Mizner Park has been sold to four groups, it was announced Nov. 6. The buyers include CP Group, the direct descendent of Crocker Partners, the company headed by developer Tom Crocker that originally launched the downtown Boca Raton retail, restaurant and residential destination. File photo
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By Mary Hladky
In a transaction that is expected to lead to a transformation of Mizner Park, the iconic downtown Boca Raton dining and retail destination has been sold to CP Group and three other companies.
CP Group announced the sale on Nov. 6 without disclosing the cost. The seller is Brookfield Properties, now rebranded as BGRE, which fully acquired the 30-acre property in 2018.
The deal returns Mizner Park to its roots. It was launched in 1991 by developer Tom Crocker, who headed Crocker Partners. CP group is that company’s direct descendant.
“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 for CP Group.
“We have a rare opportunity to build on that legacy and reimagine Mizner Park for the future. Our goal is to bring new energy and investment to this landmark destination while preserving what has made it such an important part of the community and a jewel of the city for generations.”
Mizner Park has been neglected in recent years, spawning residents’ concerns about its appearance and the quality of its tenants.
Former Boca Raton Deputy City Manager Jorge Camejo, who worked for the city when Mizner Park was built, told The Coastal Star earlier this year that the then-potential purchase by CP Group would be a good fit.
“From that standpoint, I am excited,” he said. “because I think CP Group may have a better understanding and desire to move Mizner Park in a direction that will improve the conditions, and therefore improve the value.”
Joining with CP Group in the acquisition are The Georgetown Co., a real estate development company; ACRE, a residential institutional fund manager; and StepStone; an investment firm.
BGRE put the property up for sale about two years ago, and the talk in real estate circles was that CP Group wanted to buy it. CP Group acknowledged that earlier this year.
In another recent blockbuster deal for CP Group, it sold the Boca Raton Innovation Campus In September for an undisclosed price to Related Ross, headed by billionaire and Miami Dolphins owner Stephen Ross.
Mizner Park contains 270,000 square feet of retail, 265,000 square feet of office space, a 272-unit apartment building and parking garages.
In announcing the acquisition, the companies said they will improve the streetscape, retail tenancy and merchandising as part of a master plan for redevelopment.
BGRE has owned the Mizner Park buildings, but the city’s Community Redevelopment Agency owns the land underneath them, which BGRE has leased. The CRA in February consented to transfer those leases to four entities led by CP Group.
Mizner Park previously was put up or sale in 2023, with at least three potential buyers wanting to acquire the property. The offers submitted were for as much as $290 million, real estate website The Real Deal reported, but no deal was finalized.
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