Category: Uncategorized

Click here to view PDF of our mention in the New York Post.

Big Brand Builders Iron the Wrinkles out of Old-School Boca Raton

This New York Post article highlights Boca Raton’s transition from sleepy retirement community into a younger, more vibrant area, with a median age of 48.

The Via Mizner properties were featured several times:

The Mandarin Oriental will open the city’s first new ultra-luxe hotel in almost 100 years and will bring 85 new luxury condos.

The Mandarin Oriental will open later this year with a 154-room hotel and 85 condos, ranging from $4M to $28M. It will have an athletic club, a spa, a rooftop restaurant, a private club, and a Jack Nicklaus-designed golf course. The ground floor has 65,000 square feet of luxury retail. “If you wanted luxury shopping before, you went to Palm Beach or Bal Harbour,” said David Warne, COO of Penn-Florida, the Mandarin’s developer. “Now, with so many people moving here, it is particularly timely.”

Click here to view PDF of our mention in Islands Magazine.

7 New and Improved Palm Beaches Resorts to be Excited about in 2022

The Palm Beaches—more than three dozen sunny communities, many stretched along 47 miles of Florida’s southern Atlantic coastline—are home to some of the state’s most celebrated hotels and resorts, and now a handful of new, newly renovated or soon-to-open properties are making the choice of where to stay and play (golf and wellness are the top draws) more enticing than ever. From Palm Beach Gardens to Delray Beach to Boca Raton there is plenty to report: a new hotel recently debuted, four others are completing multimillion-dollar renovations and two new properties will join the region’s exceptional roster of accommodation options in 2022. Here’s what’s new and on the horizon in The Palm Beaches.

Click here to view PDF of our mention in Lux Exposé.

These Developments Emphasize Walkability as a High Priority for Homebuyers

oday’s homebuyers want to ditch the commute and live within walking distance to the offices, schools, shops, restaurants, parks, and other urban amenities. The factor of walkability has become even more important since the pandemic began. It can enable residents to avoid high volume areas during surges, such as public transportation, and allows them to spend more time outside, which has been shown to reduce viral spread.

Click here to view PDF of our mention in the South Florida Sun Sentinel.

Laps of Luxury: What Upscale Brands Add to South Florida Condos

As well-heeled out-of-staters continue to flood South Florida, many are turning to brand names such as Ritz-Carlton, Porsche, Armani, Four Seasons and Aston Martin as they search for homes. Luxury hotel and other high-end product brands have long been a big magnet for buyers who want a place with services ranging from spas to golf to high-end restaurants and recreation on the water. Now, developers see those brand names as a catalyst for sales at prices above-market rates, or as a means for speedier condo sales. In the past few years, a spate of new South Florida condo towers have taken high-end monikers. Seeking to highlight branded residences’ extraordinary decade of growth – the article, including Penn-Florida Companies’ Chief Operating Officer David Warner, on four key topics: What’s in it for the buyers? Developers?, the Economics of it all, and the better brand affiliation (hotel vs. non-hotel).

Click here to view PDF of our mention in Lux Exposé.

Exclusive Club Membership Is the Next Big Thing in Amenity-Rich Buildings

High-end, over-amenitized apartments are considered a modern cliche nowadays. The days of outdoor gardens and state-of-the-art gyms are gone, as real estate developers now include unique amenities to cater to buyers and pander to ever-changing lifestyle trends. Since homeowners demand sophisticated services that allow for ultra-luxurious lifestyles, some developments offer their residents private club membership to marinas, and golf courses that are right in their backyards. The Residences at Mandarin Oriental, Boca Raton are the third and final tower at Via Mizner, a 2,000,000-square-foot, world-class urban resort in the heart of one of Florida’s most internationally recognized communities. Residence owners will not only enjoy the benefits of the five-star Mandarin Oriental service, but they will also have exclusive access to Via Mizner Golf & City Club right in their backyard. The Via Mizner Golf & City Club is Boca Raton’s preeminent private club that houses a superb golf course designed by Jack Nicklaus, in addition to state-of-the-art practice and training facilities, stylish dining options, and more.

Click here to view PDF of our mention in Wealth Magazine.

Get an Instant Club Membership When You Buy a Home

Private clubs are – and have always been – the ultimate luxury. With the undeniable rise in popularity among ultra-luxury residential developments with “buy a home, get a club membership” arrangements, Luxury Travel Magazine decided to round-up the hottest residences that come with an instant private club membership. In addition to access to Mandarin Oriental’s award-winning amenities, buyers at the Residences at Mandarin Oriental Boca Raton will have a guaranteed membership to Boca Raton’s newest and most exclusive Via Mizner Golf and City Club. The Golf Club features an 18-hole course designed by golf legend Jack Nicklaus, and the City Club, a rarity in the region, exudes a rarified atmosphere of elegance with exclusive offerings and luxury experiences.

