MIAMI-WestCity Properties of Boca Raton, FL, is planning a $30 million development in the city that will include apartments, and office and retail space.
The proposed Palmetto Park project will consist of 200 apartment units, 110,000 sf of office and 7,500 sf of retail, all built on 9.44 acres. The project's plans call for two buildings built in two phases.
Phase one will include the residential components and some retail space, and the second phase will include the office space and more retail space.
The project, planned for Palmetto Park Road and Federal Highway in the city's downtown redevelopment location, is expected to bring more residents downtown.
EBP LLC I, an affiliate of WestCity Properties, paid $39.1 million for the proposed Palmetto Park land last year. Plans call for three existing office buildings on the land to be included in the future plans.
A construction firm for Palmetto Park has not yet been selected. Retzsch Lanao Caycedo Architects in Boca Raton is the architecture firm working on the project.
Exact construction costs are not yet determined, but it will be about $30 million project, Bruce Pender of WestCity Management, the property manager, tells GlobeSt.com.
The rental range for the apartments is not determined either. “That will be driven backward by the costs” and market demands, Pender says.
The developer expects coffee shops and other companies that will serve the tenants and residents of Palmetto Park to lease the retail space.
Bruce Retzsch of Retzsch Lanao Caycedo Architects says Palmetto Park will feature a Mediterranean style. WestCity Properties hopes to get approval from the city this month, break ground in April and finish the project within 18 months.
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