Located between bustling Miami and ritzy Palm Beach, the once-sleepy Boca Raton, Florida, is experiencing an unprecedented economic boom.
Known for its coastal lifestyle, upscale restaurants, and vibrant business community, Boca Raton is rapidly becoming a magnet for high-net-worth individuals and companies alike.
The city’s rapid growth is highlighted by major developments like the $100 million Boca Raton Innovation Campus (BRIC) and the new Brightline train station, while Midtown Boca is seeing a resurgence with new restaurants and office spaces.
Luxury residential projects are popping up across the city, responding to the growing demand for upscale living, while real estate prices inch higher and higher — with million-dollar mansions selling for record amounts.
To get a better sense of the robust development activity and impressive price growth the area has been experiencing recently, we’ve touched base with Jay Phillip Parker, the CEO and Florida Region President of Douglas Elliman. And Jay summed it up best: “The world has caught on to the appeal of Boca Raton. Everyone wants to live here.”
Economic growth and business expansion
With half of Palm Beach County’s corporate headquarters now based in Boca Raton, the city is attracting businesses and residents with its tax advantages, warm climate, and numerous outdoor activities.
One significant driver of this growth is the Boca Raton Innovation Campus (BRIC), which is undergoing a $100 million transformation. This campus continues to lease more office space to prominent companies, fueling further economic expansion.
Midtown Boca is also seeing a resurgence, with new restaurants and Class A office spaces in development. Restaurant Row, adjacent to the Town Center Mall, has become a dining hub with establishments from renowned hospitality groups like Pubbelly Sushi, El Camino, and Fiolina Pasta House. The area also welcomes New York’s iconic Gallaghers Steakhouse and the popular Meat Market.
Additionally, the Community Redevelopment Agency and the City Council have approved a 94-year land lease for The Center for Arts & Innovation (TCAI) in Mizner Park. TCAI aims to provide a venue for local and national dance, theater, music, and cultural organizations, enhancing Boca Raton’s cultural landscape.
Enhanced connectivity
The new Brightline train station and parking garage, which opened in downtown Boca Raton at the end of 2022, provide easy access to Miami, Palm Beach, and Fort Lauderdale.
This high-speed rail service is a game-changer, connecting Boca Raton to major hubs in South Florida and beyond, including a new route to Orlando launched in 2023. This enhanced connectivity makes Boca Raton an even more attractive destination for residents and businesses.
Luxury real estate developments
As Boca Raton’s population grows, the demand for luxury residential real estate is booming.
New developments are nearing completion, and more projects are launching to accommodate this influx.
ALINA Residences Boca Raton
One of the standout projects is ALINA Residences Boca Raton, developed by El-Ad National Properties. This award-winning residential destination is located in downtown Boca Raton, and features a collection of resort-inspired indoor and outdoor amenities with a focus on wellness.
ALINA 210 is expected to be delivered ahead of schedule in summer 2024, with ALINA 220 following at the end of 2024. Once completed, ALINA Residences will consist of three buildings: ALINA 200, ALINA 210, and ALINA 220, offering a total of 303 residences. Phase one, ALINA 200, was completed in 2021 and sold out quickly.
At the time of writing, phase two of the development — comprising ALINA 210 and ALINA 220 — is already nearly 80% sold.
Glass House Boca Raton
Another notable development is Glass House Boca Raton, announced in January 2024.
This project marks the first modern glass building in downtown Boca Raton, featuring 28 spacious residences with stunning ocean, Intracoastal, and golf course views.
The 10-story development launched sales in February 2024, with groundbreaking slated for the first quarter of 2025 and completion expected in Q4 2026. In addition to upscale amenities, Glass House Boca Raton offers a limited number of preferredmembership opportunities to residents with the iconic The Boca Raton (formerly Boca Raton Resort & Club), subject to availability (golf excluded).
Insights from industry experts
Jay Phillip Parker, CEO of Brokerage, Florida Region and President of Douglas Elliman Development Marketing, shared his insights on Boca Raton’s rapid growth with us.
He highlighted the impressive price growth and robust development activity, stating, “We’re seeing an array of exciting residential and mixed-use projects bringing new opportunities to live, work, and play in the area.”
The introduction of the Brightline train station has been particularly impactful, according to Parker. “The new high-speed rail station, The Brightline, connecting Boca to Southern Florida and Orlando is a game-changer. We’re also seeing the positive impacts of strategic investment downtown, elevating Boca from a vibrant community to a world-class destination for an unmatched quality of life.”
An influx of new residents
Parker also emphasized the influx of new residents, noting, “The world has caught on to the appeal of Boca Raton. Everyone wants to live here.
“Combining beautiful beaches with a cosmopolitan yet charming downtown, Boca is a go-to destination for those who want a laid-back Florida lifestyle but with all the daily conveniences and luxuries in a place that is a true community.”
Real estate market trends
The demand for luxury resort-style condominiums in Boca Raton is soaring, trumped only by the appetite for single-family homes. Buyers are looking for exceptional design and amenities in prime locations.
Parker observed, “Soaring prices are a reflection of insatiable demand for luxury homes in Boca. We saw a 31% increase in average sales prices for single-family homes in the first quarter and a 17% jump for luxury condos.”
New record-breakers
Further highlighting Boca Raton’s explosive growth, million-dollar homes are trading hands at a sped-up rate, with record-breakers pushing the upper $$$ limit to new heights.
In Boca Raton proper, spec developers Steve and Scott Dingle of SRD Building — one of the top homebuilders in the gated Royal Palm Yacht & Country Club community — paid a record $36 million for the longtime home of the late financial publisher Glen Parker and his wife, Sandy Parker.
In nearby Highland Beach, a $59.9 million mansion is on track to beat its own record set in 2022, when it sold for $45 million in an off-market deal that made it the most expensive home ever sold in the greater Boca Raton area.
Ushering in a new era for Boca Raton
Boca Raton’s economic boom is transforming the city into a thriving hub for luxury living and business.
With significant investments in infrastructure, real estate, and cultural amenities, Boca Raton is growing beyond its traditional roles as a travel destination or retirement spot. It is a vibrant, growing community that offers an unmatched quality of life for its residents.
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