Boca Raton retail project could be scrapped for apartments
The second phase of this downtown project would be larger than the first phase. MSA ARCHITECTS
CI Residential, the multifamily arm of sugar producer Florida Crystals, could build apartments instead of retail for the second phase of its Camino Square project in downtown Boca Raton.
The Miami-based developer holds a land lease with New Hyde Park, New Yorkbased Kimco Realty Corp. (NYSE: KIM) for the 9.1-acre property at 171 West Camino Real. It previously had a retail center anchored by Winn-Dixie, but it was demolished as FCI Residential broke ground on the first phase of the project, consisting of 350 apartments in two buildings of eight stories each.
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The second phase of Camino Square was approved for 37,399 square feet of retail, but now FCI Residential has other plans. The developer recently filed a site plan amendment to instead build 400 apartments and 3,924 square feet of retail in two buildings of eight stories each, plus a 778-space parking garage. The multifamily /retail buildings would total 492,959 square feet. Amenities would include a fitness center, lounge, business center, pickleball courts and pool.
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Article: South Florida Business Journal - Miami Business News