The Miami developer TR Danburg Boca Holdings has broken ground on a luxury apartment community located at the Park at Broken Sound in Boca Raton. The 282-unit mixed use scheme will feature five residential buildings ranging from four to seven stories. Amenities will include a 5,500 sqf clubhouse as well as a 10,500 sqf retail component. The development site is located on a 14.1 acre site in the Park at Broken Sound community at the southeast corner of Congress Avenue and Clint Moore Road.
The asset was formerly a 1,000 acre business park known as Arvida Commerce Park, but was rebranded in 2015 to include residential units. TR Danburg has secured a $50 million construction loan from Ocean Bank to finance the development. The loan represents 70 percent of the estimated total cost of $71.5 million for the construction of the property. The residential community is slated to open in 15 to 16 months, while the retail component is scheduled to break ground within 12 months.
