Related Group has secured $177.3 million to build a residential complex within Office Depot’s former headquarters in Boca Raton, Fla.
The construction financing from Wells Fargo covers a multifamily development featuring 494 luxury apartments and 50 units priced as workforce housing. The bank, serving as an administrative agent, increased a loan with $36.6 million of outstanding debt by $140.7 million, according to public mortgage documents.
Completion is slated for the summer of 2028. In August, the Miami-based developer began demolishing an office building at 6000 North Military Trail, just north of Yamato Road, adjacent to the Old Course at Broken Sound private golf course.
Last year, Related Group purchased the asset, which sits on a 8.3-acre parcel, for $50 million from BH Group and PEBB Enterprises, though documents suggest the sellers have retained stakes in the residential project.
The joint venture bought the 28-acre office campus for $104 million in 2023 from Office Depot’s parent company ODP, with plans to redevelop it into a mixed-use development.
About 405,000 square feet of office space across two buildings will remain, while four new retail and restaurant buildings that together total nearly 43,000 square feet will be added. Luxury gym chain Equinox is expected to open a 37,000-square-foot location, while law firm Kanner & Pintaluga has taken nearly 78,000 square feet.
ODP has retained a presence on the campus, having signed a 214,684-square-foot agreement in 2024.
A representative for Related Group has yet to provide comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Leave a Reply