Click here to view PDF of our mention in Luxury Travel Magazine.

Buy A Home, Get A Club Membership!

Private clubs are – and have always been – the ultimate luxury. With the undeniable rise in popularity among ultra-luxury residential developments with ‘buy a home, get a club membership’ arrangements, Luxury Travel Magazine decided to round-up the hottest residences that come with an instant private club membership. In addition to access to Mandarin Oriental’s award-winning amenities, buyers at the Residences at Mandarin Oriental Boca Raton will have a guaranteed membership to Boca Raton’s newest and most exclusive Via Mizner Golf and City Club. The Golf Club features an 18-hole course designed by golf legend Jack Nicklaus, and the City Club, a rarity in the region, exudes a rarified atmosphere of elegance with exclusive offerings and luxury experiences.

Click here to view PDF of our mention in Luxury Travel Magazine.

Best Branded Residences for Second Home Ownership feature in Luxury Travel Magazine

Home buyers in search of the perfect location to buy a second home must consider many factors before making their investment. Whether they’re prioritizing locations with favorable tax laws or properties that will be more lucrative as vacation rentals, the process of finding a second home can often be challenging and time-consuming.

As such, buyers are increasingly looking to branded residences in some of the top secondary markets for investing in high-end real estate. Combining the amenities and services one would expect from a five-star hotel with the prestige associated with some of the top hospitality brands in the world, branded residences often retain their value at a higher level than unbranded residences, making them ideal investments.

Boca Raton, Florida, Residence: The Residences at Mandarin Oriental

Boca Raton As one of the most tax-friendly locations in the U.S., Florida has long been seen as one of the best domestic locations to buy a second home. Residents do not have to pay state income tax and they also enjoy warm weather throughout the year as well as some of the top golf courses in the world. As part of Via Mizner, the world-class urban resort, the Residences at Mandarin Oriental, Boca Raton are scheduled to be completed in the second quarter of 2022 with a collection of 85 Residences. Among its many amenities, the property features membership privileges at Via Mizner Golf & City Club, featuring an 18-hole Jack Nicklaus-designed Golf Course.

Click here to view PDF of our mention in Luxury Travel Magazine.

Homes with Access to Exclusive Club Memberships feature in Luxury Travel Magazine

After over a year of being cooped up in our homes, buyers and homeowners are looking for the next big thing when it comes to amenities and what’s included in their next home purchase. Gone are the days of outdoor gardens and state-of-the-art gyms, as homeowners now seek ultra-exclusive access to private clubs, marinas and golf courses right in their backyards.

We’ve rounded up a few residences in which homeowners can purchase their home in addition to receiving access to resort-style and club-like amenities without having to venture off too far.

The Residences at Mandarin Oriental, Boca Raton

The Residences at Mandarin Oriental, Boca Raton are the third and final tower at Via Mizner, a 2,000,000-square-foot, world class urban resort in the heart of one of Florida’s most internationally recognized communities. Residence owners will not only have the perks and benefits of the five-star Mandarin Oriental service, but they will also have exclusive access to Via Mizner Golf & City Club right in their backyard. The Via Mizner Golf & City Club is Boca Raton’s preeminent private club that houses a superb golf course designed by Jack Nicklaus, in addition to state-of-the-art practice and training facilities, stylish dining options and more.

Click here to view PDF of our mention in Lux Expose.

Lux Expose Says Exclusive Club Membership is the Next Big Thing in Amenity Rich Building

High-end, over-amenitized apartments are considered a modern cliche nowadays. The days of outdoor gardens and state-of-the-art gyms are gone, as real estate developers now include unique amenities to cater to buyers and pander to ever-changing lifestyle trends. Since homeowners demand sophisticated services that allow for ultra-luxurious lifestyles, some developments offer their residents private club membership to marinas, and golf courses that are right in their backyards.

The Residences at Mandarin Oriental, Boca Raton

The Residences at Mandarin Oriental, Boca Raton are the third and final tower at Via Mizner, a 2,000,000-square-foot, world-class urban resort in the heart of one of Florida’s most internationally recognized communities.

Residence owners will not only enjoy the benefits of the five-star Mandarin Oriental service, but they will also have exclusive access to Via Mizner Golf & City Club right in their backyard. The Via Mizner Golf & City Club is Boca Raton’s preeminent private club that houses a superb golf course designed by Jack Nicklaus, in addition to state-of-the-art practice and training facilities, stylish dining options, and more.

Click here to view PDF of our mention in Forbes.

Forbes article, Luxury Developments Vie to Present the Most Distinctive Amenities

It might be the renewed focus the pandemic placed on our home environments. It may be desire to give residents the utmost in luxe entertainment, wellness and health. Or it could be the rivalrous spirit developers and apartment property owners bring to their battle to win the greatest numbers of condominium buyers and apartment renters.

