An Update on Aletto Square for Interested Residents
What’s happening? Recent news. Information Only. No intention to disparage anyone.
On February 12, 2024, the developer testified that the LATE start date would be September 2024
TODAY IS ALREADY
October 5, 2024Update on Aletto Square
The land has been cleared, all existing structures demolished, and lot fenced and cleaned up. It’s just disappointing that they had to raze some historic buildings.
What started out as an office and residential project, Aletto Square, now called Aletto Offices at Sanborn Square, now is a two tower office development. This is despite the fact that office buildings are failing across the country, some being converted to residential.
In fact, there are almost One Billion square feet of empty office space in the United States. From 5 to 10 office towers are at risk of defaulting every month. Stacking all this office space into a building with 20,000 square feet per floor, would result in a 48,000-story building, reaching into
the atmosphere. (Source of data: Visual Capitalist)
But even with billions of dollars worth of office buildings close to foreclosure, Boca Raton has decided we need more empty offices in downtown. The questionable project is brought to us by Compson Associates, the same developer responsible for Tower 155.
Speaking before the Boca Raton CRA in February, 2024, the developer outlined the progress being made, if any, claiming that construction will start the summer of 2024, the latest in September. So far, construction has not yet began. Could this be another 5-year project like Tower 155? An unfinished eyesore like the Mandarin Oriental? Or empty offices like those plaguing the United States.
Wink, Wink?
Notice the Wink Wink in the video? Here it is again if you missed it.
Wink is defined like this, a signal or a secret message.
Is this some sort of message to City Council? What exactly is he asking for here?
September of What Year?
With large construction projects like Aletto, it’s difficult to lock down an exact start date. But as seen in the following figure from a construction journal, it was previously projected to start the third quarter of 2022. It’s now two years from that projected date.
Lawsuit Filed
In other news, Tower 155 has sued Compson and others for alleged construction defects and code violations. Click here for more information.
The suit also includes the project’s architect, Derek Vander Ploeg, the general contractor and many of the subcontractors. Click for even more information.
The last reported issue with the developer was the $56.6 million foreclosure of its Boynton Beach Renaissance Commons project in 2013. Click here for more information and here for more information. Since then, according to their website, it appears the developer has concentrated on smaller residential projects, and there are no reportable issues with the developer prior to Tower 155.
Construction Manager at Risk Hired
According to Craft Construction Company, Compson Associates has contracted with them to be Construction Manager at Risk (CMAR) for Aletto at Sanborn Square. The CMAR is responsible to oversee the entire project and deliver it to the developer when completed. Hopefully the use of an experienced CMAR will avoid some of the pitfalls associated with Tower 155.