What’s up in the real estate market

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Ocean Properties Expands Portfolio
Delray Beach based Ocean Properties Limited is expanding with a $24 million renovation of a former Hilton on Longboat Key.
Zota Beach Resort, the newest new luxury beach resort on Longboat Key, will open for business Dec. 1.
Operating under the new name at the site of the former Longboat Key Hilton Beachfront Resort, Zota Beach Resort is now taking reservations.
Zota room rates will range from a minimum of $269 a night to a max of $539, according to the company website at zotabeachresort.com.
In June 2014, the Hilton flag was removed from the property before construction began on the new resort, which will feature a new 84-room hotel tower in addition to a renovated 103-room hotel on-site.
The project also includes a new lobby, pool and pool area, restaurant and wine bar and 2,758 feet of meeting space.
Ocean Properties owns and operates the Delray Sands Resort in Highland Beach, Delray Beach Marriott and Delray Beach Residence Inn among about 100 hotels in Florida and across North America. The portfolio totals over 17,000 rooms.
Town Homes May Be Coming to Park at Broken Sound
The Boca Raton Planning & Zoning Board recommended approval of a 90-unit rental townhome development in a business park.
The planning and zoning board recommended that the city council approve the proposed APOC Townhouses development in the Park at Broken Sound, formerly known as the Arvida Park of Commerce, where three apartment developments are now under construction.
The townhome developer, Delray Beach-based NCC Development, plans to build a dozen three-story residential buildings and a three-story clubhouse. The 90 planned townhomes include 69 with two bedrooms and 21 with three bedrooms. Monthly rents for the townhomes would range from $1,700 to $2,800.
“It’s a product that’s not in the park right now,” the townhome project architect, Juan Caycedo of RLC Architects in Boca Raton, told the planning and zoning board. “Your choice today is apartments, apartments and more apartments.”
Six of the 12 planned residential buildings would have covered parking structures, and the rest would have driveways and single-car garages. The 12 residential buildings would feature six different building designs.
The townhome project’s “dynamic design was inspired by the predominately contemporary architecture within the [former] Arvida Park of Commerce as well as the ‘millennial’ work force the project is intended to serve,” according to a city staff report prepared for the planning and zoning board.
The townhome project’s location in the Park at Broken Sound is a 4.96-acre site at 950 Broken Sound Parkway Northwest. The existing zoning for the property is light industrial research park and the designated land use is “planned mobility,” a land-use classification the city created in 2012 to allow residential and retail development in the 700-acre Park at Broken Sound.
If approved by the city council, the townhome project will be the fourth residential development located within the Park at Broken Sound. The first apartments will open there before the end of 2016.
A trio of current developments — Allure, Altis and 850 Boca — ultimately will put a total of 1,050 rental apartments in the Park at Broken Sound. Developers Jamie Danburg, Sergio Rok and Jimmy Tate are building the 282-unit Allure project, Boca Raton-based Altman Companies is developing the 398-unit Altis project, and CC Residential, a partnership of Armando Codina and Jim Carr, is behind the 370-unit 850 Boca development.
The planning and zoning board recommended approval of the townhome development with several modifications, including changes related to sidewalks, planted buffer zones for sidewalks and pedestrian walkways near parking structures.
On May 10, the Boca Raton Community Appearance Board recommended approval of the townhome project contingent on the developer’s response to recommended modifications. These include enhanced hedge landscaping along Northwest Broken Sound Boulevard, larger trees on internal roads that match the scale of the 12 proposed residential buildings, and a tree layout that won’t conflict with utilities.
Crocker sells waterfront home in Delray
Pearlmark Real Estate Partners executive Douglas Crocker II sold his waterfront Delray Beach estate for $6 million, slightly less than the property’s list price.
Crocker, chairman and chief investment officer of Chicago-based Pearlmark and Transwestern Multifamily Partners, and his wife Cynthia Crocker sold the five-bedroom, 9,536-square-foot mansion to Pamela J. Kennedy, records show.
Crocker, who is now semi-retired after a 40-year career of buying and selling properties in Boston, New York, and Chicago, paid close to $4.9 million for the home at 963 Evergreen Drive, and the Crockers put it on the market in March for $6.35 million.
The Delray Beach estate features 272 feet of water frontage, an elevator, pool, smart home features, a mahogany double-door entry, a master suite and guest quarters. Property records show the three-story mansion was completed in 2003.
Jilly Cammisa of Premier Estate Properties was the listing agent, according to Redfin.
Thomas family selling Boca property
According to the Real Deal South Florida, the Thomas family, well known in local agricultural circles, is marketing its land in West Boca which recently received approvals from Palm Beach County commissioners.
The family is now looking to sell its 37.4 acres in Boca Raton for upwards of $50 million.
The listing was announced recently by Delray Beach based broker Jim Knight of the Knight Group, who’s marketing the acreage at 9905 Clint Moore Road as a redevelopment opportunity.
Owned by the Thomas family, the land was formerly used as a packing plant for the Thomas Produce agricultural empire. The family began seeking looser development restrictions on its property in 2015 and landed commission approvals recently, Knight said.
The company recently combined its operations with J&J Family of Farms, a Loxahatchee-based agricultural company.
According to marketing materials, the development — dubbed Verde Commons — has approvals for 88,240 square feet of retail, 35,000 square feet of restaurant space, 25,000 square feet of medical offices, 2,900-square-foot “financial institution” and an 1,890-square-foot eatery with a drive-through. A separate assisted living facility with 150 beds was also approved for the site.
Of that retail space, 40,000 square feet is set aside for a grocery store anchor, with another 12,900 square feet earmarked for a pharmacy with a drive-through.
The $50 million-plus asking price is based off comparable sales in Boca, Knight said. Shopping center giant Edens paid $40.5 million for a retail center on Glades Road, which breaks down to a little over $2 million per acre.