Initial Plans for Retail and Mixed-Use Development

The Camino Square development in downtown Boca Raton was supposed to be a mixed-use project targeted at redeveloping the area. The first phase of the project involved the demolition of a Winn-Dixie-anchored retail center in order to make way for a modern complex with 350 apartments across two eight-story buildings. Retail space was the original focus of the project, with the second phase approval given for over 37,000 square feet of retail use. However, market conditions since the application and approval process have shifted this focus.

Location and Significance of the Project

Located at 171 West Camino Real, the Camino Square sits on one of the most prime 9.1-acre sites in the heart of Boca Raton. The project is a joint venture between Miami-based FCI Residential, the multifamily wing of Florida Crystals, and Kimco Realty Corp., leaseholder of the land. Its strategic location in the downtown area positions it to make strong marks in both housing and commercial landscapes.

Details of the Second Phase Redevelopment

From Retail to Residential: The Shift in Plans

FCI Residential recently proposed a major amendment to the second phase of Camino Square, replacing most of the retail space with apartments. A revised plan includes 400 new apartments and 3,924 square feet of retail space in two eight-story buildings, plus a 778-space parking garage. The change represents both a lack of interest from commercial tenants and pent-up demand for housing in Boca Raton.

 

Proposed Second-Phase Amenities

Apartment Sizes and Configurations: Apartment sizes in the 400 units will be varied, including almost half as one-bedroom units, about 150 two-bedroom units, and about 50 three-bedroom units. Apartment sizes will range from 693 to 1,550 square feet. Retail Component Size will be reduced to just under 4,000 square feet, small enough to support only minor commercial uses complementary to the residential community. Amenities will include a fitness center, lounge, business center, pickleball courts, and a pool. These features are designed to create a vibrant, community-oriented living environment. 

Why Residential Development Makes Sense

Addressing the Housing Demand in Boca Raton

The unprecedented demand for housing in Boca Raton defines its current face and, by extension, Palm Beach County. Adding 400 apartments at Camino Square directly addresses such shortages with centrally located, modern units to the needs of residents.

Challenges of Attracting Retail Tenants

According to The South Florida Business Journal, local attorney Ele Zachariades said that concerted efforts to find retail tenants for the second phase came up empty. That's a broader trend in the retail industry, he said, as demand for physical storefronts has fallen with the rise of e-commerce. Shifting to residential cuts down on traffic and better aligns with community needs.

Traffic and Community Impact

Compared to a large-scale retail center, a predominantly residential project generates less vehicular traffic. This makes the development more suitable for the surrounding area, improving livability for residents and neighbors alike.

Developer and Architectural Vision

FCI Residential and Kimco Realty Collaboration

FCI Residential's expertise in multifamily development, combined with Kimco Realty's role as a leading real estate investment trust, has positioned Camino Square as a transformative project in downtown Boca Raton.

MSA Architects' Role in Design for the Project

Miami-based MSA Architects has designed the project to encourage community interaction through open urban spaces. Landscaped zones, colonnades, and walkways encourage casual interactions that allow people to get to know their neighbors.

Designing the Urban Spaces to Encourage Community Interaction

The architecture knits together residential and retail elements with open, public spaces. The balance of uses is intended to provide an active urban center for both residents and visitors.

Larger Trends in South Florida Development

Growing Interest in Multi-Family Housing

As demands for housing continue to surge, developers in South Florida increasingly abandon commercial projects in favor of residential projects. Camino Square's transformation reflects this trend, as multifamily housing seems to be emerging as the favorite choice of investors and planners.

Similar Projects in Palm Beach County

Other projects like Wellington Vista prove the increasing attention of investors towards residential projects, rather than office space. These developments are fueled by a high demand for rentals and the increase in population.

What It Means for the Residents of Boca Raton

The Potential Positive Aspects of the Development

The addition of 400 new apartments at Camino Square will help address the housing shortage in Boca Raton, provide high-quality amenities for residents, and reduce traffic compared to a retail-centric development. The project’s central location also enhances accessibility to downtown amenities.

Concerns or Challenges

This would bring a lot of extra density to an area that is spacious, so it could be a concern for many residents. Openness and community involvement are really important in getting around this potential stumbling block.

Conclusion: What's Next for Camino Square Boca Raton?

The shift in focus from retail to residential development in Camino Square speaks volumes on the change in priorities within Boca Raton's real estate market. With an emphasis on modern amenities, thoughtful design, and accessible housing, the project will take care of a growing population.

For professional interpretation of local real estate trends, to buy or sell a home in South Florida, contact The Mastropieri Group, Realtors at (561) 544-7000. For accurate, timely news and information about Boca Raton real estate, call on The Mastropieri Group.


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Posted by Larry Mastropieri on

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