BOCA RATON INDUSTRIAL PARK TO BECOME MIXED USE

BOCA RATON INDUSTRIAL PARK TO BECOME MIXED USE

This was an interesting article that I couldn't resist. There is one large office and industrial park in Boca Raton called the Arvida Park of Commerce, known as APOC for short by those in the real estate industry. It should also be noted that this park is currently undergoing a brand transformation (because of it becoming mixed use) and will shortly be known as "The Park At Broken Sound." Anyway, this has always been home to the businesses in the area and even was the former headquarters location for Siemens and Washington Mutual. Given the recent recession it has fallen on hard times, with increased vacancies and many properties available for sale. A creative idea has been hatched to cure these ills, in a word, residential. 370 residential units are coming in a couple of phases. The first will feature four 2 story buildings designed like townhomes. Apartments there will range from 1,609  to 1,716 SF. The 2nd phase will feature six 5 story buildings with apartments in the 770 to 1,543 SF range with pricing from $1,400 - $3,000. Amenities will include a putting green, clubhouse, tot playground, dog park and even something called a "pocket park." I have mixed feelings about this new project. On the one hand I am afraid this is a sign of desperation from the developer, doing this since he knows he cannot fill the park with office and industrial tenants as it should be. On the other, I am thrilled that there is another mixed use project coming online. There is a recent push to make South Florida more pedestrian friendly and that starts with people working in close proximity to where they live. The only thing missing here to really make it work is the shopping component, but maybe they will add that down the road. Very interesting development and I really hope it works out. As always thanks for reading and have a great day.