Terra and Frisbie Secure Boca Raton's 2.5M SF City Hall Redevelopment Deal

• Major Development: Terra and Frisbie Group have been selected to redevelop Boca Raton's government campus into a 2.5 million-square-foot mixed-use complex.

• Project Highlights: The plan includes 1,129 residential units, a 150-room hotel, 250,000 square feet of office space, and 156,690 square feet of retail space.

• Competitive Bidding: The firms outbid three other contenders, including Related Ross, led by billionaire Steve Ross.

In a significant move for Boca Raton's urban landscape, Terra and Frisbie Group have won the bid to transform the city's government campus into a sprawling mixed-use development. This project promises to bring a blend of residential, commercial, and civic spaces to the heart of the city. Let's delve into the details of this ambitious plan and its implications for investors and the community.

The Winning Proposal:

The Boca Raton City Council has selected Terra and Frisbie Group to redevelop the 30-acre city-owned site at 201 West Palmetto Park Road. Their proposal encompasses:

• Residential Units: 1,129 apartments designed to cater to a diverse range of residents.

• Hospitality: A 150-room hotel aimed at boosting local tourism and accommodating business travelers.

• Office Space: 250,000 square feet dedicated to modern office environments, attracting businesses and fostering economic growth.

• Retail and Dining: 156,690 square feet allocated for retail outlets and restaurants, enhancing the area's commercial appeal.

• Parking Facilities: 3,434 parking spaces to support the influx of residents, workers, and visitors.

Additionally, the plan includes the demolition of several outdated government buildings to make way for a new city hall spanning up to 100,000 square feet and a 50,600-square-foot community center. The project's design by Kohn Pedersen Fox aims to create a vibrant, pedestrian-friendly environment that integrates seamlessly with the nearby Brightline station. 

Financial Commitments:

Terra and Frisbie have agreed to a 99-year lease of the site, committing to an annual payment of $5.1 million, which surpasses their initial offer of $4 million. They will also contribute an additional $10 million to the city, underscoring their investment in Boca Raton's future.

Competitive Landscape:

The selection process was highly competitive, with three other firms vying for the project:

• Related Ross: Led by billionaire Steve Ross, this firm proposed nearly 1 million square feet of office space across three towers, 650 residential units, a 400-room hotel, and 235,050 square feet of retail and restaurant space. Some city council members expressed concerns over the extensive office space in this proposal.

• Namdar Group: The New York-based firm proposed a 6.8 million-square-foot campus, making it the largest proposal in terms of scale.

• RocaPoint Partners: An Atlanta-based firm that proposed a nearly 2 million-square-foot project, focusing on a balanced mix of uses.

Looking Ahead:

This redevelopment marks a pivotal moment for Boca Raton, promising to revitalize the downtown area and attract new residents, businesses, and visitors. For investors, the project's diverse mix of residential, commercial, and hospitality components presents a range of opportunities in a growing market. As the development progresses, staying informed about construction timelines, leasing opportunities, and market trends will be crucial for making informed investment decisions.

Terra and Frisbie Group's successful bid to redevelop Boca Raton's government campus is set to transform the city's landscape, offering a blend of living, working, and recreational spaces that cater to the needs of a dynamic community. Investors should monitor this project closely, as it unfolds in one of South Florida's most promising locales.