A developer paid $30.1 million for a vacant 1.17-acre site on East Royal Palm Road and has now filed plans for an 82-unit luxury condo. The location is strong. The question is whether pricing and approvals line up.
Key Takeaways
- A developer has proposed a nine-story, 82-unit luxury condo for two combined parcels in downtown Boca Raton, with units averaging 2,340 square feet.
- The land sold for $30.1 million in October 2025, translating to $25.7 million per acre.
- The project is in early staff review with no hearings scheduled yet, and the developer has not been publicly identified.
A developer has submitted plans for a nine-story, 82-unit condominium at 375 East Royal Palm Road in Boca Raton. According to Florida YIMBY, Royal Palm 343375 LLC acquired two adjacent parcels (343 and 375 East Royal Palm) in October 2025 for a combined $30.1 million. That works out to $25.7 million per acre for vacant land.
The proposal includes units averaging approximately 2,340 square feet, a rooftop resort-style pool, and a three-level internal parking garage (including one below-grade level) with 148 spaces. Total new construction is 222,188 square feet. The architect is GarciaStromberg, a West Palm Beach-based firm that has partnered with Sobel Co. on a four-tower mixed-use project in Riviera Beach.
Why does this site matter?
East Royal Palm Road is Boca Raton's boutique luxury condo corridor. The concentration of high-end residential product here is significant, and walkability to downtown Boca, The Boca Raton resort, and proximity to the Intracoastal make this location rare.
The comparable project is Royal Palm Residences at 475/485/495 East Royal Palm Road, developed by Group P6. That 48-unit project across three nine-story buildings delivered between 2022 and 2024. Recent MLS activity shows an average selling price of $3.29 million at approximately $879 per square foot, with units taking over 200 days to sell.
At $25.7 million per acre for a vacant site, the new developer is underwriting strong pricing for the finished product. The math has to work somewhere.
What pricing would make this pencil?
As Larry Mastropieri explained on the Discover South Florida Podcast: "At $25.7 million per acre for a vacant site, the developer is underwriting very strong pricing for the finished product. They probably need to be around $1,500 to $2,000 per square foot or higher to make the math work. That is the fundamental reason why this stuff is hard to build."
Mastropieri added: "At $1,500 to $2,000 per square foot, buyers are going to look hard at their options. They may compare this against Royal Palm Residences, Alina, Glass House, or a slightly used product nearby. If the pricing is that high, the building has to justify it."
At 222,188 square feet of total construction, typical construction costs for this product type run $300 to $450 per square foot in South Florida. That puts the estimated construction in the $66 million to $100 million range. Add the $30.1 million land basis, and the total project cost is likely $96 million to $130 million. On 82 units, the developer needs to average $1.2 million or more per unit just to break even.
Considering luxury condos in downtown Boca Raton? Talk to a real estate agent in Boca Raton who understands how new construction pricing compares to resale options along the Royal Palm corridor. Reach out to The Mastropieri Group or call (561) 544-7000.
What is the site's history?
This site has a history of approvals that went nowhere. In 2017, the parcel was approved for 193 assisted living beds. That was downgraded to 161 beds in 2021. Neither project was ever built.
The pivot from assisted living (2017) to luxury condo (2026) is a microcosm of what has happened to Boca Raton's downtown real estate market over the past decade. The site's highest and best use has fundamentally changed. Similar shifts are happening throughout Boca Raton's luxury development market.
The fact that two previous approvals went nowhere raises the question of whether this site has inherent development challenges that are not visible in the current proposal. Buyers should watch how the approval process unfolds.
What about golf course views?
Mastropieri noted: "Anyone looking to buy along that golf course view needs to pay attention. There is also a condo building approved on The Boca Raton campus, and depending on where it lands, it could affect some views. That is something buyers should understand before assuming the view will stay exactly the same forever."
View protection is not guaranteed in a developing corridor. The East Royal Palm Road area is narrow and high-density. Additional projects could change sight lines for existing and future owners.
What are the risks?
The filing is structured as an amendment to an existing Individual Development Approval (IDA) that covered the combined parcels. This pulls the project into the city's standard development-review process rather than starting from scratch. As of April 2026, the plan is sitting in early staff review and has not yet been scheduled for hearings before the Planning and Zoning Board or the Community Redevelopment Agency.
The developer behind Royal Palm 343375 LLC has not been publicly identified. Without knowing the capitalization and track record behind the $30.1 million land purchase, assessing execution risk is not possible. This is unusual at the initial review phase, where developers are typically identified in city filings. It may indicate a newly formed entity, a joint venture not yet formalized, or intentional discretion.
At a $30.1 million land basis, the developer has limited ability to walk away. They are committed to finding an approval path regardless of market conditions. That is both a signal of conviction and a potential pressure point if market conditions soften.
Watch More on This Topic
Watch: 82-Unit Boca Condo Proposal Segment ・ Full Episode: DSF Live Ep. 76 ・ Last Week's Recap: Ep. 75
Frequently Asked Questions
What is being proposed at 375 East Royal Palm Road in Boca Raton?
A developer has proposed a nine-story, 82-unit luxury condominium with units averaging 2,340 square feet. The project includes a rooftop resort-style pool and a 148-space parking garage. Total new construction is 222,188 square feet.
How much did the land sell for at 375 East Royal Palm Road?
Royal Palm 343375 LLC acquired two adjacent parcels (343 and 375 East Royal Palm) in October 2025 for a combined $30.1 million. That translates to approximately $25.7 million per acre, reflecting the premium for this downtown Boca Raton corridor.
Who is the developer of the proposed Boca Raton condo on East Royal Palm Road?
The land is held by Royal Palm 343375 LLC, but the principals behind the entity have not been publicly identified. The architect is GarciaStromberg, a West Palm Beach-based firm. The unnamed developer is unusual at this stage and may indicate a newly formed entity or intentional discretion.
When will the East Royal Palm Road condo project be approved?
As of April 2026, the project is in early staff review and has not yet been scheduled for hearings before the Planning and Zoning Board or the Community Redevelopment Agency. The filing is structured as an amendment to an existing Individual Development Approval, which streamlines the process compared to starting from scratch.
How does this compare to Royal Palm Residences in Boca Raton?
Royal Palm Residences at 475/485/495 East Royal Palm Road includes 48 units across three nine-story buildings. Recent MLS activity shows an average selling price of $3.29 million at approximately $879 per square foot. The new proposal at 375 East Royal Palm Road would add 82 units to the same corridor.
Local help for buyers and investors in Boca Raton
If you are buying, selling, or investing in downtown Boca Raton or anywhere along the East Royal Palm corridor, understanding how new construction pricing compares to existing inventory matters. Reach out to The Mastropieri Group, Realtors®.
For practical, hands-on support across Boca Raton, call (561) 544-7000.
Enjoy this blog post? Click here to subscribe for updates
Leave A Comment