Commissioners last week unanimously accepted a development proposal for the Florida Atlantic University (FAU) acreage that will, if approved by voters in March, pay the city $6.5 million, contribute another $7.5 million in community improvements and construct a multi use building housing a medical complex, hotel, workforce housing, event and entertainment space, and commercial tenants.
The four acres at Southwest 10 Street and Southwest 11 Way, at the entrance to I-95, have been vacant for decades and until last year were under lease to the Florida Atlantic Research and Development Park.
In refusing to extend the partnership with FAU, city officials opted to hire a marketing firm to pitch the property to developers. Colliers International was given the task and produced six qualified candidates. The city’s selection committee two weeks ago ranked MBA Development Partners, based on Boca Raton, as the number one bidder.
Said Ken Krasnow, representing Colliers, “MBA is the clear favorite. This is a true live, work, play development. Their intent is to create a statement for Deerfield Beach.”
He presented a four-year development schedule that would have the building leasing the 120 apartment units in 2027. MBA already has created a program to educate the community about the project prior to the 2023 election and the ballot language has been prepared.
Also planned for the building, a medical tower, 105-room hotel, 20,000 square feet of restaurant/entertainment space, and parking garage. The project is being priced out now at $178 million.
The medical tenants are known to the developer, Krasnow said, but those identities are currently protected by a confidentiality agreement. What is known, he said, is that the Marriott brand will operate the hotel and a well-known real estate company will manage the living units.
“Every space is spoken for,” a representative of the developer said.
To City Commissioner Todd Drosky’s observation that the city had hoped to attract a national developer, Krasnow said, “You have national brands with a local presence.” Drosky also pushed Krasnow to reveal the proposed medical tenant saying, “We have only one shot at this . . . We want a dynamo that will energize the area.”
Vice Mayor Ben Preston said in their presentation to staff that “MBA said all the right things . . . It’s a homerun.”
The Boca Raton-based developer is a privately-held real estate company who has partnered with others to develop $4 billion in real estate projects.
Source: New Pelican