Opterra Capital’s proposal to transform a Holiday Inn hotel into an apartment complex received unanimous support from Boca Raton’s Planning and Zoning Board on April 17.
The project is significant as it represents a trend of repurposing older hotel properties for residential use, addressing housing needs in the area. The planned development will convert the existing 183-room Holiday Inn & Suites at 701 Northwest 53rd Street into a new building with 125 apartments, a restaurant space of 5,550 square feet, and retail space covering 4,500 square feet.
The apartment mix includes 74 efficiency units, 43 one-bedroom units, and eight two-bedroom units. Of these, thirteen are designated as affordable housing and seven as workforce housing. David Milledge, attorney for the developers, said: “This is not the most attractive building.” He added that the developers intend to enhance its appearance by adding “trims and recesses” to improve the façade.
Additional plans include creating pedestrian paths connecting entrances to Boca Raton’s El Rio Trail, installing landscaping features, and constructing a bus shelter. Milledge also said that rental rates for market-rate units would be relatively affordable but did not provide specific figures. For comparison, Zillow lists the average rent in Boca Raton at $3,183 per month.
Opterra Capital acquired the property through an affiliate led by CEO Glenn Alba alongside Montford Group for $13.3 million in July 2021; Archer Capital Group previously purchased it for $14.1 million in 2016. The site is located within The Park at Broken Sound—a large community featuring golf courses as well as office and residential buildings—and was originally completed in 1988.
The proposed conversion still requires approval from Boca Raton City Council before proceeding further.
