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Construction Commences for $50 Million Hyatt Place Hotel Boca Raton • Palmetto Park Rd at Federal Highway • Plans • Specs • Costs ⚠️🏨️🚜🏨⚠️🏨🚜🏨⚠️

April 28, 2015

⚠️ $50,000,000 Hyatt Place Hotel Boca Raton. Boca’s new Hotel with its Grand Opening planned for Q3 of 2016 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. This Article contains Renderings, Construction Drawings, Site Plan, Hotel Amenities, 1st Floor 20,000sf Lobby & Restaurant.

⚠️ Construction Commenced April 20, 2015 for the $50 Million Hyatt Place Hotel Boca Raton. Displayed above is an image showing the Property as of 24 April 2015, that has been completely cleared of the debris from the Parking Lot that previously occupied the 1 Acre Lot
▶️ Next, the Civil Engineers will examine the Site and Survey, Mark or Verify all 4 Corners with 8 foot Iron-Rod Monuments that exist (or will be driven into the earth) outlining the Property boundaries
➡️ Next, the Engineers will be staking-out the elevation and outlines for the Hotel Foundation system, which will guide the Excavation crews.

⚠️ Construction Progress. If you would like to view the progress of construction, we’ve activated a public-accessible HDTV Video Camera {100′ above ground}. The camera is available to those interested in viewing activities at the HYATT PLACE Construction Site 24/7. Here’s the Link ➡️ http://dropc.am/p/wXpSkA

⚠️ Photographs below were Imaged as Construction Commenced, a very important Day for the Developer and Property Owner. For major commercial developments such as the HYATT PLACE, the project generally requires several years of Planning, Architectural, Engineering, Legal, and Jurisdictional Approvals before Permits are Issued and a Shovel goes into the Ground.

⚠️ During the 1st Week of each Month while the project is being constructed, progress Photos will be published below in Date order.

⚠️ Live Streaming Video Link. The DropCam Camera is zoomed to 6.0x, and operates on a HighSpeed WiFi connection which may effect image-quality. Your image may appear somewhat pixelated due to Internet and WiFi bandwidth issues. The Camera also picks-up ambient sound, notice the Palmetto Park Road and Federal Highway traffic in the Background.

⚠️ Live-Streaming signals occasionally requires several seconds to LOAD due to the Viewer’s WiFi Connection and local issues with the Internet; You may need to Click onto the link again to Connect. {http://dropc.am/p/wXpSkA} The HDTV camera operates 24/7.

⚠️ The HYATT Place Hotel will occupy this 13 story facility containing 151,190 square feet, with a swimming pool amenity package located Roof-Top, and a limited-access Hotel parking garage located on floors two through five. The ground floor the Hotel will have a 10,970 square foot modern lobby and registration area with a 5,625 mezzanine area, plus an 8,000 square foot Restaurant located at the south-east corner of Federal Highway and Palmetto Park Road.

⚠️ Hyatt Place Hotel Boca Raton. Configuration: 200 rooms 13 story classic design, consisting of 151,190 sq ft. The Hyatt Place Hotel will contain a restricted access (hotel visitors and guests only) integrated 273 Car structured parking garage consisting of 115,354 sq ft, plus 49 offsite Cars, via an irrevocable parking easement at the Mark’s Apartment 700 car parking garage. The structured parking garage is located on levels 2, 3, 4 and 5, housing about 68 Cars per floor for the 4 garage floors.

⚠️ $50,000,000 Property Valuation for the Hyatt Place project. This commercial property may have an estimated property valuation once the property reaches stabilized operating income. Here’s the math
⚠️ $26,250,000. Hard Cost to build Hotel Building of 151,190sf at $175/sf
⚠️ $5,750,000. Hard Cost to build Hotel parking garage, 115,354sf, 273 Car Garage, $20,000/car, $50/sf
⚠️ $5,500,000. Land Cost for the Property, 1.087 site, $116.08/sf
⚠️ $5,500,000. Soft Cost: Permits, Fees, Plans, Architects, Interest, Supervision & Overhead
⚠️ $43,000,000. Total Development Costs
⚠️ $7,000,000. Entrepreneurial Profit
⚠️ $50,000,000. Total Property Value. These cost estimates have not been derived from the developer nor any agency sources; However, the cost of the property was abstracted from Palm Beach County Records. In sum, this project is a relatively massive 13 Story, 200 rooms, and structured parking for 273 Cars. The facility accents Boca Raton Raton’s City Center at the Eastbound lanes of Palmetto Park Road at the intersection of the Northbound Lanes Federal Highway, definitely defined as Boca Raton’s “Main and Main” location.

⚠️ Hyatt Place Hotel Boca Raton will consist of 200 rooms configured into a 13 story classic design, containing 151,190 sq ft of building area . The Hyatt Place Hotel will contain a restricted access (hotel visitors and guests only) integrated 273 Car structured parking garage consisting of 115,354 sq ft, plus 49 offsite Cars, via an irrevocable parking easement at the Mark’s Apartment 700 car parking garage adjacent to the hotel property. The hotel structured parking garage is located on levels 2, 3, 4 and 5, housing about 68 Cars per floor for the 4 garage floors.