Whatever the explanation, the race to unveil the most distinctive and lavish amenities shows no sign of abating. Whether a recording studio and karaoke room, a dedicated Zen meditation garden or a boxing gym, the extras offered by luxury buildings these days are a prime inducement in swaying buyers and renters to sign on the dotted line.

Among those companies trailblazing the introduction of previously untried amenities, The Residences at Mandarin Oriental is notable. With seven operating residential buildings and plans to unveil 16 more in the next half decade, the Mandarin Oriental Hotel Group brand prides itself on giving homeowners exclusive, unique extras.

For instance, the Bodrum, Turkey location features a marina dockage and helipad, the Hyde Park, London location wine cellars and 21 m2 ozone swimming pool.

The Residences at Mandarin Oriental in Honolulu offers residents a recording studio and karaoke room, while the Tel Aviv setting features a boxing gym and oxygen garden. And within the Residences at Mandarin Oriental in Boca Raton, Fla. homeowners can savor a meditation garden before returning to the wine lounge for a libation.

“The pandemic has made buyers and homeowners re-evaluate their wants and needs within a home,” said Adelina Wong Ettelson, global head of residences marketing at Mandarin Oriental Hotel Group. “There is great demand for multi-functional indoor-outdoor spaces, [and] innovative wellness facilities such as the oxygen garden at The Residences at Mandarin Oriental, Tel Aviv.”

Amenities Abound

The Residences at Mandarin Oriental are far from the only competitors in the amenities race. At Rock House, a Mediterranean-inspired cliffside resort development in the Turks and Caicos, buyers can now invest in studio suites to three-bedroom homes providing cutting-edge amenities. Each home offers a private outdoor pool with soaring view and lush outdoor shower garden, as well as access to the resort’s own secluded beach.

Breaking ground this year is Legacy Hotels & Residences, a 50-story tower situated at the center of downtown Miami mega-development Miami Worldcenter. Among its one-of-a-kind amenities are a Rock House, in the Turks and Caicos, is among new developments with unique or highly distinctive amenities. GRACE BAY RESORTS dramatic, cantilevered, Singapore-inspired pool, along with a one-acre pool deck, the largest of all the pool decks downtown.

At The Leyton, a new condominium development offering 38 one- to four-bedroom residences on Manhattan’s Upper East Side, the 24th floor Brandy Room offers private indoor and outdoor lounge spaces. Among those spaces are the Solarium, Living Room with chalet fireplace, Sun Terrace and Grille, and Dining Room and Dining Terrace. At all of them, The Leyton residents will be able to savor signature brandy cocktails arranged by the personal lifestyle concierge specialists at BHB Concierge. Designed by Champalimaud Design, the Brandy Room’s sprawling terrace is an excellent place to enjoy not only a brandy cocktail, but views of Central Park and the East River as well.

Meditation Nation

Settings expressly created for meditation are among the most popular cutting-edge amenities. Once the Covid-19 pandemic refocused public attention on the importance of health, developers of luxury residences redoubled their efforts to expand wellness-centric amenity offerings.

A case in point is 111 Varick, a new 30-story, 100-residence high-rise apartment community situated in New York City’s fast-blooming Hudson Square enclave. The Meditation Room at 111 Varick serves up a serene oasis and retreat from the hubbub of newly-accelerated New York City life. The design maximizes peace and Zen, while the space itself offers suspended health- and wellness-promoting “cocoon pods.” Visitors are likely to achieve optimal chi, for the space is an especially noiseless tableau within a quiet building boasting noise-canceling window technology throughout.

Another intentionally-designed meditation room is found at luxury condominium 200 Amsterdam. The tallest building on New York City’s Upper West Side, it is primed for delivery this summer. Its tranquil meditation room, sculpted by acclaimed designer Jarvis Wong of JARVISSTUDIO, features Balinese-inspired chairs offering residents a space for relaxation and serenity, as well as support for their meditation practice.

Click here to view PDF of our mention in JustLuxe.

The Residences at Mandarin Oriental, Boca Raton, featured in JustLuxe piece ‘From Hawaii to NJ, Most Lavish Penthouses for Sale’

The Penthouse Collection at The Residences at Mandarin Oriental, Boca Raton, Florida offers a limited number of buyers a rare opportunity to live a lifestyle of unparalleled comfort and sheer elegance. Developed by Penn-Florida Companies and architecture by SB Architects, the penthouses will range from 7,000 to 10,000 square-feet and may be customized to reflect each home owner’s design and appointment preferences.

