Adam Faustini said his neighborhood has become too much like the movie "Animal House": A trio of drunken young adults offering to strip naked, sounds of carousing into morning's wee hours and a burn of tire tracks on his grass.
And that was all in a 12-hour span.
Mayor Susan Haynie says that for years now, a month doesn't go by without at least one complaint that has the same ring to it: Crowded, single-family homes with rowdy occupants. So now Boca Raton is considering tightening the rules for landlords and tenants.
A downtown Boca Raton residential complex that languished for 10 years in the planning stages has been revived — now with bigger proportions.
Royal Palm Place was approved in 2003 as a 149-unit, downtown apartment complex, part of the mixed-use development on Federal Highway. It received several extensions on its approval until time ran out in March.
But now, one of Boca's biggest landowners, Investments Limited, is bringing Royal Palm Place back to life. And now it's 200 units, instead of 149, and 13 stories high, instead of 10. It will also reach at least 40 feet higher the city's official 100-foot limit.
"The Royal Palm proposal is a sign of the times as there is robust demand for downtown units," said Glenn Gromann, chairman of the Downtown Boca Raton Advisory Committee, a member of the planning board and a development lawyer.
By Brian Bandell, Senior Reporter - South Florida Business Journal
Gables Residential sold the BelAire at Boca Raton apartments for $43.9 million to a private equity fund.
That represents an 89 percent premium over the $23.2 million the company paid for the 388-unit property in 2010.
Gables Residential affiliates 22461 SW 66th Boca LLC sold the property to BelAire Owner LLC, an affiliate of New York-based private equity firm Angelo, Gordon & Co. The buyer obtained a $33.4 million loan.
Officials with Angelo, Gordon & Co. couldn’t be reached for comment.
BOCA RATON — Boca Raton's rental boom is a big thing. But it's coming in very small packages. Some of the new places soon to be up for rent in the tony city measure out at 522 square feet — smaller than the average-sized premium hotel room.
In fact, nearly half of the downtown rental units now under construction in Boca are less than 753 square feet, according to city records. And hundreds more measuring less than 900 square feet are on tap to be built in a town where that might seem the ideal size for a walk-in closet.
It's part of a new consciousness that values place over space as two bulging demographic groups reach just the right age, developers and experts agree. Living in a small space in a trendy ZIP code is worth it to them.
WEST BOCA — — Home prices are up, long-vacant houses have families moving in, but fear of what the future might bring has prompted some of the homeowner associations in the unincorporated area of West Boca to limit who might move in.
Some of the 125 master homeowner associations have either banned or are considering a ban on a certain kind of renter — those who pay with the help of Section 8 government housing assistance.
Earlier this year, Boca Winds outlawed Section 8 housing in its community of 800 homes. Boca Falls residents are currently voting on the issue, and a subdivision of the mammoth Logger's Run, Winding Lakes Estates, considered whether to ask residents to vote on a ban.
By Brian Bandell and Oscar Pedro Musibay, South Florida Business Journal
Archstone New Development Holdings is planning to build 389 apartments and 26 townhomes in Boca Raton after Fifth Third Bank sold the for $20.13 million – 27 percent or $7.6 million less than the mortgage it used to foreclose on it.
The bank (NASDAQ: FTIB) seized the 5.8-acre site, at 425 E. Palmetto Park Road and 400 E. Boca Raton Road, in 2010 after foreclosing on a $27.7 million mortgage guaranteed by Boca Raton developer Gregory K. Talbott. It is one of many properties he has lost to lenders over the years.
The site is in the center of Boca Raton’s $7.5 million Downtown Promenade project, an effort to enhance the area landscape by improving traffic and making it more pedestrian friendly. Development approvals for the site from 2006 have expired, but the site is zoned as a downtown district of regional impact.