Penn-Florida Cos. has updated its plans for Universal Village in Boca Raton. The developer purchased the land in 2013 and secured the zoning on 77 acres near Florida Atlantic University in 2015 but has yet to start construction.

The S. Florida Business Journal reports that the revised plans for University Village include: The residential unit count would be reduced from 829 to 710, and there would be 100 senior multifamily units; the tallest apartment building would be seven stories; and the office space and retail/restaurant would also be modestly reduced within a proposed five-story building. The number of hotel rooms would remain at 185.

University Village would be developed over three phases. The first phase would contain 466 residential units, the office building, the hotel and most of the retail/restaurant space. The second phase would have 184 residential units, followed by 131 residential units and the rest of the retail in the third phase.

Prime US REIT has unloaded One Town Center in Boca Raton, Florida, for $82 million, a considerable loss. The company paid $99.5 million for the property in 2021.

Prime US REIT sold the 200,858-square-foot office building and 435-space parking garage at One Town Center Road to Gatsby Enterprises. Wells Fargo Bank provided the buyer with a $51 million mortgage.

One Town Center was 99.7% leased. As of December 2023, it was valued at $84.8 million with a cap rate of 7%, compared to $90.3 million with a 6.25% cap rate a year earlier.

The 10-story office was built on the 9.9-acre site in 1990. It includes a fitness center, an on-site café, EV charging stations and on-site auto detail. It’s near the Town Center at Boca Raton mall and many restaurants.