The collection of 89 magnificent homes will feature private elevators, expansive wrap-around terraces with summer kitchens, 12-foot ceilings with floor-to-ceiling doors and windows,
refrigerated wine storage and “smart home” automated technology. Residents of the penthouses will have unlimited access to the exclusive Mandarin Oriental lifestyle amenities which include a residents-only rooftop pool, private club room, expansive wine lounge, and a rare, multi-generational membership to Via Mizner Golf & City Club – the newest, most dynamic private club in Florida. Completion date is scheduled for the second quarter of 2022 and the sales gallery is currently open.

Click here to view PDF of our mention in Top Hotel News.

Mandarin Oriental, Boca Raton, featured as ‘Project of the Week’ by Top Hotel News

Designed by the likes of SB Architects and HBA, Mandarin Oriental’s opulent hotel-and-branded-residences scheme is a worthy winner of our Project of the Week crown.

Mandarin Oriental’s latest site forms part of an upscale mixed-use development in the downtown area of Palm Beach County’s southernmost city, which will incorporate 65,000 sq ft of luxury lifestyle retail plus an exclusive private club.

A new luxury lifestyle hub

Mandarin Oriental first announced that it would manage a luxury-hotel-and-branded-residences project under development in Boca Raton back in 2015. The ambitious scheme spans two adjacent towers on East Boca Raton Road.

The hotel will accommodate 164 rooms and suites with ocean or city views, a signature rooftop restaurant with outdoor terrace and bar, a lobby lounge, a club lounge and a Mandarin Oriental cake shop. There’ll also be a spa, a fitness centre, a rooftop pool, a 4,500 sq ft ballroom and several adaptable conference rooms.

Meanwhile, the branded residences will enjoy exclusive access to the hotel via a skybridge. The complex will feature 89 residences in total, ranging from 1,425 to 8,800 sq ft.

An enviable project team

The project is being developed by Penn-Florida Companies, with architecture from SB Architects and interiors courtesy of HBA.

For its part, SB Architects aims to pay tribute to the Mediterranean-influenced architectural heritage of Addison Mizner that Boca Raton’s known for. Inside, the hotel will embody a sophisticated and contemporary style, all while reflecting Mandarin Oriental’s Asian heritage.

The new development lies amid the city’s most affluent residential neighbourhoods, just a short walk from its famous beaches. The surrounding area boasts a range of golf courses and parks, as well as various cultural attractions.

Through this property, Penn-Florida Companies aims to set new standards of luxury hospitality and contemporary living for Boca Raton. The hotel is currently slated to make its debut in the third quarter of 2022.

Click here to view PDF of our mention in Boca Raton Magazine.

Frank Weed, VP of Development & Construction, spotlighted in August issue of Boca Raton Magazine

Frank Weed says he’s a “redneck from South Carolina,” but it’s clear he comes with a whole different pedigree once you start checking off the career stops. First of all, Weed graduated from the prestigious University of North Carolina at Chapel Hill and got his MBA at Emory—and after that, has embarked on a real estate development career that has taken him from Boca to Boston, Australia to Colombia and back a few times. He’s worked with Jack Nicklaus and Greg Norman, and any number of impressive companies, but closer to home he cut his teeth with some of Arvida’s brightest lights back in the day—John Temple, Chuck Cobb, Scott Morrison—men who helped shape Boca Raton into the kind of resort community it is today. These days, Weed is vice president of development and construction at Penn-Florida, overseeing Via Mizner and Mandarin Hotel and its residences, slated to open at the end of 2021 or early 2022.

Weed landed in Boca in 1980, working with Arvida as director of builder programs, responsible for communities like Millpond and Timbercreek, Paseo and others, later doing the Addision and Boca East projects. He says the early Arvida takeaways were “know your purchaser, design for their needs, be nimble, change quickly, have integrity with everyone.”

Next, Weed took a job with Zaremba, then National Homebuilder in Atlanta. And that is where he met former Boca Raton Resort & Club GM Scott Morrison, with whom he developed one of the first extended-stay concepts, called the Welcome Inn America.

“Scott and I did three Welcome Inn Americas between 1990 and 1993—they were very successful—and then we sold [the group] to Wayne Huizenga. We took stock and Wayne went on to make it Extended Stay America. I was the worker bee and Scott was the hotel bee, I built them and he managed them,” Weed says.

After that successful deal Weed moved to Princeton, New Jersey to head a conglomerate real estate group but returned to Florida and took over the ultra-exclusive Fisher Island in Miami, which he describes simply as “Fairyland.”

Weed’s career continued to take him to other opportunities, including real estate partnerships with golfers Norman and Nicklaus, but met Penn-Florida President and CEO Mark Gensheimer in 2016, and now he’s knee-deep in one of Boca’s most transformation projects, the Mandarin Hotel and the Residences at the Mandarin (only the eight in the world), where he takes care of the development approval and other prosses.

He likes to say he left Boca in 1985 “when I thought it was too crowded,” but today he says it’s actually much better.

