Sandwiched between Palm Beach and Fort Lauderdale, Boca Raton, Florida, is among the fastest-growing cities in South Florida. The city’s job growth, entrepreneurial expansion and surging economic diversity is reflected in residential and commercial expansion, business development and more and more attractions available to all.
With more than 21 million square feet of office space, the city is home to half of Palm Beach County’s corporate headquarters, including the bases for Office Depot and ADT Security Services. Compass Florida expanded to Boca Raton in November 2018 with the addition of the Pam and Toni Team, leaders and founding agents of the Compass Boca Raton office and the Koolik Group. After a half century on Wall Street, New York-based financial services firm Stoever Glass chose Boca for its first expansion location.
Among the city’s residential developments, several multifamily and single-family projects stand out. One of the former is ALINA Residences Boca Raton, a luxury community that recently celebrated its groundbreaking in downtown Boca Raton. Designed to leverage a highly walkable neighborhood along Mizner Boulevard, the community will appeal to a younger, more active target market seeking a live-work-play lifestyle.
Says Yoel Shargian, CEO of Elad Group, “Elad Group’s expansion into Boca Raton with ALINA Residences proves that the South Florida market, beyond just Miami, is strong with tremendous potential for growth.
“One of the key factors in ALINA’s success is that the location puts residents in the center of it all. The property . . . is located minutes from major dining, shopping and entertainment, further promoting downtown Boca as the walkable community it is.”
Akoya Boca West, part of the Boca West Country Club, is another multifamily project. The apartment community represents one of the first new multifamily communities to open in West Boca in more than a decade.
As for single-family developments, the standouts include Moderne Boca. Among the briskest-selling single-family developments on the market, the townhome project in West Boca has quickly reached the 90% sold mark.
Mixed-use development is also advancing in Boca Raton. A recent groundbreaking of Uptown Boca heralded the start of work on a transformational mixed-use project to create 1 million square feet of retail, entertainment and residential space, with tenants like Colorado-based anchor tenant Lucky’s Market, restaurants and a movie theater.
“Uptown Boca fills a void in the marketplace,” says Rick Giles, CEO of Giles Capital Group. “It will be the first fully integrated lifestyle center in Boca Raton that includes residential, a grocery store, a luxury movie theater and a host of unique dining options. Our partners for the project all have deep roots in Boca Raton. We understand the needs of the local community based on our personal experiences.
“West Boca has become a highly desirable home for families and young professionals, which is why we curated the specific mix of retail, entertainment and residential amenities.”
Location, location, location
Among the reasons for Boca Raton’s growth is its central location. Business and leisure travelers benefit from proximity to Palm Beach International Airport 21 miles north, Fort Lauderdale-Hollywood International Airport 22 miles south, and Miami International Airport 43 miles south. Major sea ports are Port Everglades and Port of Palm Beach.
Five institutions of higher learning call Boca Raton home, including Florida Atlantic University and Lynn University. Boca Raton ranks number 8 in Florida’s best cities for families, out of a total 183 municipalities reviewed.
Town Center at Boca Raton attracts more than 12 million visitors a year as one of south Florida’s premiere luxury shopping meccas for a blend of high-end specialty stores and restaurants. Boca Raton Museum of Art is an art and entertainment center featuring art collections as well as exhibitions and educational seminars. Other attractions include Mizner Park, Mizner Park Amphitheater and downtown Boca Raton.
Boca Raton has long been known by the sobriquet “The City For All Seasons.” But given its growth and economic diversification, residents and visitors alike might prefer terming it the city for all reasons.