Key International & Wexford’s “Residences of Boca Raton” to Redefine Luxury Condo Market

Key Points

• 133 ultra‐luxury condos planned in a 12‑story tower, replacing ~27k sf of office space on a 2.1‑acre downtown site.

• Developers paid $25.5 M in 2023, pivoting from 190 smaller units to fewer, larger ones averaging 1,943 sf.

• Amenities include a restaurant, pool & spa deck, gym, theater, yoga/kid’s rooms, plus 302 parking spots.

Wexford Real Estate Investors and Key International have unveiled plans for a major luxury condo project in downtown Boca Raton—the Residences of Boca Raton—designed by Arquitectonica. 

Project Overview & Market Context

Acquisition & Vision

• In 2023, West Palm Beach‑based Wexford and Miami’s Key International acquired a 2.1‑acre site at S.E. 3rd/4th St for $25.5 M.

• They pivoted from an approved 190‑unit plan to 133 larger residences featuring upscale design and finishes.

Building Details

• The proposed 12‑story, 331,887 sf residential tower includes 133 condos, a 7,012 sf ground‑floor restaurant, 302 parking spaces, and a central fountain roundabout .

• Units range from 1,435–2,459 sf, averaging 1,943 sf: 58 two‑beds, 66 three‑beds, and 9 four‑beds.

Amenity‐Rich Offering

• A comprehensive amenity package spreads across amenities on the 4th and 12th floors:

  • Pool & spa deck, fitness center, theater, lounge, kid’s and yoga rooms

  • Ground‑floor restaurant and pedestrian‑friendly sculpture features.

Boca Raton’s Luxury Surge

Wealth Migration

• Palm Beach County, including Boca Raton, is attracting ultra‑wealthy relocators, boosted by corporate relocations—BlackRock, Goldman Sachs—and strong demand for luxury housing.

• Boca’s condo market remains tight above $2M, with new spec developments moving before construction completes.

Downtown Activation

• Over 100 developments in progress in Boca Raton reflect growth in both multifamily and commercial sectors.

• The city’s Midtown office hub and Brightline station have fueled demand for high‑end living near transit nodes.

Strategic Insights

• Large unit average (1,943 sf) meets Boca’s rising buyer preference for spacious, turnkey luxury—showing demand for quality over quantity.

• Inclusion of a restaurant and curated public art aligns with trends toward amenity‑rich, consumer‑oriented living environments—mirroring recent Boca Beach Residences and ALINA developments.

• The pivot from office to residential reflects evolving zoning strategy and lens on densifying downtown Boca to support live‑work‑play demand.

The Residences of Boca Raton is a strategic addition to the city’s upscale, transit‑proximate condo inventory. By focusing on large‑format condos, full‑service amenities, and vibrant public spaces, the project aligns with Boca’s broader appeal as a luxury hub. For investors and brokers, this underscores a clear trend: lower‑density, high‑amenity luxury condos—especially near transit—will continue to lead the market in Palm Beach County.