Boca Raton Development Site Commands $17M

One of the last developable waterfront parcels in east Boca Raton was approved for a low-rise, luxury residential condominium project.

By Timea Papp

Aerial view of the transacted parcel

Aerial view of the transacted parcel

Key International and Integra Investments have partnered with affiliates of Wexford Capital LP for the acquisition of a land parcel in east Boca Raton, Fla. Encompassing more than 3 acres, the property is one of the last developable waterfront tracts in the area. Boca Lake Parcel LLC, an entity connected to The Blackstone Group, sold the parcel in a $17.3 million deal, per public records.

The site is approved for the development of a low-rise, luxury residential condominium project. Located in close proximity to the beach at 725 S. Ocean Blvd., the seaside property faces Lake Boca Raton and is just a short walk away from the Boca Beach Club.

The HFF team including Executive Managing Director Manny De Zarraga, Managing Director Jaret Turkell and Associate Simon Banke represented the seller in the transaction.

Strong luxury demand

“This was a competitive land purchase being one of the last prime waterfront parcels in South Florida. There is a strong appetite for new luxury product in east Boca Raton, and we look forward to soon sharing our development plans,” said Inigo Ardid, co-president of Key International, in prepared remarks.

“We continue to pursue a development strategy of targeting markets with high barriers to entry, and designing boutique projects in premier waterfront settings,” added Victor Ballestas, principal of Integra Investments.

Key International focuses on commercial and residential real estate with a portfolio throughout the Southeast U.S. and Spain. Integra Investments is a full-service real estate investment and development firm that targets value-oriented real estate ventures across Florida. Most recently, Integra completed the construction of the 38-unit Sereno, a luxury community in Bay Harbor, Fla. Wexford Capital LP is an investment advisor with offices in Greenwich, Conn. and West Palm Beach, Fla.

Image via Google Maps

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