A controversial redevelopment plan poised for an area near the Boca Raton Brightline station recently cleared another hurdle, gaining a board’s unanimous approval.
The city’s Planning and Zoning Board recently voted to recommend approval of Terra and Frisbie’s government campus redevelopment plan, or One Boca.
The project pitches more than 900 residences, retail, offices and a hotel on 7.8 acres of land directly south of the Brightline station.
The 17 acres west of Northwest Second Avenue will be a “public city park” designed to be “developed and programmed by (the) city in concert with city residents,” according to Terra and Frisbie, the developers behind the project.
Timothy Dornblaser, a member of the city’s Planning and Zoning Board, said he foresaw redevelopment would be needed since the Brightline station opened in Boca Raton in 2022.
“We see it around the rest of South Florida, whether it be Aventura, downtown Miami, West Palm. You see development happening around the Brightline station to incorporate mass transit into new, vibrant developments,” Dornblaser said during the meeting. “I think this is a good start.”
The board’s recommendation comes shortly after the city initiated an independent financial analysis by outside consultant PFM to assess One Boca.
According to the analysis, the project could generate $8.5 million in net fiscal impact to the city after 10 years.
The analysis also projected a funding gap of $87 million, which is based on current estimated bond funding sources.
Rob Frisbie, a Frisbie Group principal, said he believes they could bring the proposed budget down and get more in bond money to fund the project. And even if not, the economic impact generated by One Boca would more than make up for it, he said.
“We don’t believe there will be a funding gap,” Frisbie said in an interview with the South Florida Sun Sentinel.
Frisbie understands some people might “roll their eyes at that and say, of course the developer will say that.”
PFM Financial Advisors Director Kevin Plenzler told the City Council at a public meeting where the financial analysis was presented that the funding gap primarily exists due to a timing difference.
“We’re modeling a bond issue off of 30 years of net cash flows on a 99-year project. So it’s only the first third of the project that’s contributing to this bond issue,” Plenzler said at the meeting.
Frisbie believes the analysis confirmed “that this is a very strong deal with the city.”
One Boca has experienced several modifications amid opposition the project drew from residents who formed a movement called Save Boca to fight for voter control over city-owned land. Many members still speak out against the project at public meetings.
Originally, the project proposed more than 1,100 apartments, 250,000 square feet of office space, a hotel and nearly 85,000 square feet of retail, which would have spanned across about 30 acres near the intersection between West Palmetto Park Road and Dixie Highway.
The city’s decision to go with a public-private partnership has been a source of contention for One Boca naysayers.
But Frisbie argues that Terra and Frisbie’s development insight will keep the budget manageable and ensure the project is completed within an adequate time frame.
“One of the best parts of partnering with a private entity is to get that expertise to manage these developments,” Frisbie said. “If you have a cavity on your tooth, should you operate yourself or go to a dentist?”
One Boca still faces a significant vote on March 10, when voters will cast their ballots on the question of whether the city should move forward with Terra and Frisbie’s project.
During the Dec. 18 meeting, Boca Raton resident Richard Warner told the Planning and Zoning Board he thinks it’s inappropriate to consider recommending project approval prior to the March vote.
“I am confident (the election) will eliminate this whole issue,” Warner said.
Others told the zoning board they support One Boca and what it will bring.
“The city will see significant financial benefit from the lease and from the approximately 8 acres of land and subsequent development that will be located there,” city resident Ed Venezia said at the meeting. “Let’s be honest, those 8 acres are completely underutilized today. Bringing some vitality to the area and also having it generate revenue for the city is a no-brainer.”
Renderings presented during a public city of Boca Raton meeting depict the vision behind One Boca, the government campus redevelopment plan proposed near the city’s Brightline station. (One Boca)
Terra and Frisbie have spent millions so far on One Boca — if the project does not get approved, it would be a “huge blow” to the money and time invested so far, Frisbie said.
“If it doesn’t get approved, there’s nothing to do. That would be a huge loss for the community,” Frisbie said.