Boca Raton considers four downtown redevelopment proposals as staff clarifies campus amenities and developers outline plans

City officials on Monday, Feb. 10, 2025, heard a CBRE update on the financial comparisons of four redevelopment proposals for the downtown government campus and received presentations from each proposer as staff clarified plans for relocating existing recreation and cultural facilities.

CBRE consultant Leanne Korst told the City Council that consultants had asked all four proposers to model civic uses at a consistent size—an 85,000-square-foot City Hall and a 35,000-square-foot community center—to make direct financial comparisons. "We did ask the proposers to model their civic components with City Hall at 85,000 square feet, and the community center at 35,000 square feet," Korst said. She said proposers had indicated flexibility and that the city would continue refining those civic program sizes.

The CBRE financial team said it normalized assumptions across proposals. Mike (CBRE) summarized adjustments and said the consultant raised the assumed annual tax growth rate to 3 percent and applied a 4.5 percent discount rate in its tax-increment calculations. He also described proposal-specific changes: BRCC raised its rent constant from 4 to 5 percent and increased annual ground rent from $4 million to $5.1 million and added a $10 million allowance for off-site improvements; Namdar reduced units pro rata from its earlier submittal to about 3,600 units and cut a previously…