Developer Completes $16M Improvement Project on Downtown Boca Buildings, Rental Demand Up

By Boca Vibe

September 22, 2025

The owner of two major buildings in downtown Boca Raton has completed a $16 million improvement project, simultaneously securing $61 million in refinancing. Grover Corlew, a South Florida-based real estate investment management group, has completed a $61 million refinancing of two office properties in downtown Boca – Palmetto Park City Center and the Bank of America Tower, signaling a significant investment in the city’s burgeoning commercial real estate market. The improvements, coupled with the refinancing, are expected to attract new tenants and boost rental demand in the already competitive downtown area.

Significant Upgrades to Enhance Tenant Experience

The $16 million renovation encompassed a wide range of upgrades designed to enhance the tenant experience and modernize the aging infrastructure of both Palmetto Park City Center and the Bank of America Tower. The improvements focused on creating a more contemporary and functional workspace, appealing to the modern professional seeking a high-quality office environment.

Specific improvements included:

Complete lobby renovations with updated finishes, furniture, and technology.
Modernization of elevator systems to improve efficiency and passenger flow.
Enhanced HVAC systems for improved energy efficiency and climate control.
Upgrades to common areas, including restrooms and hallways.
Installation of state-of-the-art security systems.
Improved landscaping and outdoor amenities.
Enhanced lighting throughout the buildings to create a brighter and more inviting atmosphere.

“These improvements were undertaken to meet the evolving needs of today’s businesses,” said a Grover Corlew spokesperson. “We’re confident these upgrades will attract high-quality tenants and establish these buildings as premier office spaces in downtown Boca Raton.”

Strategic Refinancing Fuels Future Growth

The simultaneous $61 million refinancing provides Grover Corlew with the financial flexibility to continue investing in the properties and further enhance their appeal to potential tenants. The refinancing also reflects investor confidence in the long-term growth prospects of the Boca Raton commercial real estate market.

The spokesperson further explained that the refinancing will allow Grover Corlew to pursue additional upgrades and improvements in the future, potentially including the addition of new amenities or technological enhancements. This proactive approach underscores the company’s commitment to maintaining a competitive edge in the increasingly dynamic Boca Raton market.

Booming Downtown Boca Raton Real Estate Market

The improvements and refinancing come at a time of significant growth and development in downtown Boca Raton. The city has experienced a surge in new businesses and residential development in recent years, transforming the area into a vibrant hub of activity. This growth is attracting a wider range of businesses and professionals seeking a high-quality office environment, and the upgrades to Palmetto Park City Center and the Bank of America Tower are well-positioned to capitalize on this trend.

The proximity to Mizner Park, a popular destination for dining, shopping, and entertainment, adds to the allure of these office buildings. Furthermore, the close proximity to Florida Atlantic University (FAU) provides access to a skilled workforce, further bolstering the attractiveness of the area for businesses and entrepreneurs.

Impact on the Local Economy

The $16 million investment in improvements has had a direct positive impact on the local economy, creating jobs for construction workers, contractors, and other related professionals. The increased rental demand resulting from the upgrades is also expected to generate further economic activity, boosting local businesses and contributing to the overall prosperity of the downtown area. This influx of investment reinforces Boca Raton’s position as a thriving economic center within Palm Beach County.

Looking Ahead: Continued Growth and Development

Grover Corlew’s investment in Palmetto Park City Center and the Bank of America Tower signals a commitment to the long-term growth and development of downtown Boca Raton. The company’s proactive approach to modernizing its properties, coupled with its strategic refinancing, positions these buildings for continued success in the competitive commercial real estate market. This investment signifies not only confidence in the local market but also a contribution to the ongoing transformation of downtown Boca Raton into a leading destination for businesses and professionals alike.

The improvements are also expected to have a positive ripple effect on surrounding businesses, further enhancing the overall vibrancy and attractiveness of downtown Boca Raton. This strategic investment is a testament to the ongoing growth and prosperity of the city and its surrounding areas.

Frequently Asked Questions

Q:What specific amenities were added or improved in the renovations?

The renovations included complete lobby renovations with updated finishes, furniture, and technology; modernized elevator systems; enhanced HVAC systems; upgrades to common areas (restrooms and hallways); state-of-the-art security systems; improved landscaping and outdoor amenities; and enhanced lighting throughout the buildings.

How will these improvements impact rental rates?

While specific rental rates haven’t been publicly disclosed, the significant improvements are expected to justify a market-rate increase reflecting the enhanced quality and amenities now offered. The increased demand due to the upgrades is also likely to contribute to rental rate adjustments.

What is the long-term vision for these properties after the renovations and refinancing?

Grover Corlew’s long-term vision is to maintain these properties as premier office spaces in downtown Boca Raton. The refinancing provides the financial flexibility to pursue future upgrades and improvements, potentially including additional amenities or technological enhancements, ensuring the buildings remain competitive and attractive to high-quality tenants for years to come.

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Developer Completes $16M Improvement Project on Downtown Boca Buildings, Rental Demand Up

By Boca Vibe