The 58,614-square-foot office building dates back to 1982.
The 43,878-square-foot professional building located within PGA Station sold for $15.5 million.
A long-standing office property in Boca Raton may be repositioned as a mixed-use residential project under Florida’s Live Local Act.
ZNT LLC, led by Jeffrey Levitetz of Boca Raton-based Bark Property Management, has submitted an application to amend the master plan for an 8-acre site at 5300 Broken Sound Blvd. NW. The request would allow the existing office property to be redeveloped into a multifamily and retail project utilizing Live Local Act provisions.
The site is part of a broader master-planned area that previously included a neighboring 297-unit apartment community at 5400 Broken Sound Blvd. NW, now known as Amalta Broken Sound. ZNT LLC sold that parcel in 2019 to affiliates of Related Group and Rockpoint Group, which completed the development in 2022. The property was sold later that year for $194 million, underscoring the strength of the Boca Raton multifamily market.
ZNT LLC now controls the remaining parcel, which currently contains a 58,614-square-foot office building dating back to 1982. According to online listings, nearly all of the office space is presently available for lease.
Under the Live Local Act, developers may build multifamily projects at the maximum height and density allowed within a municipality if a portion of the units are designated as workforce housing. While the state law generally requires 40% of units to meet workforce housing thresholds, Boca Raton has adopted a local ordinance allowing projects to qualify with as little as 10%.
Plans for the Broken Sound Boulevard site call for a seven-story development with 191 residential units, supported by a five-story parking garage with 420 spaces. The proposal also includes two retail buildings totaling 31,000 square feet, along with 230 surface parking spaces dedicated to retail use. Of the residential units, 19 would be reserved for households earning up to 120% of area median income, and 10 units would serve households earning up to 140% of area median income.
Preliminary plans identify two retail spaces as potential grocery and emergency room uses, though no tenants have been formally announced. The project was designed by Boca Raton-based HDA Architects.
While several Live Local Act proposals have been submitted in Boca Raton, none have begun construction to date. The first Live Local Act project combining workforce and market-rate housing to break ground in the region is located in nearby Boynton Beach.
Source: SFBJ
Institutional Property Advisors (IPA) announced the sale of the PGA Design Center, a 43,878-square-foot professional building located within PGA Station, a mixed-use development in Palm Beach Gardens.
The property sold for $15.5 million.
“Located in one of South Florida’s most affluent and supply-constrained markets, the property benefits from long-term tenancy, strong lease commitments, and the demand drivers of a master-planned environment that integrates office, medical, retail and hospitality,” said Douglas Mandel, IPA executive managing director investments.
Mandel, along with Zach Levine and Cody Hershey of Marcus & Millichap represented the seller, PGA Design Partners LP, with support from the Falk Weprin team at Colliers. The Marcus & Millichap team, in collaboration with Colliers executive vice president Scott Weprin, sourced the purchaser, LRP Properties 3901 LLC.
The property is just off RCA Boulevard, close to PGA Boulevard, and Interstate 95. The Gardens Mall, Downtown at the Gardens, and the PGA National Resort and Spa are nearby.
Within a three-mile radius, the population is over 79,000 and the annual median income is more than $439,000.
Built in 2006, the PGA Design Center’s tenants are New Radiance Cosmetic Centers, Score At The Top Learning Centers and Schools, and Outside the Box Coastal Home Furnishings. At the time of the sale, the center was 100% occupied.
The SFOBA is a network of Professional Office Leasing Brokers in South Florida. Membership is by invitation only – landlord and tenant representatives are included.
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Email: admin@sfoba.com
Boca Raton Office Building Could Be Redeveloped
/in News/by SFOBA STAFFThe 58,614-square-foot office building dates back to 1982.
IPA Brokers Office Asset Sale In Palm Beach County
/in Done Deals, News/by SFOBA STAFFThe 43,878-square-foot professional building located within PGA Station sold for $15.5 million.