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CRA staff: two projects would leave space for about 71 residential units downtown
Summary
Downtown Manager Ruby Riley reported current office-equivalency inventories by sub-area and said two proposed projects (Meissner Plaza and a Center for the Arts proposal) would reduce available office-equivalency square footage to about 29,694, convertible to an estimated 71 residential units; allocations are processed first-come, first-served.
Ruby Riley, downtown manager for the Boca Raton CRA, presented an expanded map and table of remaining office equivalencies (OEs) by sub-area and summarized applications in process. She said the Meissner Plaza project is proposing to use several thousand square feet of OEs and that a Center for the Arts proposal would seek to use more than 207,000 square feet of office-equivalency-related allocations.
Riley said that after accounting for those two projects, the CRA would have about 29,694 square feet of office equivalencies remaining, which staff estimated could convert to roughly 71 residential units. "After these two projects are out, we would have 29,694 square feet of office equivalencies, which could be converted to a total of 71 residential units," Riley said.
Chair Nautilus asked whether OEs are reserved. Mr. Brown replied they are not: allocations are handled on a first-come, first-served basis based on application submittal and approval, meaning applicants that request conversion beyond available capacity may have to wait until additional OEs are available or until the CRA updates its redevelopment plan.
Riley walked the board through sub-area detail: some sub-areas show no net availability without transfers while others (notably sub-area G) would retain tens of thousands of square feet available for conversion or transfer. Staff noted specific allocations tied to Meissner Plaza and the Center for the Arts affect how much is immediately available without transfers.
The board did not take formal action during the meeting; Riley and Brown said staff would continue to process pending applications and that applicants may be placed in queue if available OEs are insufficient.
The CRA will continue to report OE inventory updates as projects move through application and approval.