“It has changed dramatically, but I think it’s actually a much nicer place to live from the standpoint of schools that are top, businesses that are top, U.S. Customs at the airport—and the many people who want to live downtown now.”

Weed says Mandarin is selling well (prices range from $2 million to $20 million), and Penn-Florida also has another project in the wings, the upscale University Village north of FAU, which he hopes to take on. He’d like to end up in Boca with his wife and six children, going back and forth to their second home in Cape Cod.

We asked him if he had any idea why he was so good at what he did, and he said simply, “I try to listen before I offer an opinion.”

Pretty astute for a redneck from South Carolina.

Click here to view PDF of our mention in Palm Beach Illustrated.

New + Now: Hotel Boom

Palm Beach County’s time-honored hospitality rides its wave across a slew of shiny new hotel openings.

Palm Beach Illustrated Jul Aug Issue

Click here to view PDF of our mention in the South Florida Business Journal.

Building Slowdown

Will COVID-19 Stall Construction For Long?

If it seems like construction activity held steady during the Covid-19 crisis, that’s because it did.

But it’s important to note that, while existing projects mostly moved forward, developers kept their golden “breaking-ground shovels” out of site.

Construction starts in the tri-county region plummeted 53%, year-over-year, in March, and then 33% in April, according to Dodge Data & Analytics. That’s mainly because some developers delayed breaking ground to reassess the market, while others were stymied by a lack of construction lending.

That has cost thousands of jobs in the local construction sector, and has architecture and engineering firms concerned they won’t have enough new work to maintain staff.

But while there was a pause in new project starts at the beginning of the pandemic, some developers are more confident about restarting work now, said Patrick Murphy, executive VP of Miami-based Coastal Construction.

Solid projects with subpar locations and lacking an experienced developer are struggling to gain traction, Murphy said.

“Well-conceived projects – whether hospitality, mixed use, residential or commercial – in choice locations with [top-notch developers] are moving forward,” he added. And for projects already under construction, delivering them now is a major challenge.

Developer Jeff Greene said he will halt construction of his One West Palm project after topping off at 30 stories this summer. The two towers were slated to be a mix of high-end residential, hotel and offices. But the Palm Beach billionaire said he’s no longer confident in the hotel and office components, so he’s asked the city to allow him to make both towers residential before resuming construction.

“Building a big spec office building makes no sense whatsoever,” Greene said. “And building a new hotel in a market that’s glutted [with them] makes no sense, either.”

Some developers are pushing ahead with their projects.

In downtown Miami, One Commercial Real Estate CEO Daniel de la Vega has ramped up marketing efforts in the Northeast to sell office condos in Creative HQ. The project, part of the Natiivo residential condominium, is still expected to break ground later this year.

“People in cities highly effected by Covid are relocating to South Florida in a manner they never have before,” de la Vega said. “You have a new wave of people moving here who are OK with moving their offices, as well.”

Retail tenants pray for delay

Urban-X Principal Andrew Hellinger is almost ready to open the River Landing Shops and Residences in Miami. Tenants such as Publix Super Markets, Ross and Burlington are moving forward with interior buildout, but some retailers asked for more time or new lease terms.

“Soft goods retailers have to make a decision,” Hellinger said. “Do they open this year? Is there demand for what they are selling?”

He’s put lease negotiations with restaurants on hold because he wants to make sure their concepts survive. He doesn’t want to commit capital to tenant improvements until he’s confident the tenant will do well, and he expects restaurants won’t return to full strength for at least a year, he said.

Many tenants building out spaces face tough decisions, said Scott Sherman, managing principal of Miami-based retail developer Tricera Capital.

They invested a lot of money into the facility, but had no income for months and want free rent until they can hire staff and open, he said. He’s working with tenants so they can be successful in the long term, but at least one tenant is likely to cancel its lease.

Office tenants hesitant to commit

With no leases signed after a year of marketing, Greene was already struggling to line up office tenants for One West Palm. Securing tenants was harder than he thought, as companies in the Northeast weren’t quick to relocate their families. The pandemic, which popularized working from home, further added to that challenge.

“Instead of needing all these conference rooms, firms will have one conference room and then utilize Zoom and other methods,” Greene said. “There will be less demand for office.”

In downtown West Palm Beach, the Related Cos. is still moving full speed ahead with its 360 Rosemary office tower. Senior VP Gopal Rajegowda said 40% of the building is preleased, although it was difficult to reach prospective tenants during the first few months of the pandemic.

One of the selling points of 360 Rosemary is its health-conscious features. The air filtration systems, antibacterial surfaces and outdoor green spaces could help it compete with older office buildings.

“Maybe it will take a little longer to lease up, but we remain confident about the long-term strategy,” Rajegowda said.

