A $875 million investment in a historic Florida resort is expanding into the luxury residential market, with wealthy buyers showing early interest in its planned condominiums. According to the New York Post, around 40% of the first 75 luxury residences planned at The Boca Raton resort have already been claimed. The project follows the 2019 acquisition of the property by a firm backed by billionaire Michael Dell and approximately $375 million in subsequent renovations and upgrades, as reported by Bloomberg in April 2026.The development marks a new chapter for The Boca Raton, a landmark property that has traditionally operated as a luxury resort and private members’ club. By introducing privately owned residences within the resort, its owners are seeking to combine high-end real estate with the services and amenities associated with an established hospitality destination.
From a historic inn to a luxury residential address
Boca Raton, a coastal city in Palm Beach County, Florida, has long been associated with affluent residents, retirees and resort living. The Boca Raton’s history dates back to February 6, 1926, when the original Cloister Inn opened its doors. Designed by architect Addison Mizner, the 100-room hotel helped establish the Mediterranean Revival architectural style that became associated with South Florida’s luxury properties.Over the decades, the original inn evolved into a sprawling resort offering accommodation, leisure facilities and membership-based amenities. The property is marking its centenary in 2026, making the planned residential development part of a broader transformation at a landmark destination.The new residences will introduce a different ownership model, allowing buyers to purchase homes within the resort grounds rather than relying solely on hotel stays or club membership. The reported sales suggest that the concept has attracted early interest among affluent buyers.
Prices begin at $8.95 million
The residences are positioned at the upper end of the luxury housing market. According to the New York Post, prices range from $8.95 million to more than $20 million, with the starting price considerably higher than the approximately $4 million figure discussed when the project was initially proposed.The planned collection includes penthouses, terrace residences and villas with private gardens and swimming pools. The homes target buyers seeking private residential space alongside access to resort-style services. Reported amenities include butler service, a rooftop swimming pool, a spa, a gym and a members-only lounge. Buyers will also be offered a Residential Club Membership that extends to their families, adding a membership component to the appeal of owning a home within the property.
A $375 million renovation programme
The residential project follows a substantial investment in the resort. According to Bloomberg, the Michael Dell-backed investment firm had spent approximately $375 million on renovations and upgrades since acquiring the property for $875 million in 2019.The investment group is associated with BDT & MSD Partners, formed through the combination of MSD Partners, linked to Dell, and BDT & Co., founded by banker Byron Trott. Dell is the founder and chief executive of Dell Technologies. The condominium project adds another potential revenue stream to the resort’s existing operations, which include accommodation, leisure facilities and private club services.However, the reported 40% figure is an early sales indicator, not evidence that the project has already generated a profit. The residences remain under development, and their financial performance will depend on factors including final sales, construction costs and demand as the project progresses.Moreover, the firm had secured a $1 billion refinancing for the resort. That financing is separate from condominium sales and does not, by itself, establish the profitability of the residential development.The development is being designed by Hart Howerton, with interiors by Pembrooke & Ives. The planned eight-storey building is expected to enter construction in 2026, with completion targeted for 2029.