What’s Up In The Real Estate Market…

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Boca’s Broken Sound Residences selects general contractor

Current Builders has been selected as the general contractor for the 5500 Broken Sound Apartment project located in the Arvida Park of Commerce (APOC) in Boca Raton.

New Century Companies is the developer of the 180-unit multi-family rental apartment community valued at $25 million.

“We have been fortunate to work on a number of projects in APOC including Boca Colonnade, the North 40 Lobby, the Siemens building, and Allure Boca Raton,” said Current Builders’ President Michael Taylor. “The 5500 Broken Sound project rounds out Current Builders’ contribution to this dynamic, mixed-use complex. We are honored to have been selected by New Century Companies for this endeavor.”

The 5500 Broken Sound Residences project is the complete new construction of a 180-unit multi-family rental apartment community. The project contains eight–three story residential multifamily apartment buildings and a clubhouse with swimming pool. Site improvements include paving, water, sewer and drainage systems, site lighting, landscape and irrigation and all infrastructure associated with the construction of a complete, turn-key rental apartment project.

“The project will utilize a specialty forming system, known as tunnel forms, an area of expertise for Current Builders wholly owned subsidiary, CB Structures, Inc.,” said Rolf Severtson, Executive Vice President of CB Structures. “This structural system allows for elevated decks and bearing walls to be cast monolithically, allowing for increased construction speed, reduced cost and a better performing building for the client.”

New senior living options coming to Delray Beach

A new senior living community with assisted living and memory care is heading to Delray Beach.

Symphony broke ground on its new building, which is expected to be open early 2018, last month.

The building will include about 118 apartments and amenities including an on-site salon and spa, restaurant style dining, and a full-service bar.

“Today’s seniors are changing and we’re ready to change with them,” said Andrea Abbott, Symphony at Delray’s Regional Director of Sales & Marketing. “We understand that our seniors have a number of retirement options here in South Florida, so we know that we need to offer them something special. Our vision for Symphony at Delray Beach is a community that’s large enough to include amenities that promote independence mixed with an environment that maintains a cozy, comfortable feel for our residents. Seniors are living longer, healthier and more active lives, and our community is being built with that in mind.”

Symphony will be located at 4840 West Atlantic Ave.

“I’m very excited about the location,” Abbott said. “We’ll be located in an area that’ll help long-time residents of Delray Beach make the transition into Assisted Living and still feel like they’re a member of their community. It’s also in a great spot for family members to swing by for frequent visits.”

To learn more about Symphony of Delray Beach, call 561-717-5429 or visit wwww.symphonyatdelray.com

Cushman & Wakefield to lease Boca Village Corporate Center

Cushman & Wakefield is the exclusive leasing agent for Boca Village Corporate Center, a 108,550-square-foot Class A office building at 4855 Technology Way.

Brazilian investor AGS Properties Corporation selected managing director John Criddle and senior associate Joseph Freitas to lease the buildings.

Boca Village Corporate Center is a state-of-the-art suburban office building developed in 2008. As one of the five newest buildings in Palm Beach County, the seven-story asset features five stories of office space with high-end finishes throughout, hurricane-rated impact glass and three floors of covered and attached parking. It is one of the few Class A buildings in Palm Beach County with a fully redundant back-up generator capable of powering the entire facility for one week. The building is LEED Silver-certified by the U.S. Green Building Council.

Boca Village Corporate Center is located in southeast Palm Beach County, only one minute from the Yamato Road interchange on Interstate 95. This location provides visibility from Interstate 95 and direct access to the Boca Raton Tri-Rail station.

Boca Village Corporate Center is currently 83.4 percent leased. Notable tenants include Morgan Stanley, Oppenheimer and Gunster.

“Boca Village Corporate Center offers users an incredible opportunity to occupy space in one of Palm Beach County’s most sought after buildings,” said Criddle. “The building is truly unique. There are very few assets in this market that boast comparable visibility, access, finish and commitment to sustainable operations.”

Delray Beach housing assessment indicates growth

According to the city of Delray Beach 2016 housing assessment, 1,200 new households are expected to be formed in the city over the next five years.

Of those 1,2000 households, the largest number fall into the income range of more than $150,000. About 550 of the 1,200 households are estimated to fall into that category.

There is also a strong growth in the $50,000 to $99,000 range and the $100,000 to $149,000 income range with more than 365 households falling into the first category and more than 362 the latter.

The city’s population is estimated to grow by just under 2,500 people in the next five years, a 3.9 percent increase. The increase is smaller than Palm Beach County’s projected rate of 5.8 percent. That is likely due to the fact that Delray is mostly built out, according to the study. Residential growth in Delray will have to come mostly from redevelopment of existing uses.

The study indicates that housing for the 18-34 age group (the Millennials) offers a challenge in both housing type and affordability. Many in this group still live with family or rent, but do still show a desire for home-ownership.