BDT & MSD's Proposed Condominium at Boca Raton Resort

BDT & MSD Partners has submitted plans to develop a luxury 60-unit condominium at the Boca Raton Resort & Club. The proposed eight-story building will feature a 142-space underground garage and will be located on a nearly four-acre site at 501 East Camino Real. To accommodate the building’s 100-foot height, which exceeds the zoning district’s 85-foot limit, the developer is seeking approval for a city code amendment. Nearby structures, such as the resort’s Tower, already exceed 130 feet in height.

The Historic Boca Raton Resort
The 337-acre Boca Raton Resort is a landmark property with deep historical and architectural roots. Originally designed by Addison Mizner in 1926, the resort reflects Mediterranean and Spanish Colonial Revival styles. The resort features five hotels, including the iconic Cloister, the Tower, and the Yacht Club. Amenities include a 50,000-square-foot spa, a marina, tennis and pickleball courts, 13 restaurants, golf courses, multiple swimming pools, and extensive meeting spaces.

Ownership and Financial Developments
MSD Partners, the investment arm of Michael Dell, acquired the Boca Raton Resort in 2019 for $875 million from Blackstone. Following a 2023 merger with BDT & Company, the property became part of BDT & MSD’s portfolio. In August, the firm secured $1 billion in refinancing, replacing a $900 million loan and generating $64.4 million in equity returns. This move reflects BDT & MSD’s strategy of active investment and financial maneuvering.

BDT & MSD’s Broader Activity
BDT & MSD’s real estate ventures extend beyond South Florida. The firm recently foreclosed on the Waldorf Astoria Washington DC, formerly Trump International Hotel, after the borrower defaulted. Additionally, BDT & MSD provided $150 million in refinancing for Steve Ross’ convention center hotel in downtown West Palm Beach.

South Florida’s Luxury Development Boom
BDT & MSD’s proposed Boca Raton condominium joins a growing wave of luxury residential projects in South Florida. Developers are increasingly branding these properties, as seen in Miami’s Coconut Grove with Terra’s Well-branded condos starting at $1.5 million and the Major Food Group-branded Villa Miami in Edgewater. Other projects include the nine-unit Seaway North at The Surf Club in Surfside, which secured a $107.6 million construction loan this month.

BDT & MSD’s Entry into South Florida Development
While BDT & MSD has been an active financier in the area, the Boca Raton condominium proposal represents its first known development in South Florida. The project aligns with the region’s ongoing luxury real estate surge, reinforcing the area’s reputation as a hotspot for high-end residential ventures.