Boca Raton’s sprawling 124-acre office campus by Yamato Road is about to receive a massive face-lift and the plans for the mini “village” are striking: more than 1,200 residences, a hotel and a 5,000-seat entertainment venue similar to “House of Blues or Hard Rock Live.”
Developers from CP Group have provided new details to the Boca Raton City Council about the their planned renovation of the Boca Raton Innovation Campus, which is in between Yamato Road and Spanish River Boulevard and just west of Interstate 95.
The site, which is the former headquarters of IBM, is one of the most valuable properties in the city. In November 2021, DRA Advisors, of New York, invested $320 million into the property, according to Palm Beach County Property Appraiser records.
The goal of the project is to transform the office campus into a village or town-like atmosphere that would include:
1,240 residential units
A hotel with 150-175 rooms
1.72 million square feet of office space
50,000 square feet of restaurant space
76,000 square feet of general commercial space
A 40,000-square-foot grocery store
A 5,000-seat entertainment venue
At least two parking garages
Angelo Bianco, managing partner of CP Group, told city officials in Monday’s public meeting it would likely take about 10 years to build out the entire property, which will be done in phases. Before construction can begin on the project, Bianco said they need to replace the “sea of parking lots” with two parking garages.
Specific details regarding the residential units were not provided during Monday’s meeting. In 2021, CP Group initially planned for 1,000 units before increasing the residential component by nearly 25%.
The 5,000-seat entertainment venue is also a new addition from the initial plans from 2021. Bianco described the venue as being “more in line with a House of Blues or a Hard Rock Live concept.” Hard Rock Live in Hollywood is a 7,000-seat concert venue that frequently hosts big-name performers. Billy Joel and Bruce Springsteen and the E Street Band are scheduled to play there in the next two weeks.
Bianco said they’re currently in negotiations with “one of the premier operators in the country” for the entertainment venue.
Bonnie Miskel, an attorney for the developer, said the venue would be geared toward “off-peak hours,” which she defined as “evenings, weekends and holidays.”
Additionally, the site also will include a major grocery store, which they “really need to make this work,” Bianco said. He added they’ve spoken with Amazon Fresh, “but they don’t see the big picture yet. They want to be on Yamato [Road], and I’m like, ‘That’s a great location, but you want to be ‘in’ the town.'”
Boca Raton Mayor Scott Singer pushed back on the idea of having a supermarket “buried at the back of the property” because it “doesn’t help the neighboring communities.”
“To have a supermarket closer to Yamato [Road] certainly does,” Singer said. “If we’ve got to wind our way for some of those amenities and they’re further back it decreases the efficiency of them and probably the vehicle miles taken off the road.”
Boca Raton City Councilwoman Monica Mayotte was more receptive toward the idea of building a more insular-type concept. “If people can come in from outside the village that’s a plus, but this is considered a village.
“I like that concept because it’s going to not put people on Yamato or Spanish River,” Mayotte said. “They’re going to stay contained in this little village, so I think it’s a great idea.”
Monday’s presentation was just to provide an update, so no vote was held on the project. Miskel said the site plan is still being finalized and will go before the city’s planning and zoning board at a later date.
