Penn-Florida Cos. has recently announced updated plans for their Universal Village project 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 by the South Florida Business Journal, the revised plans for University Village include reducing the number of residential units from 829 to 710, with an addition of 100 senior multifamily units. The tallest apartment building will now be seven stories high instead of previously planned eight stories. Additionally, there will be a modest reduction in office space and retail/restaurant space within a proposed five-story building. However, there are no changes to the number of hotel rooms which remains at185.
The development is expected to take place over three phases: Phase one would consist of constructing 466 residential units along with an office building, hotel and most retail/restaurant spaces; phase two would include another184 residential units; followed by phase three which would add131 more residential units along with completing all remaining retail spaces.
This massive development project is set to transform Boca Raton’s landscape and provide much-needed housing options as well as commercial opportunities near Florida Atlantic University.
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