⚠️ Hyatt Hotels promotes its Hyatt Place hospitality brand with a focus towards 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 business travelers and vacationers. The Delray’s Hyatt Place’s general manager says hotel operations have been “terrific.”

⚠️ The City of Boca Raton Raton and a number of property owners have sought a suitable project for this 47,450 square foot site, 1.087 Acres, 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 Kolter Hospitality’s Development Application (DDRI No. CRP-08-03R2) the official building plan for the proposed.

⚠️ $50,000,000 Property Valuation for the Hyatt Place project. This commercial property may have an estimated property valuation once the property reaches stabilized operating income of $50,000,000. Here’s the math
⚠️ $26,250,000. Hard Cost estimate for the construction of Hyatt Hotel Building containing 151,190sf at $175/sf equals $26,250,000
⚠️ $5,750,000. Hard Cost estimate for the construction of the Hotel parking garage containing 115,354sf or 273 cars at $20,000/car or $50/sf equals $5,750,000
⚠️ $5,500,000. Land Cost for the Real Property, the 1.087 site at $116.08/sf or $5,500,000
⚠️ $5,500,000. Soft Cost estimate for Permits, Fees, Building Plans, Architectural Fees, Interest cost, Supervision and Overhead total $5,500,000
⚠️ $43,000,000. Total Development Costs. $43,000,000
⚠️ $7,000,000. Entrepreneurial Profit. $7,000,000
⚠️ $50,000,000. Total Property Value. $50,000,000. These figures have not been derived from any developer or government sources other than the cost of the property abstracted from County Records. All told this project is a relatively massive 13 Story facility accenting Boca Raton Raton’s City Center at the Eastbound lanes of Palmetto Park Road at the Northbound Lanes Federal Highway, definitely defined as Boca Raton Raton’s “Main & Main” location.

⚠️ Boca Raton has tried to fill its downtown vacant Corner for many decades. You may have expected Applause and Champagne after the City Council’s approval of the project. Instead, the discussion was quite stilted, featured a few questions from council members, some squawking from holdout critics, who questioned setback rules for the proposed hotel.

⚠️ September 22, 2014 at 1:35 pm the City Clerk recorded the Vote at this quasi-Judicial hearing, thereafter CRA Chairman Scott Singer moved on to the next agenda item. Done. Sounds simple, well its not. Recall this 1 Acre site has been vacant for over 25 years, previously developed with a Gas Station with leaking fuel tanks. $200,000 later the site was cleaned of toxic fuels, and replaced with cleaned earth.

⚠️ 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 leaders and planners believed that it shouldn’t just fill the gap with “just anything…” There were repeated references in the many 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. [Hopefully: the benchmark he’s referring to is Taller Buildings and more Growth. IMHO, a City that prevents growth, is a City that becomes unhealthy.]

⚠️ A Brief history for this 1 acre corner site. In the late 1990’s this corner was “zoned for a 200,000+ 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 66,618 square foot facility. Today, and ongoing Merrill Lynch and the other office tenants are parking in the 700+ Car structured parking garage associated with the MARK’s new 208 unit Apartment Building. Previously the SE corner 1 acre site served as a parking lot for Merrill Lynch building tenants and overflow parking for CHOPS Lobster Bar’s valet parking crew.

⚠️ Construction Progress. If you would like to view the progress of construction, we’ve activated a HDTV video camera (from an 8th Floor Balcony) that is available to anyone interested in viewing what’s going on 24 hours a day.

http://dropc.am/p/wXpSkA

⚠️ Live Streaming Video Link. The link {displayed above} will take you directly to this Live-Streaming Camera URL site. The DropCam Camera is zoomed to 6.0x, and operates on a HighSpeed WiFi connection which may effect image-quality. The image may appear somewhat pixelated due to WiFi bandwidth issues. The Camera also picks-up ambient sound. Note: the Live-Streaming may need a few seconds to load, or may require viewers to reload the link displayed above. The HDTV camera operates 24/7.

⚠️ Hyatt Place is the Highest and Best Use for this property, and particularly since there are no existing down-town Hotels in the City of Boca Raton. There are several Hotels in the Boca Raton Raton vicinity, most notably the Boca Raton Hotel and Club, a premium luxury resort, the Waterstone Hotel, both within 1 mile, plus a number of others hotels located 4 or more miles from the city-center. Below in this article are 6-hotel graphic identifying hotels in the Boca Raton Raton SMSA, and another 6-hotel graphic showing similar hotels in the Delray Beach SMSA.

⚠️ 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, about 50% larger than Delray’s new 134 room 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.

⚠️ Boca Raton’s Hyatt Hotel was designed 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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