A 6.79-acre parking lot at 1800 North Military Trail, Boca Raton has been sold for $21 million. The asset is strategically located next to the Boca Center office building and is intended for the development of a residential project under Florida’s Live Local Act.

Summary of transaction details:

• Property Type: Parking Lot
• Transaction Amount: $21,000,000
• Buyer: John W.S. Preston - North American Development Group
• Seller: Barrie Bloom & Gautham Srinivas - Vanderbilt Office Properties
• Property Size: 6.79 acres
• Market: Boca Raton

The development planned by North American Development Group will feature a six-story apartment project with a total of 265 units. The design, carried out by Arcadis, includes 516 parking spaces and various amenities designed to enhance the living experience, including a pool, sauna, rooftop dining terrace, and pickleball court. Notably, at least 40% of the units will be designated as workforce housing.