Opterra Capital's hotel-to-apartment conversion just got a unanimous 7-0 vote from Boca Raton's Planning and Zoning Board. The project turns a Holiday Inn into 125 units, including 20 affordable and workforce housing apartments.
Key Takeaways
- Boca Raton's Planning and Zoning Board voted 7-0 to approve converting a Holiday Inn into 125 apartments.
- The project includes 20 affordable and workforce housing units with a 50-year restriction.
- City Commission final approval is still required, but the project has strong support.
Boca Raton-based Opterra Capital and Charleston-based Montford Group bought the Holiday Inn & Suites at 701 NW 53rd Street in July 2021 for $13.3 million. After years of planning, they received a unanimous 7-0 vote from Boca Raton's Planning and Zoning Board on April 17, 2026, to convert the existing 183-room hotel into a 125-unit apartment complex. The project also includes 5,550 square feet of restaurant space, 4,500 square feet of retail, and a new connection to the El Rio Trail.
What is the conversion plan?
The 183 hotel rooms will become 125 apartments: 74 efficiency units (studios), 43 one-bedrooms, and 8 two-bedrooms. No exterior demolition or reconstruction is required. The existing 214 surface parking spaces, pool, and fitness center will be retained.
As Larry Mastropieri noted on the Discover South Florida Podcast: "What's interesting here is that there's no exterior change required. The building stays exactly as it is; they're just changing the use from hotel to apartments. That's a much simpler way to reposition an asset."
The affordable housing component includes 13 units designated affordable (10% of the total) and 7 workforce housing units (5%), all with a 50-year affordability restriction per county financing requirements. Workforce housing projects have become increasingly common across Palm Beach County.
Why did this get approved?
The 7-0 planning board vote followed a 4-0 approval from the Community Appearance Board in December 2025. City Commission final approval is still required, but the unanimous support suggests this is not a controversial project.
As Larry explained, "When you look at the location, it makes sense why this got approved. It's already in a mixed-use, slightly industrial pocket where conversions like this don't face as much resistance. That makes the path to approval a lot easier."
The El Rio Trail connection also helped secure community support. An 8-foot shared-use path will connect the site to the trail, adding a public amenity to a car-dependent commercial strip.
Interested in Boca Raton investment opportunities? Talk to a Boca Raton real estate agent who understands how adaptive reuse projects affect local values. Reach out to The Mastropieri Group or call (561) 544-7000.
Why does the math work for adaptive reuse?
Opterra Capital and Montford Group acquired the property in 2021 for $13.27 million. The previous owner, Archer Capital Group, had paid $14.1 million in 2016, meaning Opterra bought it below the prior purchase price.
For 125 potential apartment units, the acquisition basis works out to approximately $106,400 per unit before renovation costs. Compare that to typical new construction in Boca Raton, which ranges from $250,000 to $350,000+ per door. No demolition cost, no new foundation, no exterior permitting delays. The adaptive reuse playbook is significantly faster and cheaper than building from scratch. Office-to-apartment conversions are following a similar pattern in Broward County.
Boca Raton average rents run around $3,183 per month according to Zillow. Even studios at $1,800 to $2,000 per month generate a strong yield on a $106,400-per-door basis. Opterra Capital is led by CEO Glenn Alba, a former Blackstone Managing Director with 20 years of experience, signaling institutional-quality underwriting behind this deal.
What is being added beyond apartments?
The project includes 5,550 square feet of restaurant space with outdoor dining and three retail units totaling 4,500 square feet. These commercial components add neighborhood amenity to a zone that currently lacks pedestrian activation.
The El Rio Trail connection is the public amenity that likely helped move the project through approvals. The 8-foot shared-use path around the site perimeter connects to a growing trail network in western Boca Raton. Glass House in downtown Boca Raton is another project adding residential density to the city, though in a very different price segment.
FAQs about the Holiday Inn conversion in Boca Raton
Who is developing the Holiday Inn conversion in Boca Raton?
Boca Raton-based Opterra Capital (led by CEO Glenn Alba, former Blackstone Managing Director) and Charleston-based Montford Group are co-developing the project. They acquired the property in July 2021.
How many apartments will the Holiday Inn in Boca Raton have?
The 183 hotel rooms will become 125 apartments: 74 studios, 43 one-bedrooms, and 8 two-bedrooms. Total residential square footage is 83,697 square feet.
Will the Holiday Inn conversion include affordable housing?
Yes. The project includes 13 affordable units (10%) and 7 workforce housing units (5%), all with a 50-year affordability restriction at 30% to 80% of the area median income.
Has the Holiday Inn conversion in Boca Raton been approved?
The Planning and Zoning Board voted 7-0 in favor on April 17, 2026, and the Community Appearance Board approved 4-0 in December 2025. City Commission final approval is still required.
When will construction begin on the Holiday Inn conversion?
No construction timeline has been announced. City Commission approval is needed first, and renovation costs and financing have not been publicly disclosed.
Local help for buyers and investors in Boca Raton
If you are buying, selling, or investing in Boca Raton or anywhere in Palm Beach County, understanding how adaptive reuse projects affect property values matters. Reach out to The Mastropieri Group, Realtors®.
For practical, hands-on support across Boca Raton, call (561) 544-7000.
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