Published On: Wed, Jan 5th, 2022

City of Boca Raton Business Report – Office of Economic Development

Quarterly Business Report by Jess Del Vecchio, Economic Development Manager – City of Boca Raton. 



Sports and wellness play a vital role to our personal well-being, as well as the overall well-being of our community.   Sports and fitness related businesses, along with community sporting events, greatly impact the economy of Boca Raton. We have many local and nationally branded companies based in Boca Raton that focus on health, wellness and fitness. Some of the more notable companies are CELSIUS, Orangetheory and REDCON1.  

This quarter Boca Raton hosted the Roofclaim.com Boca Raton Bowl and the TimberTech PGA TOUR Champions event. These events are the perfect opportunity to showcase our beautiful city to a national and international audience on ESPN and the Golf Channel.  

The Office of Economic Development’s goal is to assist Boca’s corporate community, including those in sports and wellness. With 13,000 businesses and 123,000 employees in our City we continue to work to provide resources and support as needed.   If there’s more we can, or should be doing to assist your company, please reach out to us at EconomicDevelopment@MyBoca.us.  

 

The 2021 Roofclaim.com Boca Raton Bowl was held on Saturday, December 18th at FAU Stadium. The Hilltoppers of Western Kentucky University took home the win over the Mountaineers of Appalachian State.   With 1.6 million viewers, this years game drew the largest audience to date of any bowl game on cable TV.     

CBS12 reported that the area could expect to see a $2 million economic impact from this exciting annual event.   CW34 also reported the positive impact the game has on Boca Raton.   If you’d like to see more images from the Roofclaim.com Boca Raton Bowl, click HERE.  

 

The TimberTech Championship returned to the Old Course at Broken Sound November 1-7. Steven Alker earned his first PGA Tour Champions win with a two-shot lead to win. TimberTech Media Day    TimberTech Media Day was held at the Old Course at Broken Sound. 2020 Champion Darren Clarke was on hand to kick-off the event and share a few laughs with the media.  

Boca is Booming  

 Colliers South Florida’s Q3-2021 reports are out.   Since the start of COVID-19 (Q1-2020) through Q3-2021 (Collier’s most recent available data) the City of Boca Raton has seen corporate sales activity equating to $265,700,000 and corporate lease deals equating to 328,856 square feet.     Q3-2021 shows the largest lease and sale in the County taking place in Boca Raton.   For a relatively small city, with under 100,000 residents and 12 million square feet of office space, spanning 29 square miles, the level of commercial activity taking place in Boca Raton is impressive.    

3 of the TOP 10 FASTEST GROWING COMPANIES in the region are based in Boca Raton  

With such a strong tech presence in South Florida, it’s great to see three of the 10 Fastest Growing Tech Companies are based in Boca Raton, Modernizing Medicine, Flagler Technologies & Springbig.  

Our Office placed an insert into the Wall Street Journal the day after Thanksgiving, also known as “Black Friday.”   We partnered with the Boca Raton Museum of Art and the Boca Raton Historical Society.  

Boca Raton is South Florida’s premier business destination.  

    

Two of the 10 Top Funded Companies in Dade/Broward and Palm Beach Counties are based in Boca Raton.   With Phoenix Tower taking the top spot with $1.4 billion raised. Congratulations to everyone that made the list!       

Serial entrepreneur Rodrigo Griesi is at it again! NEPTUNYA Ocean Power is part of FPL’s 35 Mules innovation hub, which supports startups, with the goal of fostering economic development throughout the region.   To learn more about NEPTUNA Ocean Power, check out the article in RefreshMiami.com    

Another great #StartUpBoca business is making headlines in RefreshMiami. Cloudsyte is a Boca Raton- based startup that has developed a suite of tools to help manufactures and importers keep track of their supply chains.   With the recent supply chain issues caused by COVID-19, this company is experiencing incredible growth.    

Restaurant Row Groundbreaking    

Can’t wait for Restaurant Row to come to fruition in Midtown Boca.   

