On Tuesday, two excavators began doing what they do best to make way for Palmetto Promenade, formerly known Archstone Palmetto Park — 378 rental apartments situated near the southeast corner of Northeast Third Avenue and Palmetto Park.
Palmetto Promenade will be the fourth residential housing project to start building in downtown Boca in the past 20 months. It’s part of a 1,700-unit residential boom either expected to be built, being built, or just completed.
“Out of all the projects under construction or planned, this project will truly bring about a renaissance and resurgence of activity and prosperity on Palmetto Park Road,” said Mark Guzzetta, a key developer on the project. “It will benefit the land values of all the neighbors in the downtown.”
Fabio Rodriguez, senior director at Greystar, a real estate management company, estimates that the new complex will be ready for tenants in January 2016.