5295 Center Realty Development, LLC, a Florida based office building developer affiliated with Riverstone Finance & Development Corp., announced today that it has begun construction of "The Milan at Town Center," the first new class "A" office building in the Boca Raton Town Center area in 20 years.
Glenn E. Gromann, Esq., the Project Manager and developer, indicated that the structure will be approximately 167,000 total square feet of which approximately 60,000 will be leasable with the rest being structured parking. This is a high profile structure which will stand 125 feet tall and is a true Class "A" building with a rooftop restaurant/penthouse, integrated document storage & bank branch, generator equipped hurricane resistant infrastructure and other high profile amenities.
"We spent a lot of time designing the structure to integrate with the existing office building and the surrounding architecture -- the City was very helpful and supportive in the process," said Gromann. "My hat is off to Jorge Camejo, Director of Development Services, Daryl Johnson, our planner, Bob DiChristopher (City Manager's office), the Planning & Zoning Board and the Mayor and City Council," explained Gromann.
Not only is the new building being constructed but several roadway improvements including a southbound right turn lane from Military Trail to Town Center Road and extension of the left turn lane northbound onto Town Center Road from Military Trail are included with the development.
"The City is always concerned about traffic, in this case even though Palm Beach County noted the project would have minimal traffic impact we worked with the City and County to improve capacity and City residents are going to be very pleased with the roadway improvements and traffic flow in the area. It is a win-win situation for everyone," said Gromann.
In addition to the new structure, the property is being completely re-landscaped along with the adjacent lake parcel.
"It is going to look 'first class' and The Milan is going to be a premier office location and a great tax ratable for the City. It is certainly no accident that Boca Raton remains the location of choice for business offices and the City has done a great job of keeping property taxes low for its residents and businesses," stated Gromann.
The project has attracted several major tenants, which includes the new and expanded Florida headquarters of Comerica Bank - (NYSE:CMA) - with an integrated bank branch on the ground level of the building.
Comerica has been in Florida since 1979 and specializes in wealth management, middle-market lending, small-business services, automobile dealer services, commercial real estate and private lending. The bank has eight banking center locations and some 130 employees in Florida who build business through strong client relationships. Comerica is a financial services company headquartered in Detroit, strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people to be successful. Comerica Bank locations can be found in Michigan, California, Texas, Florida and Arizona, with select businesses operating in several other states, and Canada and Mexico. Comerica reported total assets of $57.1 billion at June 30, 2006.
Randy Nobles, Comerica's Florida regional president, said Comerica's state headquarters relocation to The Milan at Town Center is the perfect marriage of location and prestige and will help the Detroit-based bank in its effort to expand its business in the state.
"We're opening a new banking center in Riviera Beach later this year and we're looking at three new banking centers throughout South Florida in 2007," Nobles said. "As we introduce Comerica to more area residents, it's vital that we have a state headquarters location that exemplifies who we are and how committed we are to helping our clients succeed financially. The Milan at Town Center fits the bill and we're eager to be a part of the project."
Also joining Comerica is the accounting firm of Goldstein, Lewin & Co. - - which is one of the largest independent accounting firms in Palm Beach County. "We are expanding our practice and providing an excellent and accessible location for our clients," said Jerry Lewin, who founded the firm with Don Goldstein over 31 years ago. Goldstein, Lewin is a full service accounting firm providing tax, audit and related services all under one roof.
"We have only a limited amount of space available for highline tenants," said development partner Brad Geisen. "And our new brokerage arm Riverstone is looking at those additional tenants which compliment the building."
"Catalfumo Construction & Development, Ltd. - - is building the project for 5295 and was selected from numerous bidders," said Gromann. "We asked Dan (Catalfumo) to come up with a quality product and he has not disappointed us."
A formal groundbreaking is scheduled at the site on Wednesday, October 25, 2006 at 2:30PM at the corner of Military Trail and Town Center Road in Boca Raton.
