realestate

Boca Raton OKs 289-unit mixed-income apartment complex

Developers can proceed with a 7-story, 289-unit mixed-income apartment building in Boca Raton.

A
seven-story, 289-unit apartment building is set to rise at Park at Broken Sound in Boca Raton. The development will feature 44 workforce and affordable housing units within the complex.

    Approved by city officials, the project replaces a previously planned hotel and office complex on an 11.6-acre site currently used as a surface parking lot for an existing office building. Developers can now move forward with plans to build a mixed-income apartment building with workforce and affordable housing in Boca Raton.

    The property at 900 Northwest Broken Sound Parkway was originally approved for a 124-room hotel and a 74,000-square-foot office building in 2019 but neither project was ever built. The new development will include a clubhouse, lobby, pool, co-working space, barbeque area, and dog park. Of the total units, 29 will be reserved for affordable housing and 14 for workforce housing for the next 30 years.

    The site's owners, 900 Broken Sound Acquisition Co. LLC and PHG Mainstreet Boca Raton, acquired the property in separate deals totaling $25.5 million. The development is near a 90-unit apartment community that was recently acquired by Bell Partners for $37.8 million.

    Boca Raton has seen interest from developers due to the migration of high-income households since the pandemic, with several projects planned or underway in the area.

Boca Raton officials approve 289-unit mixed-income apartment complex in downtown area.