Grover Corlew is looking to add more office and restaurant space to downtown Boca Raton through a redevelopment of Bank of America Plaza at 150 E. Palmetto Park Road.
Plans recently submitted to the city call for changes to the 1.65-acre property, which is currently improved with an eight-story, 115,553-square-foot office building dating to 1969. The proposal would remove a 21,414-square-foot portion of the structure along Mizner Boulevard and replace it with a new eight-story addition totaling 71,112 square feet.
The expansion would bring the property to 162,537 square feet. In addition to new office space, the project would introduce nearly 7,000 square feet of restaurant space at ground level, along with 1,680 square feet of covered outdoor dining and a rooftop amenity area. The plans also include a robotic underground parking system with 90 spaces.
Grover Corlew’s leadership framed the proposal as part of a broader push to strengthen Boca Raton’s downtown as a destination for both employers and workers. The concept emphasizes a more active street presence, with dining and retail intended to make the property function as more than a traditional office building.
The project is still early in the city review process. HdA Architects, based in Boca Raton, is designing the redevelopment, and attorney Ele Zachariades is representing the developer in the application.
The proposal comes as Boca Raton’s eastern office market continues to balance new development with available space. Colliers reported a first-quarter office vacancy rate of 12.8% in Boca Raton East, with Class A vacancy notably higher at 22%. Average asking rents for Class A offices were reported at $58.28 per square foot, while roughly 144,000 square feet of office product was under construction in the submarket, much of it tied to the Aletto project now rising downtown.
Source: SFBJ
