The Appraisal of Ocean Strand

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Last month, in a search for alternative financing for the Boca National Golf Course, the Greater Boca Raton Beach and Park District requested an official opinion of the market value of the vacant parcel of land located at 2300 N. Ocean Blvd., known as the Ocean Strand; this unimproved parcel is currently zoned “PL”, Public Land.

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Provided here is the entire Appraisal Report that establishes the highest and best use of this parcel, contingent on development approvals or zoning and land use changes at  over sixty-million dollars ($67,600,000), certainly enough money to complete all the District’s financials upcoming obligations; obligations including but not limited to the Boca National Golf Course and the redesign of the Gumbo Limbo facility.

Click on the page above to download and read the entire report as a PDF document.

A major assumption made within the report is that Boca Raton Ordinance #5228 does not include this property; an assumption that seems inconsistent with the language of the ordinance. Ordinance #5228  was adopted in 2010 and its plain language appears to address all pubic lands owned by the City and the District between the Intracoastal and the ocean. Ocean Strand is a District owned parcel of land between the Intracoastal and the ocean.

However, the appraisal does, however, explore the possibility of reallocating funds to the District that may eliminate the possibility of a millage rate hike or the continuing controversy between the city and the District on the Boca National funding issue.

Kudos to the District for exploring alternative funding opportunities to complete the promise to “Keep Golf In Boca” while preserving 200+ acres of green space for recreational purposes.

Readers are encouraged to visit the Beach and Park District’s website and review the proposed golf course design which, along with being a championship municipal golf course east of I-95, has numerous family friendly elements for residents of all ages and skills to enjoy.

Al Zucaro
Publisher of BocaWatch

 

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Alfred Zucaro has resided in Palm Beach County since 1982 and has been a resident of Boca Raton since 2008. A graduate of Fordham University, he holds a Magna Cum Laude degree in Economics. Mr. Zucaro attended Nova University receiving a Juris Doctorate Law Degree in 1986. He is a member in good standing with the Florida Bar, practicing in the area of Immigration Law for the majority of his career. Currently he is manager/member of Palm Beach Investment and Finance LLC, a USCIS approved regional center identifying foreign investment leading to permanent resident status. Mr. Zucaro served as a City Commissioner in West Palm Beach from 1995 to 2002 and as the President of the City Commission in 2000/2001. He has also been a member of and/or served on the Economic Council, the Business Development Board, the Film and Television Commission, the Tourist Development Council, the Workforce Alliance and the Palm Beach International Film Festival. Of particular interest is his founding of the World Trade Center Palm Beach, an organization that focuses on international economic development. Married to Yvonne Boice, they are avid world travelers having visited 6 continents and dozens of countries since their 2008 nuptials.

3 COMMENTS

  1. NO depreciating golf clubhouse is worth selling any of our “Future Use” waterfront land.
    Even if we have not yet developed it for current use, with the population booming as it has,
    and population growth expected to continue, this land will continue to appreciate enormously,
    and be invaluable for new recreational services in the future. Let them use PORTABLES until we can afford their luxury golf building. Our students do it all the time.

    NO GOLF CLUB building is worth selling any of our waterfront land.
    With our population booming, and expected to continue doing so,
    this WATERFRONT land must be saved for development for the use
    of future generations.
    IT IS INVALUABLE, AND WE WILL NEVER BE ABLE TO AFFORD IT AGAIN!
    It is also a rare pristine location with parkland across the intracoastal.
    If money cannot be found to build a luxury golf clubhouse, then
    let them use portables until the funds are available. Our children use them daily!
    How outrageous that anyone would even consider selling this beautiful pristine land
    to build a clubhouse building that will DEPRECIATE.

  2. Why didn’t the great, wise officials with the city and beach tax district not Tell us about the increase millage prior to purchasing the golf course. Did they not know? Why not? Did they do their due diligence?
    It’s supposed to be temporary. How long? My guess is the millage will stay there forever.
    The city and the tax district never saw a dollar they couldn’t find a way to spend.

  3. Their philosophy:
    Always under estimate the costs when they promote something to the taxpayers. Then stick it to the taxpayers when they were intentionally misleading or discover the “unintended consequences” of things they should’ve considered, but were inept, Incompetent, lack knowledge or expertise.
    The golf course will never pay for itself.
    Golf course communities in our area such as Boca West, Brokensound, and others keep raising their assessments and will continue to do so.
    If golf course management professionals have to keep asking for more money, how can local officials expect to do better with little or no expertise? The taxpayer can make up for any shortfall. Just Tax and Spend.

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