The vibrant and ever-evolving real estate market in Delray Beach is about to take another leap forward with the groundbreaking of the second phase of the highly anticipated Atlantic Crossing mixed-use development. After securing a significant $119 million construction loan, the project is set to expand further, offering a mix of luxury homes, retail, office spaces, and dining options. This addition will be situated at 777 E. Atlantic Ave, directly east of the already successful first phase completed in 2022. As real estate agents know, this expansion marks a key development in the South Florida area and will undoubtedly increase the appeal of living and working in this dynamic community.
Expanding Delray Beach's Vibrancy with Mixed-Use Spaces
Atlantic Crossing’s second phase is designed to continue the theme of urban living with an emphasis on mixed-use spaces. The development will feature two distinct buildings: a three-story building with 23,800 square feet of retail and restaurant space, and a four-story building with 15 condo units totaling 48,200 square feet. This combination of luxury homes and commercial space ensures that the development will cater to a wide variety of needs, from residential to professional, and all the lifestyle conveniences in between.
For real estate investing enthusiasts, this project is a significant development. It combines high-end living spaces with a rich retail environment and ample office options, providing investors with a unique opportunity in a thriving area. With parking space for over 600 vehicles—131 underground spaces and 479 spots in a parking garage—the project seems geared towards accommodating both residents and the influx of visitors drawn to this popular neighborhood. As Realtors know, high-quality amenities and convenient access to popular attractions are always a key selling point in Boca Raton real estate and surrounding areas.
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Atlantic Crossing’s Popularity Boosted by Prime Location
Atlantic Avenue, known for being one of the hottest dining and entertainment streets in Palm Beach County, has made the Atlantic Crossing project especially attractive to developers, retailers, and future residents. The first phase, which was completed in 2022, is already home to a variety of sought-after restaurants and retail shops, such as Gabriella’s Modern Italian, Hyde Park Steak House, Le Colonial, and Lilly Pulitzer. The area is also attracting office tenants, including major firms like Merrill Lynch and MN8 Energy.
With the second phase now underway, the area is likely to see even more interest from individuals and businesses looking to be part of this exciting location. The mix of luxury homes, office spaces, and restaurants creates a vibrant, walkable community where residents can live, work, and play all within the same area. This makes Atlantic Crossing a highly desirable destination for both real estate agents in Boca Raton, FL, and prospective homebuyers. With its central location and diverse offerings, it's not surprising that Boca Raton real estate companies are keeping a close eye on this development.
A Significant Investment in Delray Beach Real Estate
The $119 million loan was provided by Bank of America, marking a pivotal moment in the development of South Florida’s real estate landscape. This is the first major construction loan the bank has issued in the region since April 2023, excluding government-subsidized affordable housing projects. This shift in lending activity could be seen as a positive indicator of the increasing confidence in the Boca Raton real estate market and the surrounding areas. As Realtors Boca Raton may note, such large investments reflect a growing interest from national lenders in supporting high-quality mixed-use developments in this area.
Atlantic Crossing's development is also a sign of the region's ongoing urban transformation. As Delray Beach continues to mature into a sought-after urban hub, projects like these are not only providing housing but also promoting the growth of local businesses and attracting new ones. The Boca Raton real estate market has consistently seen an influx of potential buyers and investors, and the completion of Atlantic Crossing’s second phase is likely to further stimulate this trend.
The Future of Living and Working in Delray Beach
The second phase of Atlantic Crossing is expected to continue its predecessor’s success by providing modern living solutions in a community that is both upscale and convenient. As Boca Raton realtors are aware, Delray Beach's real estate scene has experienced steady growth, thanks in large part to projects like Atlantic Crossing. The mix of residential units, commercial spaces, and an abundance of dining and shopping options makes the development a perfect example of the demand for live/work/play environments that are becoming more popular across the country.
As the project progresses, more details about the specific units and office spaces will likely become available. Given the expected high demand for space in this prime location, it’s crucial for prospective buyers, renters, and investors to stay informed. Boca Raton realty professionals can assist in securing the best opportunities for those looking to live, invest, or operate a business in this burgeoning area.
Bank of America’s Role and the Broader Lending Landscape
The involvement of Bank of America in this project’s financing further emphasizes the growing importance of South Florida in the national real estate market. The $119 million loan marks a significant moment in the construction lending landscape, particularly as it is one of the first such loans in the area since April 2023. The confidence shown by such a large financial institution in the region’s growth is a positive indicator for developers, investors, and real estate professionals in the Delray Beach area and beyond.
With the bank’s increasing focus on construction loans, especially for projects like Atlantic Crossing, the market is likely to see even more developments of this nature in the near future. Real estate marketing efforts will need to keep pace with this trend, ensuring that potential buyers are aware of the new offerings and the high quality of development taking place in the area.
Conclusion: The Promise of Atlantic Crossing for South Florida
As construction ramps up on the second phase of the Atlantic Crossing project, it is clear that this mixed-use development will continue to play a pivotal role in shaping the future of Delray Beach real estate. The combination of luxury homes, office spaces, retail, and dining options is a powerful draw for residents, business owners, and investors alike. The $119 million construction loan highlights the growing investment in the area, and with the project’s prime location on Atlantic Avenue, the future is certainly bright for this development.
For those interested in exploring real estate opportunities in the area, Boca Raton luxury real estate professionals from The Mastropieri Group can provide expert guidance and support. Whether you're looking to purchase a home, invest in real estate, or explore the latest in Boca Raton homes for sale, our team is here to help.
For more information, reach out to The Mastropieri Group at (561) 544-7000 today to start your journey in the booming South Florida real estate market.
Posted by Larry Mastropieri on
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