Integra Investments hopes to get the green light on a residential development in Boca Raton, Florida. Boca Villas could comprise 120 townhomes spread across multiple buildings, along with a two-story clubhouse outfitted with various amenities.
The Real Deal notes that there would be two-level and three-level floorplans available. Forty-two units come with single-car garages, while the remaining 78 come with double-car garages.
The parcel measures eight acres and was acquired for $12.8 million.
The South Florida Business Journal notes that residential amenities would include a swimming pool and fitness center. There would also be 277 parking spots, most of which would be in private garages.
Sources from 2022 report that rent on the homes would likely range from $6,000 to $7,000 a month. It’s unclear whether this is still the case; rent in Boca Raton averages about $2,933 a month for a 1,040-square-foot apartment, per RentCafe.
Integra Investments is leading the venture. It purchased the eight-acre development site for $12.6 million. Google Earth shows that prior to acquisition, the build site served industrial purposes. The developer secured a $6.3 million acquisition loan from LV Lending to make Boca Villas possible, and Arcadis IBI Group is the architect.
Renderings show low-rise homes with patios and balconies. Boca Villas could soon unfold at 2600 N.W. Fifth Ave., Boca Raton, Florida, 33431, in Palm Beach County.
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