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Independent appraisal puts as‑proposed development at about $114M; city appraisers say they were retained only by the city
Summary
An independent appraisal presented at the workshop valued the proposed 7.7-acre development components at about $113.9 million and estimated a market-oriented ground rent just under $5.7 million; the appraiser said the firm’s sole client on this assignment is the city and the current scope did not include percentage-rent scenarios.
An appraisal team retained by the City of Boca Raton presented valuation work at the Dec. 15 workshop and offered several figures the council said it would use in negotiations and financial analysis.
Walter Duke of Walter Duke & Partners told the council the firm’s sole client for this assignment is the city and that the firm had not been retained by the developer or related entities for this assignment. Project lead Andrew Rolfe summarized the deliverables and numbers: a component value of approximately $113,900,000…
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