🏨 Hyatt Place Hotel Boca Raton Raton. Boca Raton’s new Hotel will contain 200 rooms, stand 160 feet tall, including 20 feet of structures on its roof of the 140 foot building. Hyatt Place will be an integral part of Ram Realty’s mixed-use Mark at Cityscape project.
🏨 Hyatt Hotels advertises its Hyatt Place brand as a focus towards the business travelers; however, experience demonstrates in south Florida, that the new Hyatt Place in Delray Beach, located in the PineApple Grove district of Delray Beach, having opened in 2012, draws vacationers too. The Delray’s Hyatt Place’s general manager says hotel operations have been “terrific.”
🏨 Boca Raton has tried to fill its downtown vacant Corner for many decades. One may have expected Applause and Champagne after the City Council’s approval of the project. Instead, the discussion featured only a few questions from council members and just the faintest squawking from holdout critics who questioned setback rules for the hotel. The clerk recorded the vote, and CRA Chairman Scott Singer moved on to the next agenda item. Done.
🏨 The City of Boca Raton Raton and a number of property owners have sought a suitable project for the 47,450 square foot site, the southeast corner of Palmetto Park Road and Federal Highway, literally “Main and Main” for the City. Success finally came late in 2014, as the council unanimously approved DDRI No. CRP-08-03R2, the official plan for a proposed 200 room Hyatt Place hotel.
🏨 Make no mistake about it, this project is a really big deal. In downtown Boca, this vacant lot has stood out like a missing tooth in an otherwise great smile. The city believed that it shouldn’t just fill the gap with just anything. There were repeated references in presentations to the City Council, that this development is a “landmark project” on a “landmark corner.” Councilman Mike Mullaugh called this project a “new benchmark” for downtown development.
🏨 A Brief history for this 1 acre corner site. In the late 1990’s this corner was approved for a 210,000 square foot office building that would contain an oversized parking garage to accommodate the new corner office building, plus the garage would have sufficient excess parking, to accommodate the existing Merrill Lynch office building whose address is 150 East Palmetto Park Road, a 67,000 square foot facility. Until a new garage is built, this corner 1 acre site served as a parking lot for Merrill Lynch building tenants. Today, and ongoing the Merrill Lynch tenants are parking in the 630 car structured parking garage associated with the MARK’s new 210 unit Apartment Building.
🏨 Construction Progress. If you would like to view the progress of construction, we’ve activated a HDTV video camera (from our 8th Floor Balcony) that is available to anyone interested in viewing what’s going on 24 hours a day. The link below will take you directly to this Live-Streaming Camera. The DropCam Camera is zoomed to 6.0x if the image appears somewhat pixelated. Note: the Live-Streaming make take a few seconds to load, or may require to reload the link below.
🏨 Hyatt Place seems like a great use of the property, and particularly since there is no existing down-town Hotel. The new (2012) Hyatt in Delray Beach works well in the Pineapple Grove neighborhood north of Atlantic Avenue. Though the Boca Hyatt Place with its 200 room capacity will be significantly larger than Delray’s new Hyatt Place, and the Boca Raton site also is situated in a more urban environment, considered to by many real estate professionals as a “Main and Main” address. In addition, the Hotels design (by Paul Slattery, Architect) is stylish, with the developers working with the city’s staff and consultants to maximize the Hyatt Hotel’s compatibility with the city’s desires, to be a pedestrian-friendly section of downtown after all the construction is completed.
🏨 Paul Slattery, the project architect said “…We wanted to break the project down to a human scale, and I think we achieved that for the most part…” Slattery’s Boca Raton firm secured the architectural work for the Hyatt Place, as it did for the Hyatt Place in Delray. The main issue, Slattery says, “…is how to mass the building, to make it work with the surroundings….”
🏨 The Challenge. Boca Raton’s first downtown hotel will be the first downtown high rise to go on a lot smaller than city rules allow. When it’s finished, the Hyatt Place Hotel Boca Raton, at 120 E. Palmetto Park Road, will be the third downtown building allowed to rise beyond Boca Raton’s initial 100-foot maximum height. The site which was approved months ago is in full conformity with City ordinances which at the time required a minimum lot size of 2 acres.
🏨 The Hyatt Hotel building was allowed to reach a total of 160 feet tall, with 140 feet for the building floors, plus an additional 20 feet in elevation for decorative elements used to shelter HVAC and Elevator equipment that is mounted on roof structures. This added height permission was granted under temporary rules adopted by the city.
🏨 Another City development requirement requires that the building be on a lot that is at least 2 acres; however this site is significantly less than 2 acres. The subject Hyatt lot size is 1.087 acres, or 47,350 square feet. The Boca Council members was reminded that a recent sale had severed the hotel site from its original 4.5-acre plot, which was severed from a 9.2 acre site years before. The hotel site would be situated on this a 1.087-acre lot.
🏨 Kolter Group, the hotel developer, purchased the site for $5.5 million on March 18, 2014, court records show for this 1.087-acre parcel. The Mark was the first building to be completed to rise to the new height, 140 feet, plus 20 feet for decorative elements. Tenants for that building started moving recently.
🏨 Kolter Hospitality is the hospitality development, investment and management affiliate of The Kolter Group. To date, Kolter Hospitality’s management team, in addition to having earned the Hyatt Developer of the Year Award, has executed on over $800 million of multiple types of commercial real estate transactions. Kolter Hospitality currently owns and operates four branded select service hotels totaling over 600 keys.
🏨 Kolter is a multi-platform real estate development firm with $9 billion of real estate projects (both completed and currently in development) since 1993
🏨 Residential projects currently in development total over 19,000 units with target sell-out value of approximately $6 billion
🏨 Sales of historical developments in low-rise, mid-rise, tower, and master-planned communities of over $3 billion
🏨 Mostly realized self-developed commercial portfolio valued at approximately $1 billion
🏨 Strong balance sheet and sponsorship
🏨 Leadership team with nearly 200 years of experience and over $17 billion in transactional volume
🏨 Current Kolter projects located in FL, GA, NC and SC.
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