City of Boca Raton – Office of Economic Development
Quarterly Update – Economic Development
Boca Raton Named “5th Best Beach Town to Live”
WalletHub.com compared 192 beach towns across America analyzing six key factors: affordability, weather, safety, economy, education & health and quality of life.
Boasting nearly 5 miles of beautiful beaches, world-class shopping and dining and an array of lifestyle options; Boca Raton consistently ranks among the best cities in the country.
Community Outreach Initiatives:
Jessica Del Vecchio, Economic Development Manager participated in a panel discussion at the Mandarin Oriental sales gallery.
The panel answered questions about luxury development, corporate appeal and tax migration. The event was covered in the Real Deal.
“Boca Raton: It’s History & Future”
The Office participated in a panel discussion with the Boca Raton Historical Society The event was held at the Alina Residences sales gallery on SE Mizner Blvd.
The Office placed a new marketing campaign in the Waldorf magazine – the publication of the international Waldorf Astoria Hotels. The magazine is distributed in 4 continents to over 10,000 rooms and at Aston Martin dealerships and VIP events around the world. Boca Raton – “Make it a one way trip.”
MobileHelp Cuts Ribbon on New Headquarters in the Boca Raton Innovation Campus.
Boca Raton Ranks 14th in the Nation “Best Small Cities to Start a Business”
WalletHub.com examined over 1,261 cities in the U.S. and compared business environment, access to resources and business costs. They chose Boca Raton as the “14th Best City to Start a Business.”
The Office of Economic Development celebrated the Grand Opening Ribbon Cutting with HairClub at the new headquarters located in the newly renovated Palmetto Place.
Our team was presented with a Proclamation from Mayor Scott Singer in recognition of Economic Development Week.
Boca Business Briefs:
• The industrial warehouses at 2411 NW First Avenue sold for $3.5 million. The buildings (which total 20,340 sq. ft.) sit on an acre of property.
• Group P6 bought the 4,412 sq. ft. building at 22 Southeast 6th Street for $1,382 per sq. ft., equating to $6.1 million. The building, which was built in 1977 sits on 0.6 acres, last traded for $2.5 million in 2015.
• The Rafa Nadal Tennis Academy has partnered with Saint Andrew’s School. The academy will offer high performance training and will begin in July, 2019.
• The Michael Dell’s MSD Partners has purchased the 1,047 room Boca Raton Resort & Club for $875 million. The sale is the largest in Palm Beach County history.
• The office/warehouse building at 700 Banyan Trail traded for $2.6 million. The building was constructed in 1968, is 175,715 sq. ft. and sits on 10.9 acres.
• Founded in 2005, Greenlane Holdings recently announced the terms for its IPO on Nasdaq. They plan to raise $80 million by offering 5.3 million shares (13 percent insider) at a range of $14 to $16.
• Dr. Pat Basu has been named President of Cancer Treatment Centers of America.
• ADT recently closed the acquisition of Red Hawk for $317 million in cash and in addition announced the purchase of Pennsylvania based Lifeshield for $25 million.
• With a retail and delivery base of 15,000 local customers, Holistic Pet Cuisine recently won the 2019 Global Pet Expo award for the best single store retailer in the nation.
• The largest corporate sale and largest lease deal for Q1 in Palm Beach County both occurred in Boca Raton. The top sale in the County was the sale of the Wells Fargo building at 925 S. Federal Hwy for $34.6 million. The top leasing activity in the County was the new lease for FlexShopper’s corporate headquarters totaling 21,622 sq. ft., in the beautiful Park at Broken Sound.
Free magnets can be picked up at City Hall and at City Community Centers. #GoodBetterBoca
Our team works diligently to share any and all corporate news taking place in the City of Boca Raton. If you have corporate news to share, reach out – we would love to hear (and share) it.
Want to see what we’ve been up to? Follow us on Instagram and Facebook @BocaEconomicDevelopment.
