Oak Lane Partners Unveils 243-Unit Multifamily Development in Boca Raton Under Live Local Act
Introduction to Oak Lane Partners' New Venture
Oak Lane Partners, a prominent investment firm based in Boca Raton, Florida, has announced plans to develop a 243-unit multifamily housing project adjacent to its headquarters. This initiative aligns with Florida's Live Local Act, aiming to streamline the approval process for affordable housing developments in non-residential zones. The project encompasses 226 apartments and 17 townhouses, marking a significant step in addressing the region's housing needs.
Project Details and Community Impact
The proposed development is strategically situated within Boca Raton's light industrial and research park (LIRP) zoning district. The Boca Raton Planning and Zoning Board has unanimously approved amendments to the existing site plan, permitting the construction of an eight-story apartment building on the west side and five three-story townhouse buildings on the east side of the current office property. This thoughtful integration of residential units into a traditionally non-residential area exemplifies innovative urban planning.
Commitment to Affordable and Workforce Housing
Demonstrating a strong commitment to community welfare, Oak Lane Partners plans to allocate 10% of the units as affordable housing and an additional 5% as workforce housing. Specifically, the apartment complex will feature 23 affordable units and 12 workforce units, while the townhouse segment will include two affordable units and one workforce unit. This initiative not only diversifies the housing options in Boca Raton but also supports the city's efforts to provide housing solutions for various income levels.
Redevelopment of Existing Office Space
In addition to the residential components, Oak Lane Partners intends to revitalize approximately two-thirds of its 130,150-square-foot office building. The redevelopment plans include introducing an 11,447-square-foot restaurant, a 2,570-square-foot outdoor dining area, and a 72,428-square-foot indoor recreation space. The envisioned recreation area is set to feature amenities such as racquet courts, climbing walls, a miniature golf course, and a toddler play area, enhancing the community's recreational offerings.
Strategic Acquisition and Investment
This ambitious project follows Oak Lane Partners' acquisition of the 10-acre office property at 791 Park of Commerce Boulevard in 2023 for $20 million. Located within the Park at Broken Sound—a 700-acre commercial and residential hub in Boca Raton—the development is poised to contribute significantly to the area's growth and vibrancy.
Understanding Florida's Live Local Act
The Live Local Act is a comprehensive statewide strategy designed to increase the availability of affordable housing in Florida. By encouraging the development of multifamily residential units in commercial and industrial zones, the act facilitates streamlined approvals for projects that incorporate affordable housing components. Under this legislation, municipal staff can approve qualifying residential developments without the need for review by elected city officials, provided they meet specific affordability criteria.
Insights
What is the Live Local Act?
The Live Local Act is Florida's legislative initiative aimed at expanding affordable housing by allowing residential developments in non-residential zones, provided they include a designated percentage of affordable units.
How does Oak Lane Partners' project benefit the Boca Raton community?
By introducing 243 residential units with affordable and workforce housing allocations, along with new dining and recreational facilities, the project enhances housing diversity and enriches community amenities in Boca Raton.
What types of recreational facilities are planned in the redevelopment?
The indoor recreation space is set to include racquet courts, climbing walls, a miniature golf course, and a toddler area, offering a variety of activities for residents and visitors.
Where is the development located?
The project is situated at 791 Park of Commerce Boulevard within the Park at Broken Sound in Boca Raton, Florida.
What percentage of units will be designated as affordable housing?
Oak Lane Partners plans to designate 10% of the units as affordable housing and an additional 5% as workforce housing, contributing to the city's affordable housing stock.
Conclusion
Oak Lane Partners' forthcoming development represents a harmonious blend of residential living, dining, and recreation, all while addressing the critical need for affordable housing in Boca Raton. By leveraging the opportunities presented by Florida's Live Local Act, this project sets a precedent for innovative urban development that prioritizes community enrichment and inclusivity.
