Miami-based Related Group has secured 177.3 million dollars in construction financing for the development of a substantial residential complex in Boca Raton. The project is being built on the grounds of the former headquarters of office supplies group Office Depot in the US state of Florida.
The lender is Wells Fargo, acting as administrative agent. According to public land registry records, the institution expanded an existing loan with an outstanding balance of 36.6 million dollars by a further 140.7 million dollars. Completion of the scheme is scheduled for summer 2028.
Luxury flats and affordable housing
The scheme comprises a total of 494 upscale rental apartments as well as 50 units designated as affordable workforce housing for local employees. Related Group, led by CEO Jon Paul Pérez, had already begun demolishing an office building at 6000 North Military Trail in August. The 8.3-acre parcel is located directly north of Yamato Road and borders the private golf course Old Course at Broken Sound.
The development company acquired the site last year for 50 million dollars from BH Group and PEBB Enterprises. The documents indicate that the two vendors retain a stake in the new residential project. The partner consortium had acquired the entire 28-acre office campus in 2023 for 104 million dollars from ODP, the parent company of Office Depot.
Mixed uses across the wider site
The owners' plans envisage a comprehensive redevelopment of the site into a mixed-use neighbourhood. Whilst around 405,000 square feet of office space across two existing buildings will be retained, four new buildings for retail and food and beverage uses offering a combined total of nearly 43,000 square feet will be constructed.
- —Luxury fitness chain Equinox plans to open a studio with 37,000 square feet of lettable space.
- —Law firm Kanner & Pintaluga has secured nearly 78,000 square feet of office space.
- —Office Depot will remain at the location, having signed a lease for 214,684 square feet in 2024.
The realignment of the longstanding corporate headquarters creates a multifaceted scheme combining living, working and high-end leisure amenities in an established South Florida location.
