Michael Dell’s BDT & MSD Partners Wants to Add Condos to Boca Raton Resort
By Julia Echikson January 9, 2025 1:06 pm
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After years of lending and investing in South Florida, Michael Dell’s BDT & MSD Partners is now looking to get into development.
The New York-based firm has proposed building an eight-story condo building within the 1,047-room Boca Raton club and resort at 501 East Camino Real, according to filings with the City of Boca Raton.
The development would house 60 units and a 142-spot subterranean parking garage on a 3.9-acre lot, just north of the main hotel complex and facing the 18-hole golf course. The 260,000-square-foot building would replace a golf maintenance facility.
BDT & MSD Partners is seeking to exceed zoning height regulations to accommodate the 100-foot tall structure, which would be designed by Garcia Stromberg.
The Boca Raton, built in 1926, now sprawls across 165 acres. The resort features 120,000 square feet of indoor and outdoor event space, approximately 30,000 square feet of retail space, 15 food and beverage outlets, 16 tennis courts, four pickleball courts, a 50,000-square-foot luxury spa and a 32-slip marina.
The condo proposal comes about six months after BDT & MSD Partners scored $1 billion to refinance the resort.
In 2019, MSD Partner, an investment firm backed by Dell, purchased The Boca Raton for $875 million. The deal remains one of South Florida’s largest hospitality sales.
The resort came under the ownership of BDT & MSD Partners when MSD merged with merchant bank BDT in 2023. Since the acquisition, the owner has spent at least $278 million to renovate the resort.
Elsewhere in South Florida, BDT & MSD Partners provided a $273 million construction loan in November for Witkoff Group’s luxury condo project in Hallandale Beach.
Before merging, MSD Partners funneled a $357 construction financing package to 830 Brickell, which has become Miami’s trophy office building.
A representative for BDT & MSD Partners did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
