$100M Real Estate Development Boca Raton--Update

Very secretly and sneakily, on 1/2/25, the City of Boca Raton Zoning and Planning Board approved an amendment to Mutual of America's prior 2024 plans to build condos in Boca. Below is right from the City of Boca Raton's Website:

"The Planning and Zoning Board will consider for recommendation to City Council:
A resolution of the City of Boca Raton considering, for the approximately 11.68-acre property generally located at 1150 Northwest Broken Sound Boulevard, an amendment to an approved site plan (Planning and Zoning Board Resolution No. 2024-001) for a commercial industrial multifamily development to authorize the construction of a new seven (7)-story, 287- unit, approximately 355,055 square foot multi-family residential building, including 10 percent affordable housing and 5 percent workforce housing units, and 2,000 square feet of retail space to be located on the ground floor, with related on-site and off-site improvements, and considering the abandonment of a portion of a ten (10)-foot wide water easement on the subject property; providing for repealer; providing an effective date. (SPA-23-03R1/CIMD)
If you have any questions regarding this matter, please email the project planner, Jacob German, via email at: jgerman@bocaraton-fl.gov"

Afredita Gutierrez said in 2024, the company is getting out of these real estate projects, now, 225 get canned, 320 Park Ave get sold, and MOA get right back in when interest rates are super high.

No mention today by Steve Rich about this at all. Where is the transparency ? Steve, it you are supposed to be truly transparent, why no mention of this new development. We are a Recordkeeper and not a Real Estate Developer. Why do we keep taking the eye off the ball. You want client retention and then divert $50-$100M to this project and not towards FIS ??? Wow ! You are out of touch just like Greed

Comment! It's anonymous!

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Post COVID, company needs to move away from its obsession with real estate and brick and mortar.

The company will take the lowest cost option with a desperately needed cash infusion:

Keep the 3 floors that Festog spent way too much money and time on (4,5,6).

Hope they can somehow turn a profit on 35 that Festog spent way too much money and time on.

Bail from John and Chris' plans of building anything in Boca.

Sell Boca to a developer for a substantial cash infusion.

Lease space for the Boca employees so they are not 100 percent work from home.

This is one thing they have a good handle on. Now let's get rid of some EVPs and focus on client retention.

The company told us that we are 2-3 years into a 20 year lease ???

Really ????

Do you really believe anything the company still says or are you drunk reading Promises to Keep.

Nonsense ?? Look at the 287 luxury condos they want to build and develop in Boca. Where are they getting the money for that. George Soros or Donald Trump ? No wait ! It's growing on palm trees at the Broken Sound golf club. Damn, I should have known... If they are not diverting millions into that project, who is paying for it ? Have Stevie Rich go on the record to explain who is paying for it ? How will it be funded ? Where are getting the money ? It's all been hush hush and a secret from employees and policyholders. Do your own research.

Such nonsense. I happen to know for a fact that the Company isn't doing any of the things you say, including "diverting $50-$100M" to its property in Boca, or moving its headquarters to Boca or anywhere else (and the Company told us it is 2 or 3 years into a 20 year lease at 320 Park Avenue in NYC).

Just my opinion:

The company corporate headquarters will relocate to BOCA when the office building is completed. Also, their computer center is there.

That is why more layoffs will come in the future.

The less emplyees they have to relocate the better it is for MOA.

Of course the top executives will remain since they planned to retire in Florida anyway (tax free state).

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$100M Real Estate Development Boca Raton--Update

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