Boca Developers Submits Revised Proposal for Ft. Lauderdale Site

New Proposal Includes Hotel, Office Towers

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. October 14, 2008

FT. LAUDERDALE, FL, January 11, 2007. Boca Developers has submitted today revised plans for the Las Olas Riverfront site that include significant changes in the mix of residential, retail and commercial space. The new proposal, which was drafted after receiving feedback from local government and community groups, calls for a significant decrease in residential density and features a major public plaza, 253 residential condominiums, a 270-room hotel, an office tower, and more than 100,000 square feet of retail space.

Boca Developers expects its new plans for the high-profile property along the New River at the center of the city's arts and entertainment district to be well received by local officials, residents and neighboring property owners. After scores of meetings and a great deal of feedback, the company revised its plans to include a 40,000 square-foot public plaza with an outdoor stage and create a connecting point between the Riverwalk and the museum and historic districts. In addition, Boca Developers' new plans call for a theater, cinema, grocery store, health club, several restaurants and a major hotel with 18,000 square-feet of meeting space for large gatherings and events. The proposal also includes ample parking for residents and visitors.

'The Las Olas Riverfront site represents one of the most ideal locations for new residential and commercial development in all of South Florida,' said Brian Street, the president and CEO of Boca Developers. 'We feel confident that our new plans, which include a major hotel that is considered a priority for the emerging downtown area, will receive a great deal of approval.'

Boca Developers began its meetings with local officials, groups and property owners in the summer after its initial plans were submitted to the city for consideration. The majority of the feedback that the company received favored the development of a hotel and an office tower as opposed to three residential towers. In response, the company conducted feasibility studies to consider its development options and, upon reviewing the findings, created and submitted the new proposal with the help of its architects, the internationally renowned firm of Ehrenkrantz Eckstut & Kuhn (EE&K).

'In addition to the new mix of residential, hotel and office towers, EE&K's plans include a vibrant shopping avenue as well as an entertainment terrace overlooking the river,' said Street. 'The vision for the property is to create an inviting, pedestrian-friendly venue that will cater to local residents and serve as one of South Florida's premier dining and entertainment destinations.'

Boca Developers is currently awaiting the results of the initial review of the proposal from the City of Fort Lauderdale Planning and Zoning Department in January. Through all of 2007 as the plans for the property are finalized, the company will maintain and operate the Las Olas Riverfront shopping and entertainment center, which features Beach Soles, Metro Caf'e, Maya Southwestern Grill, Sunrise Cinemas, Palm Grill (formerly Max's Grille), Riverfront Cruises, Riverfront Pizza, Ugly Tuna, Vogue Italia, Whyte Noise and various other nightclubs, shops and attractions.