PALM BEACH, FL—Archstone New Development Holdings has a new project. The developer just snapped up a distressed 6-acre site known as Palmetto Promenade in Boca Raton for $20.1 million from a bank.

CBRE executive vice president Robert Given calls the Palmetto Promenade the most significant development opportunity in Boca Raton since the construction of Mizner Park in 1991. And CBRE senior vice president Richard Tarquinio, who worked with Given to market and negotiated the transaction of the site on behalf of an undisclosed seller, called it a rare opportunity.

“This original development rights were allocated for a project in 2006,” Tarquinio tells GlobeSt.com. “Then the market went sideways and that development was not done. The development rights went away. The new buyer that came in needed to present to the seller an idea of what they were going to build. Once a buyer was chosen they had to go through the process of getting those development rights reinstated. So it took some time.”