Davd Martin’s Terra and Frisbie Group won a coveted bid to redevelop Boca Raton’s government campus, where the firms plan a 2.5 million-square-foot mixed-use complex.
Terra and Frisbie beat three other contenders, including second-ranked bidder Related Ross, led by billionaire Steve Ross. On Tuesday, the Boca Raton City Council voted to select Coconut Grove-based Terra and Palm Beach-based Frisbie.
Designed by Kohn Pedersen Fox, the project will consist of 1,129 residential units, a 150-key hotel, 250,000 square feet of offices, 156,690 square feet of retail and 3,434 parking spaces on the 30-acre city-owned site at 201 West Palmetto Park Road, according to city records. The site is near the city’s Brightline station.
Several government buildings will be demolished and replaced with a new city hall spanning up to 100,000 square feet and a 50,600 square-foot community center, according to Terra and Frisbie’s project filing.
Terra and Frisbie will lease the site under a 99-year term for $5.1 million annually, more than their initial offer of $4 million. The firms also will contribute $10 million to the city.
Some members of the city council said during that meeting that they were in part dissuaded from Related Ross’ bid due to too much office space, at nearly 1 million square feet across three towers. The firm, which Ross formed last year by carving out Related Companies’ Southeast U.S. holdings, is developing an office hub in downtown West Palm Beach across several projects. It has tapped Ross’ New York network to fill the buildings, mostly with financial service firms.
Related Ross’ proposal for the Boca Raton City Hall also included 650 residential units, a 400-key hotel and 235,050 square feet of retail and restaurant space, according to city records.
Others bidding for the project were New York-based Namdar Group, which proposed a 6.8 million-square-foot campus, and Atlanta-based RocaPoint Partners, which proposed a nearly 2 million-square-foot project.
Terra is a prolific developer with several projects in the pipeline. In Miami Beach, the firm and the Meruelo family scored preliminary approval this month for the redevelopment of the former Deauville Beach Resort at 6701 Collins Avenue with a 100-unit condo tower and a 150-key hotel.
In Miami’s Little Havana, Terra is developing Centro City with 1,200 apartments, a 350,000-square-foot shopping center, an office building and a charter school on the northwest corner of Northwest Seventh Street and Northwest 37th Avenue. The first phase, consisting of the retail center and 470 apartments, was recently completed.