Archstone Buys Land for New 378-Unit Apartment Community in Boca Raton

By Georgiana Mihaila, Associate Editor Archstone plans to expand its South Florida presence by building a new 378-unit apartment community on a newly-acquired 5.78-acre development site in Boca Raton. Situated within walking distance from the upscale, mixed-use Mizner Park in downtown Boca Raton, the apartment community will benefit from access to high-end shopping, dining and entertainment opportunities. [...]

Archstone plans to expand its South Florida presence by building a new 378-unit apartment community on a newly-acquired 5.78-acre development site in Boca Raton.

Situated within walking distance from the upscale, mixed-use Mizner Park in downtown Boca Raton, the apartment community will benefit from access to high-end shopping, dining and entertainment opportunities. The community itself will also offer 13,448 square feet of retail space on the parcel of land located along East Palmetto Park Road at the SE 3rd Avenue intersection—just blocks away from the beach.

With construction set for the first quarter of 2013, the 378-unit apartment community dubbed Palmetto Park will benefit from expansive views of the Boca Raton Resort & Club Golf Course, ocean views, a resort-style pool, a luxurious outdoor courtyard, a fitness center and a well-appointed clubroom and Internet Café with free Wi-Fi.

“The Palmetto Park development in Boca Raton will be an excellent addition to our outstanding portfolio of apartment communities in premier locations in the country,” said Neil Brown, Archstone’s chief development officer. “Near the Mizner Park development, the site embodies the three characteristics that are prevalent at many of our communities and make our portfolio among the most prestigious in the industry. The site is in a market with very limited land on which to build, in a highly desirable neighborhood with very expensive single family homes, and in a city with a strong, diversified economy.”

Archstone’s Palmetto Park development site is within a 10-minute drive of many large employers, including the Office Depot Global Headquarters, Waldorf Astoria’s Boca Raton Resort & Club, Boca Raton Community Hospital and Florida Atlantic University. Commuters and travelers will have easy access to U.S. Highway 1 and Interstate 95.