Unless I've read it wrong, the City Council in Boca just approved a new RESIDENTIAl building next to the existing OFFICE building. I was reading about the new City Center planned, and it was also part of the article. Office Depot will also be eliminating part of its building to build residences. Not sure if this has been relayed to the MoA workforce.
https://bocamag.com/heres-whats-next-for-boca-downtown-campus/
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The company owes it to the policyholders and employees about what is going on with the Boca property. There are no attacks. It is all public information filed with the City of Boca Raton. We are asking the Board, CFO, and CEO to explain why last year they told the employees they are getting out of the condo building business in Boca and now after raking in over $500M with the full sale of 320 Park Ave, why they are now doubling down and firing back up the Boca development.
We are looking for THE TRUTH and TRANSPARENCY as that is what Mr. Rich promised me and you.
Negotiations 101: You don't tell the whole world what you are planning on doing with a piece of real estate while you are negotiating.
Negotiations 102: You enter into NDAs with counterparties while you are negotiating, which require both sides to keep confidential the existence of and the substance of negotiations.
Please stop acting like something "shady" is happening. It isn't fair to the people working hard to fix the Company. The new CEO has been on the job only since July. Those of you bloviating about things you know nothing about are just hurting the Company. Those of you who are reasonable should be asking yourselves, what is the real motivation of the people posting these attacks.
What the latest rumor about the Boca property ?
With all the financial problems the company has right now, why on earth would they spend $50M-$150M to build a new office complex ? Is the reason because they can ? More info about the rationale is needed.
Below is right from a recent article from a Boca Raton news site. Stephen Rich has been talking alot about rumors recently, but as he knows, this one is 100% true. To quote Biden: "It's not joke."
What is the 320 Park Ave Braintrust gonna come clean about this and do some manssplaining on it..
"The Mutual of America complex, located across 11 acres at 1150 NW Broken Sound Parkway, will become home to 287 dwelling units. The apartments will span 355,055 square feet in area and would be mated to a seven-story integrated parking garage. Representatives for Mutual of America said the development would set aside 10 percent of the units for affordable housing and an additional 5 percent of units for workforce housing. The project will also include 2,000 square feet of retail space.
The site plan for the property also includes the construction of a previously-approved, seven story office building with 157,861 square feet of space and a six level parking structure. Building permit applications have been submitted for the office building, however the permits have yet to be issued. The existing office building at the site will be demolished after the new structure is complete.
Jacob German, a planner for the city, told board members that the residential uses will be located on the western portion of the site, parking would be located to the east, and the new office building will be located in between the two.
The existing office would be demolished to make way for the residential building,” said attorney David Milledge, representing Mutual of America. “We’re really trying to provide a lot of buffering and really soften the area.”
The board voted 4-0 to approve the project, which will require another round of approval by the city council before plans can be finalized."
With the confusion on this, all the more reason for Denny Reimer, Rich, and Gutirrriez to level with the employees to let us know what is going on. Why isn't Rich transparent about the Boca development.
They’re not building anything in Boca. They have no money. No one would ever lend them money. The only thing they may do is sell the whole property to a developer and move the employees into cheap existing offices somewhere near Boca (there’s lots to choose from).
Why doesn't Steve Rich or The CFO ever mention this development in Boca ? Why are they keeping it under wraps and all hush hush ? The policyholders and employees have a legal right to know how, what, and why the company wants to be part of a joint venture to spend tens of millions of dollars on condos close to a golf course in Boca. Very Shady.
I believe on January 2 of this year, the Boca planning commission approved a Mutual of America led development for 287 "luxury" condos. This was Festog's pet project. Then last year Freddy Gutierrez shut it down. Now, that Mutual just sold 320 Park and got $505M out of it, it will probably divert about $100M+/- to partner to build these condos. Does the NYDFS know about this ???