The project is being undertaken by 5295 Center Realty Development LLC, a Florida-based office building developer affiliated with Riverstone Finance & Development Corp. It will be the first new class A office building construction at the Boca Raton Town Center in 20 years. The project is expected to be completed in fall 2007. The estimated cost of the project is $15 to $17 million, project manager and developer Glenn Gromann tells GlobeSt.com.

Gromann says the developers decided to pursue the project because all the buildings in the area are 100% leased and there is unmet demand for space."We've turned away 250,000 sf of potential tenants," Gromann says. "We own an existing office building on the site, which was being grossly underutilized."

Approximately 60,000 sf of the space will be leased with the remainder to be structured parking. The project will also include a rooftop restaurant/penthouse, integrated document storage and bank branch and generator-equipped, hurricane-resistant infrastructure. The project will include 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.

The project is 100% preleased with tenants including Detroit-based Comerica Bank, which has leased 19,000 sf. Also planned to move into the building is accounting firm Goldstein, Lewin & Co., which has committed to 24,000 sf. Comerica's Florida regional president Randy Nobles says that relocating the bank's state headquarters to the location is a perfect marriage of location and prestige and will help the bank expand its efforts 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 says.