Penn-Florida Cos. has recently announced updates to their plans for Universal Village in Boca Raton. The company acquired the land in 2013 and obtained zoning approval for the 77-acre site near Florida Atlantic University in 2015, but construction has not yet begun.
According to a report from the South Florida Business Journal, Penn-Florida’s revised plans for University Village include reducing the number of residential units from 829 to 710, with an additional addition of senior multifamily units totaling at least one hundred. The tallest apartment building will now be seven stories tall instead of previously planned eight stories, and there will be modest reductions made to both office space and retail/restaurant areas within a proposed five-story building. However, there are no changes being made to the number of hotel rooms which remains at a total of one hundred eighty-five.
The development is set up into three phases; phase one would consist of four hundred sixty-six residential units along with an office building, hotel accommodations as well as most retail/restaurant spaces while phase two would have only one-hundred-eighty-four residential units followed by another round consisting mostly out-of-retail spaces plus thirty-one more residences during its third stage.
This update on Penn-Florida’s massive development project showcases their commitment towards creating a successful community that caters towards various needs through careful planning and execution over multiple phases.
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