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.