Boca Raton Planning Board Backs Holiday Inn Apartment Conversion
Opterra Capital received unanimous approval from Boca Raton's Planning and Zoning Board to transform a 183-room Holiday Inn into 125 apartments. The $13.3 million project includes affordable housing units and retail space.
Boca Raton's Planning and Zoning Board has unanimously approved Opterra Capital's proposal to convert a decades-old Holiday Inn into a modern apartment complex, marking another significant residential development in the city's Park at Broken Sound area.
The local developer plans to transform the 183-room Holiday Inn & Suites at 701 Northwest 53rd Street into 125 residential units, combining 74 efficiency apartments, 43 one-bedroom units, and eight two-bedroom spaces. The project also incorporates 5,550 square feet for restaurant space and an additional 4,500 square feet designated for retail use.
Opterra Capital, under CEO Glenn Alba's leadership, partnered with Charleston-based Montford Group to acquire the property for $13.3 million in July 2021. The previous owner, Archer Capital Group, had purchased the hotel for $14.1 million in 2016, indicating a modest decline in the property's valuation over five years.
The development addresses affordable housing needs by including 13 apartments designated as affordable housing units and seven additional workforce housing units. Attorney David Milledge, representing the developers, indicated that market-rate rental prices would remain relatively accessible compared to Boca Raton's average monthly rent of $3,183, according to Zillow data.
Architectural improvements form a key component of the conversion strategy. The developers acknowledge the building's dated appearance and plan to enhance the facade through added trims and recesses. Additional upgrades include new pedestrian pathways connecting building entrances to Boca Raton's El Rio Trail, expanded landscaping, and construction of a bus shelter to improve public transportation access.
The 1988-built Holiday Inn sits within The Park at Broken Sound, a sprawling 700-acre mixed-use community featuring two golf courses alongside various office, industrial, and residential buildings. This location positions the converted apartments within an established commercial and recreational ecosystem.
The project represents part of broader residential expansion in the Broken Sound area. Boca Raton officials recently approved Meyers Accesso's 222-unit apartment development adjacent to the Atrium at Broken Sound office building in December. Additionally, a joint venture between Pebb Enterprises, BH Group, and the Related Group is redeveloping the former 29-acre Office Depot campus into a comprehensive community featuring 500 apartments and a 37,000-square-foot Equinox fitness facility.
Opterra Capital's investment strategy extends beyond Boca Raton. In October 2021, shortly after acquiring the Holiday Inn property, the company purchased 39 condominium units in Miami-Dade's Gables Court Condominiums for $9.1 million, demonstrating continued expansion across South Florida's residential market.
The apartment conversion project now awaits final approval from the Boca Raton City Council before construction can commence.
