Joint Venture Acquires 38 Acres in South Florida for $200M Mixed-Use Project
BOCA RATON, FLA. — Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital have acquired 38 acres at the intersection of Glades Road and 95th Avenue South in Boca Raton for a $200 million mixed-use project.
Dubbed Uptown Boca Raton, the 1.1 million-square-foot, pedestrian-friendly project will feature 150,591 square feet of retail space and 456 apartment units. Lucky’s Market and Silverspot Cinema will anchor the development, which will also house tenants such as Chick-fil-A and BankUnited. Katz & Associates is handling the project’s leasing assignment.
“We are pleased to close on the property and to have the opportunity to deliver to West Boca Raton a lifestyle and entertainment project that will serve as a much-needed destination for the local community,” says Brian Schmier, CEO of Schmier Property Group.
Developers will break ground on Uptown Boca Raton this month, with a projected retail opening in summer 2019. The multifamily portion of the project is expected to open in early 2020.
Giles Capital Group is a real estate investment and development firm focused on multifamily communities in Florida.
Founded in 1977, Boca Raton-based Rosemurgy Properties is a privately owned commercial real estate development, investment and management firm. Portfolio assets include multifamily, self-storage, retail and office.
Also headquartered in Boca Raton, Schmier Property Group is a real estate investment, development and management firm. The company invests directly and with partners across all asset classes including retail, office, industrial, self-storage and multifamily.
Founded in 2008, Greenwich, Conn.-based Wheelock Street Capital focuses on real estate investments throughout North America, investing in both public and private market opportunities. The firm has raised more than $2 billion in capital commitments since its inception, and is currently investing its fifth fund comprising $725 million from pension funds, endowments and foundations.
— Camren Skelton