Bevy of new for-rent apartments bring younger vibe to Boca Raton
Heavyweight developers known for luxury condo towers and high-end office buildings in places like Miami are homing in on the Palm Beach County city with big bets on higher-density living.
About 7,600 apartment units are being planned or developed in Boca — which is more than four times what's been delivered to the market between 2022 and now, according to data from Yardi Matrix.
Proposals for communities of hundreds of apartments — and, in one case, over 1,000 — are finding their way onto Boca business parks, next to the Tri-Rail Station, on Office Depot's former corporate campus and even part of a master plan for Boca's new City Hall.
Investors are betting that the migration of people and business to Palm Beach County is still ongoing and that employees — some priced out of a housing market where values climbed 78% in the past five years, according to Miller Samuel and Douglass Elliman — will find appeal in rental communities with pools and yoga studios, an easy walk to retail and, perhaps, the office.
'We want all these amazing companies to come here, but we also want to provide the necessary housing for those companies to be able to thrive,' said David Martin, CEO of Terra, a Miami-based luxury condo developer that's now on tap to build Boca rentals in the future City Hall neighborhood. 'Workforce housing, or attainable housing, I think is a critical piece of the puzzle.'
Martin's firm, in partnership with Frisbie Group, won a four-way competition this year for the rights to redevelop Boca's government complex, with a 2.5 million-square-foot proposal that includes a 150-room hotel, 250,000 square feet of office space — and 1,129 rental units. The plan, at 201 West Palmetto Park Road, bested three other pitches, including one from Miami Dolphins owner Stephen Ross's firm, Related Ross, which came in second with a plan that leaned more heavily on building office space.
Elsewhere in Boca, Miami developer 13th Floor Investments plans to build a 340-unit apartment complex next to the Tri-Rail Station, at Yamato Road. The eight-story development will include affordable and 'workforce' housing, available to tenants of varying incomes, according to published reports.
And further north, a partnership that acquired Office Depot's corporate campus in 2023 has big residential visions there too. Miami's Related Group, BH Group, and PEBB Enterprises just got approval for 500 apartments on the 29-acre site, in addition to 43,000 square feet of retail and a 37,000-square-foot Equinox fitness center. To make way for those plans, the partnership will demolish 246,000 square feet of office space (more than half of what's there), while keeping two other corporate buildings. Office Depot remains as a tenant.
'There is a real shortage and a real demand,' said Isaac Toledano, co-head of BH Group. 'Not a lot of new rentals were built in Boca at the last nine years.'
'When you see what's going on around you in West Palm Beach and in Palm Beach County,' Toledano added, citing out-of-state firms setting up Florida outposts and young employees following, 'it makes sense that a place like Boca will grow.'
The great COVID migration southward has sent demand for rentals upward. The number of renter-occupied units in Boca Raton has been rising since 2019, while owner-occupied units have been decreasing since then, according to US Census data compiled by PropertyShark. In 2023, the most recent data available, there were 14,107 renter-occupied units in Boca, or 18% more than in 2019.
Rents are holding steady though — a sign that development has thus far has met, but not exceeded, demand, said Ken Johnson, a housing economist and the Christie Kirkland Walker chair of real estate at the University of Mississippi (who retired from Boca's Florida Atlantic University last year). In February, Palm Beach County rents climbed a modest 2.31% from a year earlier, Johnson said.
'We need to keep building — that's' the caveat,' Johnson said. 'What we need right now to really settle the housing crisis in Palm beach County is the right number of roofs to live under. And I don't think we have enough roofs yet.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
2 hours ago
- CNBC
Delta Air assures US lawmakers it will not personalize fares using AI
Delta Air Lines said on Friday it will not use artificial intelligence to set personalized ticket prices for passengers after facing sharp criticism from U.S. lawmakers and broad public concern. Last week, Democratic Senators Ruben Gallego, Mark Warner and Richard Blumenthal said they believed the Atlanta-based airline would use AI to set individual prices, which would "likely mean fare price increases up to each individual consumer's personal 'pain point.'" Delta said it has not used AI to set personalized prices but previously said it plans to deploy AI-based revenue management technology across 20% of its domestic network by the end of 2025 in partnership with Fetcherr, an AI pricing company. "There is no fare product Delta has ever used, is testing or plans to use that targets customers with individualized prices based on personal data," Delta told the senators in a letter on Friday, seen by Reuters. "Our ticket pricing never takes into account personal data." Senators praised Delta's commitment not to use AI for personal pricing but expressed many questions and want more details about what data Delta is collecting to set prices. "Delta is telling their investors one thing, and then turning around and telling the public another," Gallego said. "If Delta is in fact using aggregated instead of individualized data, that is welcome news." Delta declined comment on Gallego's statement. The senators cited a comment in December by Delta President Glen Hauenstein that the carrier's AI price-setting technology is capable of setting fares based on a prediction of "the amount people are willing to pay for the premium products related to the base fares." Last week, American Airlines CEO Robert Isom said using AI to set ticket prices could hurt consumer trust. "This is not about bait and switch. This is not about tricking," Isom said on an earnings call, adding "talk about using AI in that way, I don't think it's appropriate. And certainly from American, it's not something we will do." Democratic lawmakers Greg Casar and Rashida Tlaib last week introduced legislation to bar companies from using AI to set prices or wages based on Americans' personal data and would specifically ban airlines raising individual prices after seeing a search for a family obituary. They cited a Federal Trade Commission staff report in January that found "retailers frequently use people's personal information to set targeted, tailored prices for goods and services -- from a person's location and demographics, down to their mouse movements on a webpage." The FTC cited a hypothetical example of a consumer profiled as a new parent who could intentionally be shown higher-priced baby thermometers and collect behavioral details to forecast a customer's state of mind. Delta said airlines have used dynamic pricing for more than three decades, in which pricing fluctuates based on a variety of factors like overall customer demand, fuel prices and competition, but not a specific consumer's personal information. "Given the tens of millions of fares and hundreds of thousands of routes for sale at any given time, the use of new technology like AI promises to streamline the process by which we analyze existing data and the speed and scale at which we can respond to changing market dynamics," Delta's letter said.
