Developer outlines scaled-down "1 BOCA" campus plan; council to review ballot language and leases ahead of March referendum

At a Nov. 17 workshop, Boca Raton officials and the developer behind the “1 BOCA” proposal presented a revised government campus plan that pares back private development, increases public open space and sets a timetable for council review and a March 10 referendum.

Deputy City Manager Andy Lukasik and developer Rob Frisbie said the private development program has been reduced from roughly 1.6 million square feet to just over 1.1 million square feet — roughly a 25% reduction — and that nearly all private development would be located east of Northwest 2nd Avenue to free west-side property for expanded park and civic uses. Frisbie said the plan would roughly double Memorial Park’s active and passive space from about 7.6 acres to more than 15 acres and reallocate civic buildings and recreation facilities on the west side.

City staff and CBRE, the city’s financial advisor on the deal, outlined the proposed deal structure: a 99-year ground lease that pays minimum base rent plus a percentage of developer revenue as the project stabilizes, a developer upside participation (CBRE described a 10% participation above an 8–10% yield-on-cost threshold), and a 1% transfer fee payable to the city when a stabilized, city-leased building is sold.…