop greenspaces and designs based on sustainability. Its three fundamental concepts, according to a city presentation, are a pedestrian-friendly network, a connected ground floor plan and retail.
The project is projected to generate about $140 million over the lease’s 99-year term, according to real estate firm CBRE, hired as the city’s consultant. It hopes to create 630 construction jobs per year over a nine-year period and roughly 1,740 permanent jobs.
The Terra/Frisbie group increased its annual base rent offering to $5.1 million from $4 million and added an additional sweetener of a $10 million contribution to the city.
“We look forward to our continued discussions as we work on plans to create a vibrant, walkable downtown that will serve Boca Raton for the next generation,” Boca Raton Mayor Scott Singer said.
The four development firms pitched ideas for a public-private partnership with the city at a public meeting in late January. Long Island-based Namdar Group and Atlanta-based RocaPoint Partners were the other bidding firms.
Related Ross proposed 650 apartments and a 75,000-square-foot combined City Hall and community center. The pitch also included a 400-room hotel and 4,100 parking spaces.
The proposal focused on a “live-work-play” model, with a commitment to public art. It also included an expansion of the city’s Brightline station.
SOURCE: Palm Beach Post Boca Raton selects developer for transformation of new City Hall campus
