Boca Raton council hears developer's $4.1 billion projection for downtown campus as residents demand independent review

Mike McShea of CBRE told the Boca Raton City Council on Nov. 18 that the city could receive roughly $4.1 billion over the life of a proposed 99‑year ground lease under the "1 Boca" government campus proposal, with a present value the consultant estimated at about $353 million. McShea said the city would receive base rent, ad valorem tax revenue, profit participation and transfer fees, plus a forecasted $7.8 million developer mobility contribution.

The council did not vote on the project but staff told the council it will present ballot language and draft agreements at the Dec. 2 meeting so the supervisor of elections can meet its Dec. 5 deadline should the council decide to move the question to a referendum; staff indicated the referendum would be targeted for March 10 if approved.

Residents who spoke during the extended public comment period were sharply divided. Supporters such as Michael Massarella said the plan modernizes aging public facilities, would improve safety around the Brightline station and brings private investment without raising taxes, but warned that the citizen ballot measure being proposed could impose frequent election costs and delay routine repairs. "When a needed upgrade is delayed two or three years while waiting for an election cycle, the price goes up, sometimes by millions," Massarella said.

Other residents urged caution. Dr. Lorraine Blank, speaking about the city's historic banyan trees, said the project's current configuration could harm root systems and change light exposure, risking long‑term tree decline. "If the banyans are to be preserved, the current project does not work," she said. Several speakers called for an independent review of CBRE's assumptions and asked the city to release detailed traffic and financial studies to the public before voting on ballot language.

Council members pressed CBRE about discount rates, growth assumptions and Community Redevelopment Area (CRA) impacts; CBRE said it used municipal borrowing benchmarks and conservative assumptions, while staff confirmed the city had retained an independent third‑party financial analyst (PFM) to review projections and committed to publishing the consultant materials shortly.

Mayor Mary Singer and staff emphasized that the council has already made a policy decision to advance the project to referendum if agreements are approved, but that multiple review steps remain. Deputy city manager Lukasic told the audience that ballot language, master partnership agreement drafts and third‑party financial analysis would be published for public review ahead of the Dec. 2 meeting.

The council did not take a final vote on the main project tonight; next procedural steps include Dec. 2 council consideration of ballot language and contract drafts, Planning & Zoning review in mid‑December and further council action in January ahead of a potential March referendum.