The owner of a Boca Raton office building wants to build apartments in the parking lot through Florida’s new Live Local Act.
MPF Vanderbilt Boca Property II LLC, an affiliate of Macquarie Capital in New York, filed plans for the 11.8-acre Boca Center site at 1800 N. Military Trail. West Palm Beach-based North American Development Group, a residential developer, is listed on the application.
The property currently has an office building with 149,500 square feet of leasable space and a parking garage, both built in, 2008. It acquired the property for $76.1 million in 2022.
The Live Local Act allows developers to bypass local density rules and public hearings for projects with some affordable/workforce housing. Developers can utilize the highest density in the city and the highest height within one mile as long as at least 40% of the units are “affordable housing” for 30 years. The bill defines affordable housing as 120% of area’s median income, a category usually associated with workforce housing.
However, this application asks the city to allow only 10% of the units to be affordable housing, instead of 40%.
Keith Poliakoff of Fort Lauderdale-based Government Law Group, which is not involved in the application, said the Live Local Act gives cities the discretion to approve a development with 10% affordable housing instead of 40%.
Under the proposal for Boca Center, the developer would build 300 apartments totaling 365,165 square feet in six stories and a 553-space parking garage. Amenities would include a pool courtyard, a dog park, a pickleball court, a coworking space, and a lounge.
It would have 10 studio apartments, 110 one-bedroom units, 146 two-bedroom units, and 34 three-bedroom units.
Boca Raton attorney Ele Zachariades, who represents the applicant, confirmed his client will ask the city to allow 10% of the units to be affordable housing.
Netherlands-based Arcadis designed the project.
The site is located just west of Interstate 95, near the Town Center Mall.
