Wendy Larson of Siemon and Larson in Boca Raton, a law firm that is working with developers Dean Carson of South Florida and Sam Roti of Chicago, tells GlobeSt.com that demolition will take place the first part of next year. Construction of the townhouse project, to be called Windsor Court at Boca Raton, will take about a year.
Larson didn't disclose the hard construction or development costs of the project. But area construction industry estimators who have worked on comparable townhome ventures tell GlobeSt.com on condition of anonymity the project will probably be built for about $20 million or at least $200,000 per unit.
Prices for the townhouses, a fast-selling product in Boca Raton, will range from $400,000 to $600,000. Each unit will be about 3,000 sf, and will include a porch and a two-car garage.
On Oct. 22, the city council approved the ordinance that changes the land use from commercial to residential, and the zoning from RB 1 to residential medium, which allows up to 9.5 dwelling units per acre. The council's action makes the site plan that the city's Planning and Zoning Board approved early this year valid.
The project architect is Scott Blakeslee Disher & Associates in Boynton Beach, FL. A construction firm has not been chosen yet, according to the city's planning department.
"We do feel that it is a catalyst for redevelopment on the North Federal Highway corridor," Jennifer Simon, the city planner who is working on the project, tells GlobeSt.com.
The area "has, over the years, progressively gone further and further into disrepair," she says. Unrepaired fire damage in a portion of the shopping center from about a year ago adds to the area's disrepair, she says.
Now most of the businesses in the shopping center have relocated, and the center is almost vacant. The remaining leases there are up at the end of next month, she says. The Wellness Community and an animal clinic are among the remaining tenants.
According to Simon, the project will increase Boca Raton's tax base. The city did a preliminary assessment of $46.8 million on the townhouse project. That compares to a $13.6 million projected assessment for a new commercial development.
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