By: Dale King
BOCA RATON – The Archstone apartment and retail development in downtown Boca Raton – a project hammered by neighbors who complained about additional traffic and lower property values during hearings held just two mo
nths ago – has signaled that it is ready to start in about a year.
The firm announced in a press release distributed on business wires that it has acquired a 5.78-acre development site near Mizner Park.
Archstone plans to build a 378-unit apartment community with 13,448 square feet of retail space on the parcel located along East Palmetto Park Road at the SE 3rd Avenue intersection just blocks from the beach. Construction is expected to begin in the first quarter of 2013, said officials.
“The Palmetto Park development in Boca Raton will be an excellent addition to our outstanding portfolio of apartment communities in premier locations in the country,” said Neil Brown, Archstone’s chief development officer.
“Near the Mizner Park development, the site embodies the three characteristics that are prevalent at many of our communities and make our portfolio among the most prestigious in the industry. The site is in a market with very limited land on which to build, in a highly desirable neighborhood with very expensive single family homes, and in a city with a strong, diversified economy.”
A hearing before the Community Redevelopment Agency in February drew a large crowd to City Hall. In all, 21 people spoke against the project, speaking primarily about traffic and parking impacts. They asked for a continuance so that residents could meet with the developer to review the project.
They didn’t get it. The CRA voted that day, 4-1 in favor, with Councilman Anthony Majhess casting the sole “nay” vote.
The Archstone went on to become a major issue in the March election.
“This development site is in the heart of an amazing neighborhood in one of the most prestigious cities in Florida — Boca Raton,” said Jay Curran, Archstone’s vice president of development for Florida. “Because we believe in adding value to the neighborhoods, residents and partners we serve, the apartment community’s amenities and features will reflect the upscale ambiance of the area and should exceed the expectations of the working professionals who will live there.”
Among the amenities and features planned for the Boca Raton apartments are expansive views of the Boca Raton Resort & Club Golf Course, ocean views, a resort-style pool, a luxurious outdoor courtyard, a fitness center and a well-appointed clubroom and Internet Café with free WiFi.
Archstone is an apartment investment and operations firm. As of March 31, 2012, the company owned or had an ownership position in 434 communities in the United States and Europe, representing 73,135 units, including units under construction.