Boca Raton developers propose $1 billion in tax revenue with ambitious mixed-use projects

The Boca Raton City Council Workshop held on January 27, 2025, focused on several significant development proposals aimed at enhancing the city’s infrastructure and economic landscape. The meeting highlighted four major proposals from different developers, each presenting unique plans for residential, commercial, and public facilities.

The first proposal from the Boca Raton City Center, represented by the Terra Frisbie Group, includes plans for a 150-key hotel and 1129 residential units. This project is projected to generate an annual ground rent of $4 million, escalating at 2% per year, leading to a substantial net present value of $140 million over the 99-year ground lease. Additionally, the expected real estate tax revenue from this development is anticipated to exceed $200 million over the lease's duration.

In contrast, the Namdar Group proposed a much denser development featuring 8000 units, which would include affordable, workforce, and market-rate housing. In exchange for this density, they committed to constructing $469 million worth of public infrastructure, including city facilities and a synagogue, at no cost to the city. The tax revenues from this project are expected to be three times higher than those from other proposals.

Related ROS presented a different approach, focusing on job creation with plans for 400 hotel keys and 650 residential units, alongside 95,000 square feet of office space. They proposed to forward fund $5 million for parks and recreation facilities, indicating a commitment to community development.

Lastly, Roca Point Partners offered to build all necessary public and municipal facilities upfront, ensuring the city’s interests are protected while preparing for future residential and retail developments. Their proposal emphasizes a collaborative approach to urban development.

Each developer expressed eagerness to begin construction, although the approval and design processes may extend the timeline for completion to 8 to 10 years. The council is now tasked with reviewing these proposals, which promise to significantly impact Boca Raton's economic and community landscape.