Many office buildings under construction are really struggling because they can’t secure the Class A rents they were hoping for, said Adam Mopsick, CEO of Miami-based Amicon, which manages commercial properties and construction. It will be difficult to fill those buildings unless rents are adjusted, but that would reduce the value of the properties.

One Commercial has focused on big U.S. cities with expensive office rents in marketing the CreativeHQ office condos. Smaller suites can be used by professional firms relocating or downsizing.

“We have seen demand for smaller units because they are more rentable,” de la Vega said. “We are seeing interest from Latin American buyers on the commercial side more than on the residential side.”

Condo sellers focus on Northeast

De la Vega, also the president of One Sotheby’s International Realty, said demand for condos from Latin American buyers is down about 70% due to the pandemic and currency devaluations. It would be extremely difficult to launch a 350-unit condominium on Brickell and sell out in a reasonable amount of time. However, condos marketed to buyers who intend to live in their units versus rent them out, such as in Coral Gables or Boca Raton, tend to sell faster, he said.

Activity at Villa Valencia, now under construction in Coral Gables, picked up in early June with $12 million in presales. Rishi Kapoor, CEO of developer Location Ventures, said he directly marketed to wealthy Chicago and New York residents, and emphasized the boutique size of his 39-unit project. The private elevators, air purification systems and wellness platform have become big selling points.

“We’ve seen a noticeable uptick in people from dense urban northern cities considering a move to South Florida,” Kapoor said.

Penn-Florida Cos. inked five contracts in the last three months at Residences at the Mandarin Oriental, Boca Raton, where most units cost $4 million to $5 million, said Frank Weed, VP of development and construction. There have been more inquiries from the Northeast and California, but they missed the prime selling months of March and April. So, while activity has resumed, it’s not at pre-Covid levels.

“We expect to catch up with the sales,” said Weed, who will deliver the building in late 2021 or early 2022.

With fewer Latin American buyers looking at Miami condos, OneWorld Properties CEO Peggy Olin has shifted her focus to the Northeast to sell projects like Paramount Miami Worldcenter. She’s had success with a

rent-to-own program, so people can experience the building before making a long-term commitment.

Olin said she’s converted dozens of presales to contracts at the Legacy Hotel & Residences, planned at Miami Worldcenter, because the average price is less than $500,000. Selling multimillion-dollar condo units is a much greater challenge because people would rather have a single-family home for those prices, which is why some projects are on hold.

“There were projects I have been working on to launch this year, and we put a stop to it to reanalyze the market,” Olin said. “People will be more cautious about which projects they launch.”

Future cloudy for hotel projects

Ronald Finvarb, principal of the Finvarb Group, would like to begin construction of the Thompson South Beach Hotel in late 2020 or early 2021, but expects it will be harder than usual to obtain financing.

He said lenders will request more equity, a lower loan-to-value ratio, and a guarantee from strong loan sponsors before funding new hotels.

Finvarb expects that hotels in hot tourism spots will have a better shot at funding compared to hotels that rely on business travel.

“The pipeline of new hotel supply will slow significantly,” he said. “But leisure markets such as South Florida are expected to bounce back quicker than other cities.”

International travel is being significantly impacted, but the region will likely see a bump in domestic travel, which will help, he added.

Still, it’s going to be challenging to obtain hotel construction loans, said Dev Motwani, president and CEO of Merrimac Ventures, which operates and develops hotels. While his company owns land for new hotels, he’s not going to move forward until he sees the hospitality market improve.

“Next year might be a great time to start a hotel because you will be building when nobody else is, and delivering when nobody else is,” he said.

Mention in South Florida Business Journal

Penn-Florida Companies’ Mark A. Gensheimer, CEO & Founder, named 2020 Power Leader in Real Estate

Mark A. Gensheimer

Founder and president, Penn-Florida Cos.
Boca Raton

Gensheimer founded Penn-Florida in 1987 and today focuses on real estate development, ownership, operation and capitalization, especially in complex mixed-use projects. The company is currently developing Boca Raton projects Via Mizner, an urban resort anchored by Mandarin Oriental Hotel & Residences, and University Village, an 80-acre mixed use community adjacent to I-95 and Florida Atlantic University.

Birthplace: Michigan

Education: B.S.B.A., management, Central Michigan University

Childhood hero: Arnold Palmer

Favorite decade: The next one

Favorite smartphone app: Life360

Favorite season and location: Winter in Boca Raton

Favorite drink: Beefeater with a splash of soda & lime

Favorite meal: Fresh fish

Guilty pleasure: A weekend on the boat

Bucket list: Family trip to the Maldives

Click here to view PDF of our mention in Boca Raton Magazine.

Work on Via Mizner continues

Despite doubts about the travel industry’s future, a Penn-Florida representative said work “continues without interruption” on Phases 2 and 3 of the company’s Via Mizner project in downtown Boca Raton.

