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 yet to begin.
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 100. The tallest apartment building will now be seven stories tall instead of previously planned eight stories, and there will also be modest reductions made within a proposed five-story building that will house office space and retail/restaurant options. However, there are no changes being made to the number of hotel rooms which remains at a total of185.
The development is set up into three phases with phase one consisting primarilyof466 residential units along with an office building,hotel,and most retail/restaurant spaces.Phase two would then followwith184 more residential units whilethe thirdand final phase would add131 moreresidentialunitsalongside therestoftheretail offerings.The post on Connect CRE highlights these revisions as partofthelarge-scaledevelopment taking placeinBocaRaton.
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