Boca’s Luxury Via Mizner Project Nears Completion of First Phase
Published on 07.15.2016
It takes the perfect blend of colorful history, superb location, iconic architecture and an elite, sophisticated citizenry to create an international destination – a place where every moment is a celebration. This is the essence of Via Mizner, an exclusive, landmark address in the heart of a beloved community, perfectly crafted for world-class lifestyles.
As one of a select few locations worldwide with a residential property bearing the Mandarin Oriental name, The Residences is truly a signature address. Upon arriving at the private entrance lobby, the cascading water element and grand staircase only hint at the striking design and details that abound throughout. Incomparable sophistication is imbued into each of the eighty-nine, light-filled homes that celebrate the Boca Raton lifestyle with absolute comfort and complete security.
For over fifty years, Mandarin Oriental Hotel Group’s reputation for impeccable service, distinctive designs and renowned, holistic spas has been key to its rapid expansion across the globe. Today, the company operates thirty-two hotels and seven Residences at Mandarin Oriental in 23 countries and territories. A dedication to the highest levels of customer satisfaction year after year has garnered Mandarin Oriental Hotel Group a most enviable ranking as a recognized leader in worldwide luxury hospitality.
The first residents are expected to move in next month to Via Mizner, a downtown Boca Raton development featuring ultra-luxury living.
Penn-Florida Cos. is finishing construction of a 366-unit apartment building at the corner of Camino Real and Federal Highway. The developer said the building should be ready for tenants in late August, with monthly rents ranging from the $1,600s to the $3,500s.
The rest of Via Mizner is still about two years away.
In addition to the apartments, the project will include 85 condominiums starting at just under $2 million; 60,000 square feet of high-end shops and restaurants; a 164-room Mandarin Oriental Hotel and an exclusive club inside the hotel.
All three, 12-story buildings should be complete by the end of 2018, Penn-Florida said.
Al Piazza, senior vice president of development for Penn-Florida, said the total value of Via Mizner upon completion could exceed $1 billion.
There are 29 Mandarin hotels worldwide, including one in Miami, where three-bedroom suites rent for more than $1,000 a night, according to the chain’s website.
“The Mandarin brand carries its own cache,” Piazza said.
Penn-Florida plans to open a condo sales office in the next few weeks and will start signing contracts within 60 days, Piazza said. Penthouses – ranging from 2,500 to 8,800 square feet – are priced from $3 million to $18 million.
He described potential buyers as “outrageously discriminating,” saying Via Mizner will be their second, third or even fourth homes.
“It’s not uncommon for them to have a home in Paris, New York, Vegas and Boca,” Piazza said.
Still, some real estate observers are skeptical.
Jack McCabe, a housing analyst in Deerfield Beach, said Penn-Florida appears to be “shooting for the moon” at Via Mizner.
While the rental market is hot, much of the demand in South Florida is for more middle- income apartments, McCabe said. He added that condo buyers will be reluctant to spend millions on a project that isn’t on the water.
What’s more, McCabe is forecasting a slowdown in housing prices next year, particularly in the luxury sector.
“That’s going to put a damper on these upper-end projects,” he said.
Beverly Rothstein, a real estate agent throughout South Florida for Re/Max ParkCreek, said Penn-Florida will have to target a “nebulous group” of condo buyers that prefers Boca Raton to Miami.
“People who have that kind of money will choose Miami before they choose Boca Raton,” Rothstein said.
However, Piazza said the Mandarin name will drive demand for high-end condos in Boca Raton. He pointed out that none of the other Mandarin hotels with attached condos sits directly on the water.
“People understand the product, and they aren’t questioning the prices,” Piazza said. Boca Raton Mayor Susan Haynie also is optimistic.
Even though Via Mizner isn’t a waterfront location, some renters, owners and hotel guests will have views of the Boca Raton Resort & Club, as well as the ocean and Intracoastal Waterway, Haynie said.
