Crocker Partners Threatens $137 Million Lawsuit Against The City Of Boca Raton

Apr 12, 2018 No Comments by

Crocker Partners has put the City of Boca Raton on notice that it could file a lawsuit claiming $137 million in damages because the city has refused to rezone an area near the Town Center at Boca Raton mall.

For over two years, a coalition of landowners in the proposed “Midtown Boca” district have proposed rezoning the 300-acre area to allow for mixed uses, including up to 2,500 residential units. Spanning along Glades Road from Interstate 95 through the Town Center Mall property, this area currently has mostly retail and offices.

The proposed zoning would follow the trend of residential being constructed in business districts so people can live near where the work and shop. This has already started in the Park at Broken Sound further north in the city.

Crocker Partners Managing Partner Angelo Bianco said the city has repeatedly delayed the rezoning of this area, making him uncertain as to what he could develop there. The company owns the Shops at Boca Center, One Town Center and The Plaza office and retail properties in the area.

When the city passed a comprehensive plan amendment for the area in 2010, the staff was directed to create land use zoning regulations setting development criteria within 12 months, Bianco said. That process has dragged on and Crocker Partners, as well as other landowners in the area, don’t have certainty as to what they can build. This has cost the company $137 million in lost development opportunities, he said.

 

“I have to sue them to do this, so I lose either way,” Bianco said. “If I win the lawsuit, I hurt the community I live in [with monetary damages]. If I lose the lawsuit, my investors lose almost $140 million.”

 

Source:  SFBJ

 

————————-

Get the latest industry news and information from CRE-sources delivered right to your email inbox!
And we promise…no more than one email each morning.

CLICK HERE TO SUBSCRIBE TODAY!

 

Go Ahead...Share!
  • email
  • Print
  • LinkedIn
  • Twitter
  • Facebook
  • Google Bookmarks
  • RSS
  • Add to favorites
Industry News, Multifamily, NA, Palm Beach County Multifamily
No Responses to “Crocker Partners Threatens $137 Million Lawsuit Against The City Of Boca Raton”

Leave a Reply