Boca Raton – The iconic Mizner Park complex, a cornerstone of downtown Boca Raton’s retail, office and residential scene, has returned to the hands of its original developer. CP Group, an owner‑operator of Sunbelt office properties, purchased the 838,840‑square‑foot site from Brookfield Properties in partnership with The Georgetown Company, a diversified real‑estate firm.
Who is behind the deal
CP Group first built Mizner Park between 1991 and 1999 at 327 Plaza Real, just north of Palmetto Park Road. The firm now manages more than 170 office and mixed‑use properties totaling over 64 million square feet, valued at more than $8 billion. The Georgetown Company, founded in 1978, has a national portfolio that includes Easton Town Center in Columbus, Ohio, and the adaptive‑reuse Campus 244 project in Atlanta.
Transaction partners
Also involved in the transaction are ACRE, an institutional residential fund manager, and investment partner StepStone, which will oversee the 272 apartment units and a planned renovation of resident amenities.
What Mizner Park offers
The mixed‑use development features 268,391 sq ft of office space, 276,461 sq ft of retail space and 293,988 sq ft of residential space across 272 rental units. It sits adjacent to the Boca Raton Museum of Art, the Mizner Park Amphitheater, and The Studio at Mizner Park, which hosts live theater and concerts. The complex is a short walk from the Boca Raton Brightline station, making it a transit‑friendly destination.
Current tenants and recent changes
Popular eateries such as American Social and Kapow Noodle Bar remain, while original tenant Max’s Grille continues to operate. Former tenants include Junior’s Restaurant, Cheesecake Factory, Truluck’s and Loch Bar. The former Lord & Taylor department store, closed in August 2020, now houses an RH Outlet furniture store.
Owner statements and vision
“Returning to Mizner Park is a homecoming for us, both as its original developer and as a Boca‑born firm,” said Angelo Bianco, Managing Partner of CP Group. “We’re reinvesting in our own backyard and in a place we brought to life more than three decades ago. Our goal is to build on that legacy and reimagine Mizner Park for the future, bringing new energy and investment while preserving what makes it a community jewel.”
Jonathan Schmerin, Managing Principal of The Georgetown Company, added, “Mizner Park has been an important part of Boca Raton for more than three decades, and we see tremendous opportunity to help grow its future. Alongside our partners, we’re excited to work with the City and community to strengthen the tenant mix, bring new energy to the property and reinforce its position as one of America’s signature shopping, dining and entertainment destinations.”
Planned improvements
The new owners intend to collaborate with the City of Boca Raton on a comprehensive capital‑improvement strategy. Planned upgrades include refreshed building facades, enhanced hardscaping and landscaping, improved wayfinding, upgraded back‑of‑house infrastructure, modernized office common areas, and renovations to the multifamily residences and amenities.
ACRE will manage the apartment homes and oversee the resident‑focused renovation, ensuring that the 272 units meet contemporary standards for comfort and convenience.
Local impact
City officials have welcomed the transaction, noting that the revitalization effort aligns with Boca Raton’s broader downtown‑development goals. By preserving the mixed‑use character of Mizner Park and injecting new capital, the project is expected to sustain jobs, attract visitors, and reinforce the area’s reputation as a cultural and commercial hub.
CP Group’s recent history in the region includes the sale of the 124‑acre Boca Raton Innovation Campus, where IBM created its first personal computer, and ownership of Boca Center, an upscale mixed‑use development near Town Center at Boca Raton. The firm’s continued presence underscores a commitment to local investment and economic growth.
Original reporting: WPBF (Treasure Coast / Hearst) — read the source article.
