Article
Courtesy of The South Florida Business Journal
By Brian
Bandell
Published February 10, 2016
Elad National Properties plans to build a condo building near the Boca Raton
Resort & Club.
The Plantation-based developer submitted its plan to the city on Jan. 6 to
tear down the 246-unit Mizner on the Green town home rental complex at 210
to 398 Southeast Mizner Blvd. and replace it with about 388 condos. The
Mizner 200 building would be nine stories tall.
El Ad Mizner on the Green LLC acquired the property on the 8.8-acre site,
which overlooks the popular resort’s golf course, for $101 million in 2006.
It was built in 1996. The buildings are already divided into condos, but El
Ad Mizner on the Green LLC owns every unit and has been renting them out.
The new condos would average 2,200 square feet per unit. The project was
designed by Garcia Stromberg. The landscape architect is A. Grant
Thornbrough and Associates. The developer plans to use Coastal Construction
Group for the project.
The developer met with the city about its plans on Jan. 19 and plans to
submit a revised proposal soon, according to the company.
“Elad National Properties looks forward to submitting finalized plans for
staff review and approval for Mizner 200 – a luxury ‘for-sale’ condo
development – in February,” El Ad CEO Amnon Safran said. “We plan to soon
meet with our neighboring residents and businesses so that city staff and
officials, residents and businesses and prospective buyers understand all of
the benefits to be enjoyed by our pedestrian-friendly residences.”
The developer said 40 percent of the property would be green space, which is
significantly more than the current site has.
While condo sales have slowed down in Miami-Dade County, the relatively
smaller condo market in Palm Beach County has shown steady growth. It’s
buyers are generally more domestic compared to Miami-Dade’s foreign
buyer-driven market.
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