Penn-Florida Cos. has recently announced updates to their plans for Universal Village in Boca Raton. The company acquired the land in 2013 and obtained zoning approval for the 77-acre site near Florida Atlantic University in 2015, but construction has not yet begun.
According to a report from the South Florida Business Journal, Penn-Florida’s revised plans for University Village include reducing the number of residential units from 829 to 710, with an additional addition of senior multifamily units totaling at least one hundred. The tallest apartment building will now be seven stories tall instead of previously planned ten stories and there will also be a reduction in office space and retail/restaurant area within a proposed five-story building. However, there are no changes being made to the number of hotel rooms which remains at 185.
The development is set to take place over three phases with phase one consisting of approximately four hundred sixty-six residential units along with an office building, hotel and most retail/restaurant space. Phase two would include one hundred eighty-four residential units followed by phase three which would add another one hundred thirty-one residential units as well as complete remaining retail spaces.
This major development project is expected bring significant growth opportunities for Boca Raton while providing new housing options along with commercial amenities such as offices spaces , hotels , restaurants etc . This update on Penn-Florida’s plans showcases their commitment towards creating a thriving community that meets both resident needs and market demands.