NBC News
4 hours ago
- NBC News
Delta Air Lines assures U.S. lawmakers it will not personalize fares using AI
WASHINGTON - Delta Air Lines said on Friday it will not use artificial intelligence to set personalized ticket prices for passengers after facing sharp criticism from U.S. lawmakers and broad public concern. Last week, Democratic Senators Ruben Gallego, Mark Warner and Richard Blumenthal said they believed the Atlanta-based airline would use AI to set individual prices, which would 'likely mean fare price increases up to each individual consumer's personal 'pain point.'' Delta said it has not used AI to set personalized prices but previously said it plans to deploy AI-based revenue management technology across 20% of its domestic network by the end of 2025 in partnership with Fetcherr, an AI pricing company. 'There is no fare product Delta has ever used, is testing or plans to use that targets customers with individualized prices based on personal data,' Delta told the senators in a letter on Friday, seen by Reuters. 'Our ticket pricing never takes into account personal data.' Senators praised Delta's commitment not to use AI for personal pricing but expressed many questions and want more details about what data Delta is collecting to set prices. 'Delta is telling their investors one thing, and then turning around and telling the public another,' Gallego said. 'If Delta is in fact using aggregated instead of individualized data, that is welcome news.' Delta declined comment on Gallego's statement. The senators cited a comment in December by Delta President Glen Hauenstein that the carrier's AI price-setting technology is capable of setting fares based on a prediction of 'the amount people are willing to pay for the premium products related to the base fares.' Last week, American Airlines CEO Robert Isom said using AI to set ticket prices could hurt consumer trust. 'This is not about bait and switch. This is not about tricking,' Isom said on an earnings call, adding 'talk about using AI in that way, I don't think it's appropriate. And certainly from American, it's not something we will do.' Democratic lawmakers Greg Casar and Rashida Tlaib last week introduced legislation to bar companies from using AI to set prices or wages based on Americans' personal data and would specifically ban airlines raising individual prices after seeing a search for a family obituary. They cited a Federal Trade Commission staff report in January that found 'retailers frequently use people's personal information to set targeted, tailored prices for goods and services -- from a person's location and demographics, down to their mouse movements on a webpage.' The FTC cited a hypothetical example of a consumer profiled as a new parent who could intentionally be shown higher-priced baby thermometers and collect behavioral details to forecast a customer's state of mind. Delta said airlines have used dynamic pricing for more than three decades, in which pricing fluctuates based on a variety of factors like overall customer demand, fuel prices and competition, but not a specific consumer's personal information. 'Given the tens of millions of fares and hundreds of thousands of routes for sale at any given time, the use of new technology like AI promises to streamline the process by which we analyze existing data and the speed and scale at which we can respond to changing market dynamics,' Delta's letter said.
Business Upturn
6 hours ago
- Business Upturn
RECKITT (RBGLY) URGENT DEADLINE ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against Reckitt Benckiser Group plc and Encourages Investors to Contact the Firm
Bragar Eagel & Squire, P.C. Litigation Attorney Brandon Walker Encourages Investors Who Suffered Losses In Reckitt (RBGLY) To Contact Him Directly To Discuss Their Options If you purchased or acquired securities in Reckitt between January 13, 2021, and July 28, 2024 and would like to discuss your legal rights, call Bragar Eagel & Squire partner Brandon Walker or Marion Passmore directly at (212) 355-4648. NEW YORK, Aug. 02, 2025 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Reckitt Benckiser Group plc ('Reckitt' or the 'Company') (OTC:RBGLY) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Reckitt securities between January 13, 2021, and July 28, 2024, both dates inclusive (the 'Class Period'). Investors have until August 4, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit. Click here to participate in the action. Reckitt is a United Kingdom-based, global consumer goods company. To date, over 500 state and federal products liability lawsuits have been filed against Reckitt and its competitor, Abbott Laboratories ('Abbott'), claiming that they failed to adequately warn that premature infants consuming cow milk-based formulas, such as Reckitt's Enfamil and Abbott's Similac, have an increased risk of developing necrotizing enterocolitis ('NEC'), a life-threatening intestinal disease that affects premature or low birth weight infants. The Class Action alleges that, during the Class Period, Defendants made misleading statements and omissions regarding the Company's business, financial condition, and prospects. Specifically, Defendants failed to warn investors and consumers: (1) that preterm infants were at an increased risk of developing NEC by consuming Reckitt's cow's milk-based formula, Enfamil; (2) of the attendant impact on Reckitt's sales of Enfamil and Reckitt's exposure to legal claims; and (3) as a result of the above, Defendants' positive statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. If you purchased or otherwise acquired Reckitt shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you. About Bragar Eagel & Squire, P.C.: Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit . Attorney advertising. Prior results do not guarantee similar outcomes. Follow us for updates on LinkedIn, X, and Facebook, and keep up with other news by following Brandon Walker, Esq. on LinkedIn and X. Contact Information: Bragar Eagel & Squire, Walker, Passmore, Esq.(212) 355-4648 [email protected]