Waterstone Resort & Marina Sells

   

Newbond Holdings acquired Waterstone Resort & Marina. The 139-key BocaRaton hotel was acquired through an off-market transaction.   “We were drawn to Boca Raton, and South Florida in general, by the unabated flow of families and businesses relocating to this market,” Mr. Luthra added.      

Tech company Brightti Digital recently relocated to Boca Raton.   It’s hard to believe this video is 100% digital! Not only does it look completely real, it saved Nissan Chile thousands of dollars.    

Mizner Park has seen substantial growth in the last quarter. The Sub-Culture Group announced, Penelope, a New Orleans-style eatery coming in February, 2022.      

New storefronts and lululemon’s exciting expansions are now open in Town Center at Boca Raton   Now open:Crown of Light – An industry leader in the diamond industry with distinguished magnificence and unprecedented cutting edge designs in their breathtaking jewelry.  

Donna Karan – Offering a vast selection of ready-to-wear designs that pioneered women’s fashion for the modern woman over 35 years ago.

 ● lululemon Expansion – The iconic athletic apparel brand has more than doubled its space from a 3,000 to 7,000 square foot store. 

Vilbrequin – A vibrant, French luxury brand that specializes in swimwear and ready-to-wear that reflects the tropezian lifestyle the fashions were inspired by.  

Coming soon:

● The Blue Dog Cookhouse & Bar – This casual dining experience is dedicated to serving up locally sourced, classic recipes with a healthy modern twist. Opening early 2022.  

Läderach Chocolatier Suisse – Artisanal Swiss chocolates produced from bean to bar such as the original FrischSchoggi, as well as a large variety of pralines and truffles. Opening early 2022.  

OFFLINE by Aerie – Opening the first location in Palm Beach County, this modern activewear brand offers a line of sustainable clothing for real women. Opening early 2022.  

Mayor’s – The remodeled and expanded store defines luxury with the world’s most exclusive selection of iconic brands, fine jewelry and timepieces. Opening early 2022.  

The team at Alina Residences is at it again.   Alina Residences was recently voted “Project of the Year” at the 2021 Craftsmanship Awards.   The Craftsmanship Awards “spotlight the artisans and tradesmen behind the building of some of the most prominent structures in South Florida.”        

The Boca Raton cut the ribbon on their beautifully renovated project.  

Boca Raton Ranks Among The Best

   

Boca Raton makes it on Niche’s South Florida 2021 Best Neighborhoods to Live in list.   Boca Raton ranks 89th on Livability’s Top 100 Best Places to Live in America List.   WalletHub ranks Boca Raton as the 3rd Best Place in Florida for Retirees.   Money.com ranks Boca Raton in the Top Ten Places to Retire.      

National & International Aviation Marketing     

5’3” x 3’6” lit tension fabric displays in New York’s JFK Airport  

The ask is simple. Make Boca Raton your business destination.   Considering a corporate relocation? Boca Raton should be at the top of your list. With a low tax rate and thriving corporate community, Boca Raton attracts industries from across the country. Boasting nearly 5 miles of public beaches, world class shopping and dining and an array of real estate options, Boca Raton consistently ranks among the best cities in the country.

Boca Raton – Make your next move, your best move.  

Sharing the Good Boca Word   If you’re a member of a local business group or organization and would like an update on the city’s economic development efforts, contact us at EconomicDevelopment@myboca.us

We presented our latest Economic Development Update to City Council this quarter. Want to see what we’ve been up to, or see how we can assist your company, click the link to watch.   Item 5.B. Discussion starts at 1:25:23    

Loved sharing the good word with The Rotary Club of Boca Raton. We loved sharing all the great things taking place in our beautiful, business savvy city.    We give a lot of presentations, but presenting to the Lynn University MBA students was one of the best!    

