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DT & MSD Partners plans to build a 60-unit condominium at the Boca Raton Resort & Club, amidst a surge of luxury developments in South Florida. The merchant bank seeks approval for an eight-story building with a 142-space underground garage on a nearly 4-acre site at 501 East Camino Real. To accommodate the proposed height of 100 feet, BDT & MSD is requesting a city code amendment, citing existing buildings within the resort that exceed the current 85-foot limit.
The Boca Raton Resort spans 337 acres and features various amenities, including hotels, bungalows, a Yacht Club, Beach Club, spa, marina, tennis courts, restaurants, golf courses, and meeting space. MSD Partners acquired the resort in 2019 for $875 million from Blackstone, with BDT & MSD taking ownership following their merger in 2023.
The company has been active in financing and investing over the past two years, including refinancing Boca Raton Resort's loan and obtaining a leasehold on the Waldorf Astoria Washington DC. This month, BDT & MSD provided a $150 million refinancing for Steve Ross' convention center hotel in West Palm Beach. The proposed condominium at Boca Raton Resort marks their first known development project in South Florida.
The luxury residential market in the tri-county region is experiencing a wave of new developments, with many projects featuring branded residences. In Miami's Coconut Grove, Terra launched sales this month for a 194-unit Well-branded condo, while Fort Partners secured a $107.6 million construction loan for an oceanfront development in Surfside.
