Monthly rents will range from $1,000 to $2,500 for one, two and three-bedroom units sized from 754 sf to 1,582 sf.
Thirty-six luxury, two-story townhouses will be situated along the base of a 199-unit, nine-story midrise. The two-acre site will also house a six-story concealed parking garage. Amenities include a theater, a 4,000-sf-clubhouse with fitness, sauna, steam, and massage rooms, and a racquetball court. pool and Jaccuzzi are also being built.
Fort Lauderdale-based BankAtlantic is providing the $22-million construction loan. The net rentable 264,420-sf project is being built at a hard construction cost of about $144,680 per unit or $128.58 per sf. The area's occupancy rate is 90%.
"The city of Boca is a really strong market, has been for the last 10 years and looks as if it will continue to be in the future," JPI's Jim Kelly tells GobeSt.com. JPI acquired the ground last July from Songy Partners, developers of the adjacent First Union Bank Plaza. JPI National Construction Inc. is the general contractor. Quincy Johnson Associates Architects designed the project.
Through a $700-million equity investment commitment by General Electric Capital Corp., JPI has generated $2.8 billion in construction nationwide since 1997 with 17,300 units currently under development.
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