Giles Capital Group, Rosemurgy Properties and Schmier Property Group bought a 38-acre parcel at Glades Road and 95th Avenue South in Boca Raton, Florida. Along with their equity partner, Wheelock Street Capital, the developers paid $37.97m in two transactions to the family of Earl Johns for the land. The group plans to develop a mixed-use scheme called Uptown Boca Raton on the site. The $200m project will feature 150,000 sq ft of retail shops, including a Lucky’s Market, Silverspot Cinema, Chick-fil-A and BankUnited, as well as 456 rental apartments. The project could break ground later this month with the retail component set to open by summer 2019, while the apartments should be completed by 2020.
“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,” said Brian Schmier, CEO of Schmier Property Group. “The sentimental nature of this transaction has been quite apparent for Dan and Dixie Johns and their family, having owned this parcel since the early 1900s. It has been a pleasure to work with them and for all of us to develop such a unique project on property that has a special family history.”
