Boca Raton hears updated financials from CBRE as four teams pitch downtown redevelopment; council to rank firms tomorrow

Boca Raton — CBRE presented updated, normalized financial summaries of four proposals to redevelop the downtown government campus at a Boca Raton City Council workshop Monday, Feb. 10, as developers and dozens of residents spoke for and against competing visions for downtown.

The presentation focused on financial changes since CBRE’s last briefing two weeks earlier, including standardized assumptions CBRE used to compare proposals: a 3% tax growth rate, a 4.5% discount rate, and a consistent civic-program model that assumes an 85,000‑square‑foot city hall and a 35,000‑square‑foot community center. CBRE said the tax increment from the projects remains in excess of $200,000,000 under the normalized approach.

Why it matters: Council members will rank the proposals at a meeting the council chair described as occurring the next day; the top‑ranked firm would enter negotiated, nonbinding interim discussions. The choice will shape whether the downtown campus leans more toward the city’s stated goal of public amenities and moderate commercial growth or toward larger mixed‑use, higher‑density development.

Key updates and developer positions - CBRE said the Namdar Group reduced its originally proposed multifamily units from 8,000 to about 3,600 after the city asked proposers to size civic components consistently; Namdar’s previously offered $415,000,000 in credits was revised to $328,000,000 in CBRE’s recalculation. (Leanne Korst, CBRE) - BRCC (as described by CBRE) increased its annual ground rent projection from $4,000,000 to $5,100,000, raised its hotel valuation per key from $25,000 to $40,000 and added a $10,000,000 allowance for off‑site improvements. CBRE…