MHCommercial Proposes Adding 289 Apartments to South Florida Office Complex
By Julia Echikson July 17, 2024 3:36 pm
reprints
Another developer wants to redevelop an aging office complex in Boca Raton, Fla., into a mixed-use property.
MHCommercial Real Estate Fund filed a proposal to add a 289-unit residential building onto the 900 Broken Sound office property at 900 Northwest Broken Sound Parkway, west of Congress Avenue.
The 116,316-square-foot office building, which was built in 1989, would remain on the 11.6-acre site. Development plans also include the addition of a 168,561-square-foot parking garage with 599 spots.
Twenty-nine of the new apartments in the proposed 334,295-square-foot residential building would qualify as affordable housing, and 15 as workforce housing, as part of a zoning requirement for office conversions in that part of the city.
MHCommercial purchased the property for $23.7 million in 2018, according to property records. A representative for the firm did not immediately respond to a request for comment.
The West Palm Beach-based developer isn’t alone in wanting to add a residential component to an office property. Across the block, Mutual of America Life Insurance in April proposed building an 288-unit apartment complex on its office campus, according to the South Florida Business Journal.
Also, BH Group and Pebb Enterprises are redeveloping the Office Depot office campus into a mixed-use campus that’s set to include a 500-unit apartment building and 42,000 square feet of retail space. Last year, the joint venture purchased the 29-acre property for $104 million from the office supplies retailer.
Julia Echikson can be reached at jechikson@commercialobserver.com.
