Rosenfeld Realty Advisors: LUXURY CONDOS TO BE BUILT IN BOCA WEST

The market is really coming back! This is a strong sign, although it makes sense for many reasons. The 7 acre plot of land where the luxury condos are to be built was originally put on the market back in 2007. But the recession prevented financing from being obtained and so it has sat dormant until now, when Richard Siemens put it under contract. He is planning to build a 120 unit luxury residential condo development there called Akoya at Boca West. The apartments are going to be priced at $1.25 - $2 million but it didn’t say how large they would be. Residents will be required to pay a one-time fee of $70,000 for a social membership to Boca West. Construction would start this September and completion is expected in 2016. This would be the first time in more than 20 years that any new development has been built in Boca West, which is a massive community of 3,400 homes on 2,000 acres of land. It spans the entire block between Yamato and Glades Rds., featuring 6 restaurants, 4 golf courses, 33 tennis courts and a 38,000 SF spa. The new project would allow residents to walk to these many amenities and it is right next to the Turnpike to boot. The supposed risk on the project is the fact that there are no ocean views and we will see shortly if this is a true concern as they are in the pre-sale stage at this point. If all goes well Siemens will close on the land and the project will move forward. I think it will, as there has been no trouble selling highly priced homes out in West Boca. True that these are single family homes, but this would be new product with lots of amenities that is ideal for elderly retirees who would probably prefer an apartment. If it all works out I wonder if someone will finally build some residential towers in Glades Plaza? It would be the best thing that could happen to the middle of that project that no one can find and where retailers cannot survive. There is a lot riding on the Akoya at Boca West, which I think will be a success in spite of its name.

Luxury 120-unit condo project planned for Boca West Country Club

http://articles.sun-sentinel.com/2014-03-16/business/fl-akoya-boca-west-20140316_1_boca-west-country-club-condo-lewis-goodkin