Building a new home in downtown Boca will soon be a thing of the past. If you're looking to build in this area, you better make a decision very soon.
The downtown area has 469 residential units under construction and anther 558 expected to be under construction by the middle of 2014. This has caused the downtown area to run out of residential space.
In fact, 88% of the downtown space allocated for residential units has been developed or scheduled for development. This reality causes the potential for many changes for the future of downtown Boca.
The city will most likely need to look at some of the office and retail space to change the current mix. They may need to expand the amount of square footage approved for building or they may need to expand the roads to handle more cars. However, expanding the roads isn't likely.
Many debates about the size and structure of downtown Boca have popped up between citizens and the City Council. If the approved residential units are all built, downtown will double in residential size compared to 20 years ago.
Even though some citizens oppose downtown expanding the residential units, the City Council believes this is necessary to help stimulate the retail scene in the city.
The real changes may depend on which mayor is elected next. Susan Haynie, the current Deputy Mayor is running and she doesn't support converting any potential office space to residential space. However, her opponent, City Council Member Anthony Majhess hasn't come out with such a strong stance on this issue. He did vote against three of the five proposed residential projects, however.
Developers will put pressure on the new mayor and the city council to get more residential space. It will be up to the elected officials to make the right decisions for downtown Boca, but it's very likely the scope of downtown will be changing in the near future.
Gloria Singer is the Broker of Boca Expert Realty, a boutique Boca Raton real estate company with a focus on professional service and an unparalleled customer experience. Our select agents are amongst the top performing professionals in the field. Visit www.BocaExpert.com for information on Boca Raton, Delray Beach and Highland Beach real estate and to connect with an expert in the local market.