Tag Archive for: related group

Boca Raton Office Building Could Be Redeveloped

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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

Bahia Mar Mixed-Use Project To Include 87,000 SF Of Waterfront Offices

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Tate Capital, Rok Enterprises Inc. and Related Group (Related) have finalized a joint venture agreement to co-develop the new master site plan for the much-awaited Bahia Mar mixed-use complex in Fort Lauderdale.

As part of the joint venture, the parties will work in lockstep with the internationally acclaimed architecture firm Arquitectonica to reimagine the project to directly address the needs and wants of the Fort Lauderdale community. This includes specific accommodations for the long-term hosting of the Fort Lauderdale International Boat Show (FLIBS).

“This is a legacy project, not only for us and our partners, but for all of South Florida. As such, we are incredibly proud to add a company as trusted and experienced as Related to our team,” said Jimmy Tate, President of Tate Capital. “We look forward to working with Jorge, Jon Paul and the rest of Related to make the new Bahia Mar a landmark the entire Fort Lauderdale community can be proud of.”

The project, which has continuously been championed by Jimmy and Kenny Tate and long-time partner Sergio Rok of Rok Enterprises, looks to transform an underutilized and often closed off portion of the Fort Lauderdale waterfront into a thriving, year-round destination. Related, known for creating economically diverse and culturally rich communities, is set to deploy its full suite of development capabilities to bring the goal to fruition.

“This partnership is the result of a shared vision,” said Jon Paul Perez, President of Related. “Bahia Mar will be transformative, not only bringing considerable revenue to the City of Fort Lauderdale, but also providing its residents with a much-needed live-work-play experience. We’ve been active in this particular submarket for many years and are excited to leverage that experience to help this property reach its full potential.” 

The reimagined Bahia Mar will include a diverse range of uses and guest experiences, ranging from high-end branded residential and hospitality units to ample commercial and waterfront entertainment space. The project will be anchored by a luxurious 256-key, branded hotel and resort, which will also include 60 turnkey condos. The property will also feature an additional 350 residential units spread across four towers. To ensure a consistent five-star experience for guests and residents, the yet-to-be-selected luxury hotel brand will manage all on-site residences and hotel units.

As the long-time home of FLIBS, the world’s largest boat show, the project will feature a world-class mega yacht marina with 245 slips. The property will also boast roughly 87,000 square feet of Class A commercial space, including waterfront offices and restaurants, a Dockmaster building and offices, Captain’s Quarters, retail outlets and more.

To augment guest and exhibitor experience during the FLIBS, the reconceptualized site plan will include approximately 7.32 acres of contiguous waterfront boat show space. This area will house over 160,000 square feet of climate-controlled areas, 41,000 square feet of tent space, and several additional acres of open space to house the Boat Show’s food court and other food and beverage and retail kiosks.

Additional public amenities include:

  • A half-mile pedestrian boardwalk around the entire waterfront side of the property
  • Several acres of waterfront greenspace
  • Open access to the Marina Village, a 35,000-square-foot waterfront promenade with eight high-quality food beverage kiosks