Kolter

  • Sep
    24

Developer Sells Office Portion of Boca Mixed-Use Site

September 24, 2015

Via The Real Deal, by Sean Stewart-Muniz

An office building that’s surrounded by new development in downtown Boca Raton was just sold for $25.7 million.

The building is a mid-rise structure with 73,918 square feet of interior space, according to Palm Beach County property records. It was built in 1997 and was most recently owned by developer Ram Realty Services, which paid $45 million to acquire both the building and the 4.5-acre parcel it occupied in 2006. At the time, most of the land at 120 East Palmetto Park Road was occupied by surface parking lots.

The parcel has since become a major redevelopment site for downtown Boca Raton. Ram has sold or developed much of the original surface parking, with only 1.1 acres remaining for the original office building.

Last week, Ram re-platted the offices to separate them from the other development sites. An LLC titled Kireland Palmetto Park filed a deed Tuesday to acquire the offices, also known as the Merrill Lynch building. The recorded price was $25.7 million. Corporate records show the company is managed by Alex Kurkin, a lawyer in Aventura.

Surrounding the building is a newly constructed apartment tower to the south, and a Hyatt-branded hotel that’s currently being developed to the west.

Ram wrapped up construction on a 12-story, mixed-use building dubbed the Mark at Cityscape earlier this year. It has 208 apartments and 18,052 square feet of retail space on the ground floor. The project occupies 2.3 acres of the original parcel’s southern end. The developer also built an eight-story parking garage with 679 spaces to replace the surface parking it redeveloped. It services the apartments, retail and office portions of the project.

In March, Ram sold roughly one acre of the land to the Kolter Group, where the developer is currently building the 200-room Hyatt Place Hotel Boca Raton. The recorded price for that chunk was $5.5 million.

  • Jul
    13

West Palm Apartments formerly known as Isis get new name, again

July 13, 2015

West Palm apartments formerly known as Isis get new name, again

By Alexandra Clough – Palm Beach Post Staff Writer

Perhaps the third time will be the charm.

Kolter once again has renamed a residential building planned for downtown West Palm Beach.

First, the property at 333 Fern Street was known as Isis Downtown, a name derived from the Egyptian goddess.

But Isis was was disposed of after the murderous terrorist group known as the Islamic State in Iraq and Syria started rampaging its way across the Middle East last summer.”We quit spending money the minute the ISIS thing happened. We knew we had a very unique problem,” said Bob Vail, president of Kolter Urban in West Palm Beach.

Then the project became 3 Thirty Three Downtown, the site’s address. The name was safe, if boring, and didn’t convey much information about the project, other than its location.

Now, the apartment property will be known as The Alexander, a nod to its neighboring property, Alexander Lofts. The Lofts is an 85 unit-project that’s already 50 percent leased, even though the property was just finished.

Meanwhile, The Alexander is planned to be 210 apartments in a modern-style building. It will also provide garage parking for Alexander Lofts, a former office building converted into loft-style apartments by Ram of Palm Beach Gardens.

The Alexander is a joint venture with Ram, and since the buildings share amenities, it made sense to take the name and “brand the whole project,” said Hugo Pacanins, managing director/multifamily for Ram Realty Services.

The 16-story building will break ground in August, with completion set for the summer of 2017.

Units range from 825 square feet to 1,700 square feet.

When completed, the property will be the largest new high-rise apartment coming out of the ground in West Palm Beach, Pacanins said.

Alexandra Clough writes about the economy, real estate and the law.