Phase 1 was the apartment building at Camino Real and Federal Highway. The current projects will add a Mandarin Oriental Hotel and condos with hotel privileges. Penn-Florida Vice President of Development and Construction Frank Weed said the hotel portion is “well above ground” and the condo tower soon will be above the fence surrounding the construction site. Weed called the underground parking feature “one of the largest subterranean basements in South Florida.” Work is proceeding under federal and local health guidelines.

Regarding the condos, Weed said, “We are very pleased with sales” at what Penn-Florida calls The Residences “in spite of COVID-19. There is an uptick in inquiries and increased interest from the Northeast and California.”

Another Via Mizner amenity will be the Jack Nicklaus-designed course that is replacing what had been the north course at Boca Del Mar. Weed said the course will open this fall.

“We continue to work diligently,” Weed said, “toward the realization of post-COVID realities and proper responses in all aspects of this new urban resort.”

Click here to view PDF of our mention in Luxury Daily.

Convergence of Tech and Real Estate In Fashion

In these unprecedented times, fashion retailers will be challenged to adopt improved strategies and tactics for serving existing clientele, as well as developing new customers.

In the luxury sector, this becomes even more crucial, as the top 30 percent of your brand’s customers may be producing up to 70 percent of total sales and the highest average gross margins.

It clicks

For many retailers, the challenges of developing and implementing a bricks-versus-clicks strategy started to accelerate in 2011-12. I regularly met with field managers, regional managers and senior corporate staff for numerous fashion brands across a broad pricing spectrum, including their CEOs, directors of stores, and directors of real estate during this timeframe.

I started to hear a pattern emerge in my conversations with many of these retailers, including those in the luxury sector, about their challenges with ecommerce, product distribution, inventory timing and availability, as well as margin compression from increasing costs.

At the time, I was the top field executive leading one of the largest retail real estate properties in the United States, with a “destination” portion of the property devoted to luxury retail, and comprising more than 500 operating retailers, restaurants and entertainment venues.

In early 2013, I enrolled in an MBA level certification program in supply chain management to learn more about the underlying issues from these retailer conversations and to better understand how this would alter the retail landscape in the future.

As part of my coursework, I pulled annual reports, MarketLine SWOT analysis reports, and other information regarding strategic priorities being pursued by retailers.

Many of these reports cited “Lack of presence in ecommerce platform” as a primary weakness and developing “Better inventory management to improve gross margin expansion” as an opportunity, both of which rely heavily on technology.

Threats listed in many of the reports included “Intense competition in the retail environment,” “slow speed to market with fashion merchandise relative to competitors” and “inefficient supply chains.”

Based on a focus on these issues and subsequent investments in infrastructure, a number of leading luxury brands have launched highly integrated Web sites (Chanel), improved supply chain efficiency (Moncler, LVMH), and developed innovative ways to track inventory (Ralph Lauren). These technology improvements are well positioned to heavily serve aspirational customers as well.

Many of these improvements have allowed brands to reach customers in new ways, but also to manage their businesses more efficiently.

However, the ecommerce platforms also require the customer service, CRM and fulfillment components that work in tandem with the Web site, as well as technical support costs.

These additional operating costs have impacted overall profitability and, in many cases, remain separate functions from store operations.

Even when a store employee relies on an iPad to access inventory from another store or from the brand’s ecommerce division, the teams and processes are likely in separate silos, so store employees are providing the “touch,” while tracking down the product and getting it to the customer or the store relies on the “technology.”

High touch, high tech

The next frontier for retailers will be to figure out ways to maximize the functions of high- touch, personal interactions and service that can be delivered best in a store environment, while also tapping into the efficiency and technology of the inventory and ecommerce backbone that is now in place for most retailers.

As physical locations for luxury brands continue to shift focus to the top 30 percent of customers driving profits, store formats, sizes and geographic locations will undergo a similar transformation.

In boardrooms worldwide, retailers are beginning to evaluate retail real estate options differently and are developing improved site selection parameters for stores in the fashion sector, aiming for improved profitability.

This has resulted in a reduction in the number and size of stores, a shift in retail formats from malls to more lifestyle, open-air and street retail destinations, and a deeper dive into how to best serve primary customers.

THERE IS A great divide between retail brands that serve the masses versus luxury brands that serve the few. The latter will be focused on bespoke locations with exceptional demographics and the other luxury attributes of a site, whereas brands with a mass-market approach can rely less on site dynamics and affluent demographics.

I would opine that the world’s luxury brands will evolve the real estate side of the business similarly to the technological evolution that has transformed their ecommerce and inventory platforms over the past decade. After all, there is no limit to creativity in fashion.

Click here to view PDF of our mention in the South Florida Business & Wealth Magazine.

