Boca’s Economic Development Report

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By: Jessica Del Vecchio Boca Economic Development Manager Special to the Boca and Delray newspapers

Community Outreach

Our Office recently provided an economic development update at the beautiful ALINA Residences sales gallery.  In September we will be hosting another event at the Boca Raton Innovation Campus.  For details or to RSVP, please email EconomicDevelopment@myboca.us.

Boca Business Briefs

In one of the largest hotel sales in South Florida, MSD Capital, the investment platform affiliated with billionaire Michael Dell, has purchased the 1,047-room Boca Raton Resort & Club.  According to credit rating agency, Fitch Ratings, loan proceeds, together with $297.9 million of sponsor equity, were used to acquire the collateral for $875.0 million ($589.7M allocated to the resort; $285.3M allocated to the Premier Club).

El-Ad National Properties closed on a $146 million construction loan for phase one of ALINA Residences. Slated for completion the end of 2020, ALINA’s first phase will begin with 121 luxury condominiums. The property will include 45,000-square-feet of indoor/outdoor amenities, including a rooftop pool, nearly an acre of outdoor green space, private cabanas, fire pits, a dedicated yoga area, outdoor kitchen, and a dog park.

Penn-Florida Companies announced a $225 million construction loan from Madison Realty Capital for the final phase of Via Mizner and The Residences at Mandarin Oriental, Boca Raton.

Related Group is bringing a new residential project to the Park at Broken Sound. The project plans to build a luxury 297-unit apartment complex at 5300 and 5400 Broken Sound Blvd. The 297 units will include a six-story building with 261 apartments and 36 townhouses. This is the developers first residential apartment project in Boca Raton.

The Office of Economic Development recently assisted Orbcomm with its corporate expansion. The New Jersey-based, publicly traded company has 800 employees worldwide and will be bringing 32 sales, engineering and finance jobs to Boca.

The sale of Congress Corporate Plaza for $21 million makes the list of top commercial sales for May. The 100,129-square-foot, two building plaza sits on over 9 acres and the buildings were built in 1987.

Nightingale, a registered nurse staffing company, negotiated its new corporate headquarter lease at 7800 Congress Center. The lease is for 89 months and costs $1.4 million.

Town Center at Boca Raton is adding a new indoor play space near Crate and Barrel. The 1,600 square foot play area is slated to open later this summer.

 Boca Raton’s Recent Rankings

Business Insider teamed up with Zillow to find the most popular US cities for vacation homes.   Florida, Nevada and Arizona were popular states. Boca Raton ranked 6th out of the 25 cities that made it on the Most Popular Cities for Vacation Homes list.

Out of 192 cities, Boca Raton takes the fifth spot on WalletHub’s 2019 list of “Best Beach Towns to Live In.”

With an average commute time of 20.8 minutes, Boca Raton ranks 31st on the list of 50 South Florida cities with the shortest commutes.

Have corporate news to share or looking to relocate/expand your company to Boca Raton? Contact the city’s economic development office at economicdevelopment@myboca.us or 561-393-7761. Want to see what we are up to? Follow us on Facebook @BocaEconomicDevelopment.