Boca Raton Hotel Switching to Apartments
A 183-room Boca Raton hotel may soon become a 125-unit apartment complex. Opterra Capitalhas requested a permit to convert the units of The Holiday Inn & Suites Boca Raton North, just off Yamato Road, into a project with 10% affordable housing and 5% workforce housing.
The hotel is at 701 N.W. 53rd St. It was developed in 1989 and has four stories and totals 99,454 square feet. An affiliate of Opterra acquired it for $13.27 million in 2021.
The S. Florida Business Journal reports that the property owner would perform interior renovations to convert the hotel to a residential building. This would not require exterior changes to the building. The site already has 214 surface parking spaces, a pool, a fitness center and a restaurant.
Once the renovations are complete, the building would have 73 studios of 400 square feet, 44 one-bedroom units of 800 square feet, and eight two-bedroom units of 1,200 square feet.
Garcia Stromberg is the architect on the project.
Other News
Lincoln, McCourt Launch 344-Unit Culver City Mixed-Use
Lincoln Property Company and McCourt Partners have broken ground for ElevenOneEleven, a new mixed-use development in Culver City. The groundbreaking occurred three weeks after Lincoln and McCourt announced $133 million in construction financing from Bank OZK. Set to rise on a vacant parcel, ElevenOneEleven will deliver 344 rental apartments, including 52 affordable units, along with 2,000 square...
Learn more
Logisco Launches $60M Quebec Rental Project With New Brand
Logisco is stripping back the amenity race with a $60M Quebec City apartment development aimed at renters who would rather pay less each month than fund pools, gyms and other extras. The developer has started construction on 193 apartments at 7075 Wilfrid-Hamel Blvd., the first project under its new Elie rental brand. The 10-storey building...
Learn more
Virtus Buys Hamilton Retirement Residence For $26M
Virtus Diversified REIT has purchased a 91-suite retirement residence in Hamilton for $26M, expanding its seniors housing portfolio. The acquisition of Abington Court Retirement Residence at 1500 Main St. E. closed Nov. 3. The independent living property opened in 2005 and added 20 suites in a 2018 expansion. Located west of the Red Hill Valley...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout