Boca Raton, Florida, September 9, 2025
News Summary
Developers secured a $100.9 million construction loan to build Modera Boca, a mid-rise apartment complex on a 1.7-acre site at 400 South Dixie Highway in downtown Boca Raton. The purchase closed the same day the condominium association was dissolved and the existing two-story office-condominium will be demolished. Planning documents report between 306 and 358 units across 12–13 stories, with a 464-space parking garage, rooftop pool, courtyard, Zen garden, dog park and a public perimeter park. Local redevelopment officials approved the project; demolition and permitting are the next steps.
Large construction loan cleared for downtown Boca Raton apartment project
What happened
Developers secured a $100.9 million construction loan to build a new apartment complex on a 1.7-acre parcel at 400 South Dixie Highway in downtown Boca Raton. The purchase and financing closed on the same day the existing condominium association for the site was terminated, and the current office-condominium building on the lot is slated for demolition to make way for the new development.
Key project facts up front
The project — referred to as Modera Boca in filings — is planned as a mid-rise multifamily building with either about 306 units according to some reports or about 358 apartments according to another source. Reported heights vary as well, with figures of 12 and 13 stories both appearing in published planning descriptions. The development site was bought for $18.3 million.
Design and amenities
Design work is credited to a local architecture firm. Planned amenities described in planning materials include a multi-level parking garage with about 464 spaces, a rooftop pool and indoor amenity spaces, an open-air courtyard on an upper floor, landscaped outdoor areas including a Zen garden, a dog park and small play features such as short putt areas and sitting spaces. The site plan also shows a public park wrapping part of the building perimeter that would be open to the general public, not just residents.
Approvals and local response
Local redevelopment officials approved the project in mid-summer. City meetings included a mix of support and opposition. Some property owners and officials described the proposal as a positive reinvestment in a neglected stretch of Dixie Highway. Other residents raised concerns about scale and tree removals; planners noted two on-site banyan trees were not healthy enough to relocate, and the landscape plan shows about a dozen new trees to be planted in the public park.
Context: financing and regional development
The construction loan comes at a time when multifamily projects across South Florida are still attracting capital despite higher interest rates, rising insurance costs and slower leasing in some new complexes. Other recent regional financing deals include a roughly $60 million loan for a 255-unit garden-style complex in Riviera Beach and a large financing package valued at roughly $235 million for a 728-unit apartment cluster in North Miami Beach. Separately, a proposal to lease city land for a major mixed-use government campus and hundreds of housing units has stirred debate in one nearby municipality, highlighting how housing, office and civic plans are being tied together in current local development conversations.
Developer activity and nearby stations
The development team behind this site has other multifamily projects in the region, including a tall residential building planned in a northern neighborhood and another multi-hundred-unit project under development near commuter rail. There has been a surge of building around commuter rail and higher-speed rail stations in the region, which developers cite as a draw for residents who want transit access to job centers.
Site history and next steps
The existing two-story building on the 1.7-acre site dates to the early 1980s and contains office condominiums. The seller group included the condominium association that controlled those office units. With the association dissolved at closing, site demolition and final permitting are the next immediate steps before vertical construction can begin. No lender name was disclosed with the financing summary that accompanied the transaction notice.
Why it matters
The deal highlights two broader trends: persistent capital flow into South Florida multifamily projects despite economic headwinds, and the ongoing densification of downtown cores and transit corridors. Local officials see potential public benefits from the new park and landscaping; some neighbors remain worried about building scale and tree loss. The coming months should clarify final unit counts, exact building height and the construction timeline as permits and site work move forward.
Frequently Asked Questions
What is the loan amount for the project?
The construction loan for the project is reported at $100.9 million.
How many apartments will the building include?
Reported unit counts vary. Several planning summaries list 306 units, while another report lists 358 apartments. Final unit count will be confirmed in the approved building permit set.
How tall will the building be?
Sources have reported both 12 and 13 stories. The final approved height will be established in the permit documents and construction drawings.
What was on the site before?
The lot contains a two-story office-condominium building built in the early 1980s that will be demolished. The seller group included the condominium association that held those office units.
Will there be public amenities?
Yes. Project plans include a public park around part of the building perimeter accessible to the public, as well as landscaped spaces, walking areas and site seating. The development also lists residential amenities such as a rooftop pool, courtyard spaces and indoor amenity areas.
When will construction start?
Demolition and permitting are the next steps. No firm construction start date has been published; the construction loan closing and site controls are in place, which typically precede demolition and site work.
Does the plan replace on-site trees?
Two on-site banyan trees were determined to be in poor health and will be removed. The landscape plan shows around a dozen new trees to be planted in the new public park area.
Key project features at a glance
| Feature | Detail |
|---|---|
| Construction loan | $100.9 million |
| Site address | 400 South Dixie Highway, downtown Boca Raton |
| Lot size | Approximately 1.7 acres |
| Purchase price | $18.3 million |
| Planned units (reported) | Reported as 306 units and alternatively 358 apartments |
| Reported height | Reported as 12 and 13 stories |
| Amenities (selected) | 464-space parking garage, rooftop pool, indoor amenities, Zen garden, dog park, public perimeter park |
| Design | Local architecture firm credited for design |
| Approval status | Approved by local redevelopment agency in July; permit and demolition steps pending |
Deeper Dive: News & Info About This Topic
Additional Resources
- The Real Deal: Mill Creek Group P6 nab construction loan for Modera Boca
- Wikipedia: Modera Boca
- South Florida Agent Magazine: Modera Boca
- Google Search: Modera Boca
- REBusiness Online: City of Boca Raton approves Modera Boca
- Google Scholar: Modera Boca
- Sun-Sentinel: 300 new Boca Raton residences planned
- Encyclopedia Britannica: Modera Boca
- ConnectCRE: Mill Creek building 13-story Boca Raton apartment building
- Google News: Modera Boca
Author: Construction FL News
FLORIDA STAFF WRITER The FLORIDA STAFF WRITER represents the experienced team at constructionflnews.com, your go-to source for actionable local news and information in Florida and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Florida Build Expo, major infrastructure projects, and advancements in construction technology showcases. Our coverage extends to key organizations like the Associated Builders and Contractors of Florida and the Florida Home Builders Association, plus leading businesses in construction and legal services that power the local economy such as CMiC Global and Shutts & Bowen LLP. As part of the broader network, including constructioncanews.com, constructionnynews.com, and constructiontxnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