Good News for Palm Beach County Employment

Thanks to the efforts of Career Source of Palm Beach County Palm Beach County’s November unemployment rate as of December 17, 2021 is 3.5 percent.   PBC’s rate is below both the 3.9 percent national rate and Florida’s 3.6 rate.   PBC’s unemployment rate has been below both the national and state average for over a year.   Seeking employment? Check out their Jobs page to search for your next opportunity.   Career Source Palm Beach County’s in person and virtual job fairs are not to be missed! For the latest schedule, visit their Events page.    

Boca Raton In The News               

The Commercial Observer reports CIBD supplied $56.5 million in acquisition debt to acquire the Class A buildings situated on the 15-acre site at 2600-2700 North Military Trial.  

SunSentinel reports Kapow Noodle Bar is expanding in Mizner Park.

CNBC reports that one of the two largest deals of the quarter was made by ORBCOMM, which was taken private for $1.1 billion.  

Another great read in Refresh Miami – Boca based content marketing platform Rock Content scored $30 million, Series B funding.

South Florida Business Journal reported, Satellite manufacturer Terran Orbital to go public in deal valued at $1.6 billion.  

Brookfield Properties paid $8.3 million for a 38, 195 sq. ft. fully leased commercial building at 6300 Park of Broken Sound Blvd. The building sits on 5-acres and is located in The Park at Broken Sound. – Reported by The Real Deal.  

Group P6, developer of Royal Palm Residences, gave their insight on current real estate market conditions and the influx of international buyers in the SunSentinel.  

Tricera Capital buys Boca Raton office building for $20 million, as reported by the Commercial Observer. The building is located at 1675 North Military Trail.  

Brookwood Financial bought the Sabre Center from Grover Corlew for $29.1 million, as reported in the South Florida Business Journal. The building is located at 5901 NW Broken Sounds Parkway.  

Boca Raton’s arts and culture scene was the topic of discussion in The New York Times.  

Grover Corlew reported that Waypoint Residential expanded its corporate headquarters into their newly acquired Bank of America Tower. The company signed a 10 year lease for 13,000 square feet.  

CP Group has entered into a partnership with DRA Advisors as owners of Boca Raton Innovation Campus. DRA Advisors has invested in CP Group’s vision of the future of the campus and the development of BRiC as a true live-work-play destination.  

South Florida Business Journal reports Robbins Geller Law Firm leased 26,000 sq. ft. at Mizner Park office tower located at 225 NE Mizner Blvd.  

Nation Safe Drivers sells their former HQ building at 800 Yamato Road for $14 million to Total Warranty Services, owned by Terry Taylor, as reported by South Florida Business Journal.  

 City of Boca Raton Community Development Block Grant Rental Assistance & Foreclosure Prevention Programs    Are you a homeowner or renter residing in the City of Boca Raton and experiencing financial hardship due to COVID-19? The City has coronavirus relief funds available for foreclosure prevention and rental assistance. For details, required documentation and eligibility criteria.  

 

 

Jess Del Vecchio

Have corporate news to share? We’d love to hear (and share) it…  

Office of Economic Development | City of Boca Raton | 561-393-7761  201 W. Palmetto Park Road, Boca Raton, FL 33432 EconomicDevelopment@myboca.us  

 

About the Author

Jess Del Vecchio - In April 2015, Jessica Del Vecchio joined the City of Boca Raton as its first economic development manager and was tasked with leading the newly established Economic Development Division. Since its inception, the Office of Economic Development has successfully facilitated over a dozen corporate relocation and expansion projects; including one of the largest deals in Palm Beach County, which committed to creating 838 new jobs in Boca Raton. Prior to accepting the role, Jess spent 15 years in the finance industry. Attaining FINRA Series 3, 7, 63, 65 and Florida’s Life, Health and Variable Annuity licenses, she spent 8 years at Smith Barney and 7 years at Haar Capital, both based in Boca Raton. Del Vecchio has lived in Boca since 1991 and attended Lynn University. Graduating with a bachelor’s degree in Business Management and an MBA in Finance, Jessica proudly spoke at her graduation ceremony. The Office of Economic Development is ready to assist in any and all corporate relocation and expansion needs and may be reached at EconomicDevelopment@MyBoca.us.

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