The development will enrich an already-vibrant downtown, the mayor said.
“I think it will do really well,” Haynie said. “I believe they can get those prices.”
We are pledged to the letter and spirit of the U.S. Policy for achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising, marketing and sales program which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin. The sketches, renderings, pictures, photos, and designs depicted or described herein are conceptual in nature and are not to scale, are based upon preliminary development plans, may depict options, upgrades, features or views not available in all model types and are subject to change without notice in the manner provided in the applicable purchase agreement. No guarantees or representations whatsoever are made that any features, amenities or other facilities will be provided or, if provided, will be of the same type, size, location or nature as depicted or described herein. Any view from a unit or from other portions of the property may in the future be limited or eliminated by future development or forces of nature.Nearby golf courses, open spaces and other areas are not owned or operated by the Developer and there is no guarantee they will be operated or maintained for any particular purpose or in any particular manner. Many of the facilities within the project will not be located within the Residences. Certain facilities or services described herein will be provided by the hotel or club operators or others and may be subject to additional charges. Membership in the Club will be mandatory for unit owners and will require payment of additional dues, fees and costs. A substantial number of Club memberships will be available to non-residents. Business establishments may be sold to third parties, may be used for different purposes, and may change or discontinue operation at any time.
An offering is made only by the prospectus for the condominium and no statement should be relied upon if not made in the prospectus or in the applicable purchase agreement. Douglas Elliman is the Developer’s exclusive broker for this project. No solicitation, offer or sale of a unit in the Residences will be made in NY, NJ, or in any other jurisdiction in which such activity would be unlawful.Via Mizner Owner III, LLC (“Developer”) is a newly-formed entity, which is the sole offeror of the units being offered for sale as The Residences at Mandarin Oriental, Boca Raton (“Residences”). Penn-Florida Capital Corp. and the other “Penn-Florida Companies” are affiliated with the Developer but are not the developer of the Residences. All statements and any representations herein shall be deemed to have been made solely by Developer. An affiliate of the Developer is developing the adjacent proposed Mandarin Oriental, Boca Raton hotel (“Hotel”) and the rental programs, if any, offered to unit owners in the Residences. Neither Mandarin Oriental Hotel Group nor any of its affiliates, nor their respective Officers, Directors, Agents or Employees (collectively, “MOHG”), are in any way owners, offerors, promoters, issuers or underwriters of, or responsible or liable for, or are making any representations or warranties with respect to, the Developer, construction of the Residences, any offering for sale of the real property constituting the Residences, or any increase or return on related investment. MOHG has not assumed and has no liability or responsibility for any financial statements, projections or other financial information contained in any sales and marketing materials, prospectus or similar written or oral statements relating to the Residences. Developer has the sole right and responsibility for the manner and means by which the Residences are sold, and for all representations in relation to the Residences. Developer has obtained rights to use the “Mandarin Oriental” name and trademarks (“MOHG Marks”) in connection with the Residences and the Hotel subject to the terms and conditions of non-exclusive license agreements which may be terminated at any time upon certain occurrences. The right to use the MOHG Marks in connection with the Residences is thus not guaranteed and no such right is included in the Residence being acquired by any purchaser. If any of the relevant agreements are terminated, or Mandarin Oriental ceases to manage the Hotel or Residences for any reason, use of the MOHG Marks in connection with the Hotel and Residences may be terminated at MOHG’s discretion.
The Residences at Mandarin Oriental, Boca Raton (The Residences) are not developed, sponsored, owned, offered or sold by Mandarin Oriental Hotel Group or any affiliate thereof (MOHG), and MOHG makes no representation, warranty or guaranty of any kind regarding The Residences. The developers and owners of The Residences use the Mandarin Oriental name and trademarks subject to the terms of revocable licenses from MOHG which may expire or be terminated.
Photographs and artwork are lifestyle photographs and conceptual artist renderings.