Repurposed Boca Raton Retail Center Adding Apartments
Selig Enterprises plans to knock down some retail properties to build a 341-unit apartment complex at 1401 W. Palmetto Park Road. The company also plans to expand and improve the Publix at the location. No zoning changes were needed because the company used the Live Local Act enacted by the state, which allows developers to circumvent local zoning requirements if they set aside a portion of the units as workforce housing.
The law stipulates that 40% of the units are workforce housing for people making up to 120% of the area median income.
The S. Florida Business Journal reports that Palmetto Park Square, built in 1982, currently has 196,200 square feet of retail, including a 28,000-square-foot Publix. Selig Enterprises has owned it since 1982. The nearly 100,000-square-foot K-mart there closed in 2019.
The developer said the two-phase project would take about three years to complete.
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