Panelists Expect a Strong 2020 to Follow a Solid 2019

SFBW’s All-Star Economic Review and Outlook panel reported a strong 2019 and confidence in 2020 even as they were casting a wary eye on the emerging coronoa virus. Low interest rates are a big plus, but finding labor and large plots of land are a challenge. Apartments, industrial space, mixed-use developments and experiential restaurants and retail are in vogue, but hotel construction might hit a pause.

The panel was sponsored by Amerant Bank and held at Junior Achievement of South Florida in Coconut Creek. Panelists included some of the largest businesses and employers in South Florida.

Frank Weed, Vice President of Development and Construction, Penn-Florida Cos.

We are about to launch an 80-acre project north of the Boca Raton Executive Airport called University Village. [The website lists 829 residential units, including lofts, apartments, and assisted living facilities; a 183-room hotel, 70,000 square feet of office space and 130,000 square feet of residential ground floor retail.]

We just finished the Jack Nicklaus golf course, Via Mizner Golf & City Club, which is the old Boca Del Mar Country Club. It’ll be open in about six months. The commercial side is building the Mandarin Oriental Hotel Boca Raton and the Mandarin Oriental condominiums. [This is the first Mandarin Oriental residential project in the country, and the overall project, with 92 condos that started at $2 million, is $1 billion.]

Click here to view PDF of our mention in The Coastal Star.

Impact 100 announces semi-finalists

Impact 100 Palm Beach County members and prospective members applauded the 26 nonprofits named as semifinalists in the chance to receive one of the multiple $100,000 grants. The finalists will be announced March; they then will present their projects at the Grand Awards in April, when votes will be cast to award the funds.

Click here to view PDF of our mention in Boca Voice by Marci Shatzman.

Impact 100 announces semi-finalists

“It’s Oscar night and we have the envelopes,” is how Impact 100’s big reveal was announced. Seven Boca nonprofits were among 26 semi-finalists culled from 110 applicants. The list was revealed at a reception co-hosted by Impact 100 and The Residences Mandarin Oriental at their sales center.

• Community Greening Corp.
• Peggy Adams Animal Rescue League of the Palm Beach
• 4KIDS of South Palm Beach County
• American Association of Caregiving Youth
• Boca Helping Hands
• City House: Delray Beach
• Samaritan 365 Foundation/Kindness Matters
• Center for Trauma Counseling
• Compass Community Center
• GIVT Inc.
• The Children’s Place at Home Safe
• Mind & Melody

This is Impact 100’s ninth year, co-founded by Cindy Krebsbach, Lisa Mulhall and Tandy Robinson. Women can join by donating or by contributing $1,050 at www.impact100pbc.org. There’s a $50 administration fee and the rest goes to grants to nonprofits chosen by voting members. “We have 543 members and hope to hit 600 this year,” Impact 100 president Kathy Adkins told invited guests. The finalists in five categories will be announced at a March 31 reception. They’ll make presentations and the five $100,000 grant winners are announced the same evening on April 15.

Click here to view PDF of our highlight in the South Florida Business Journal.

New Virgin Trains Stations Could Boost Development in Aventura, Boca Raton

Virgin Trains USA’s planned stations in Aventura and Boca Raton will deliver more than passengers. They’ll likely spark hundreds of millions of dollars in development projects.

Parcels with low-rise buildings near the stations are ripe for redevelopment thanks to the premium value placed on office and multifamily properties near mass transit. Companies seeking office space in these cities could benefit from the convenient transportation for their workers, while the stations would provide a steady stream of customers for retail and restaurant tenants.

If even a fraction of the tourists frequenting PortMiami and Orlando – also part of Virgin Trains’ expansion plans – visit Aventura and Boca Raton, the rewards for businesses seem evident.

“The response about Brightline [Virgin Trains] has been overwhelmingly positive from both residents and our major employers,” Boca Raton Mayor Scott Singer said. “It will have spillover effects beyond the few blocks around the station. This is an opportunity to attract white-collar employees and to increase tourism traffic for our local businesses, Mizner Park, restaurants and the like.”

It’s still too soon to tell what types of projects will be proposed near the new stations. Najam Syed, head of asset management at Virgin Trains USA, formerly known as Brightline, said the company is strategizing its plans and would like to see dense development around the stations to benefit riders. Existing stations in Miami, Fort Lauderdale and West Palm Beach are already development magnets.

Virgin Trains and its majority owner, Fortress Investment Group, backed some of the projects. Others were built by third parties that obtained neighboring land. Apartment, office and hotel developers in the three cities all cited the stations as enhancements to their projects.

“People want to live at these stations and have their businesses at these stations,” said Christian Lee, vice chairman with CBRE in Miami. “You will see multifamily development around these stations to the maximum density will allow. And if it’s not very dense, they should consider rezoning.”

Trains aid real estate

Although the vacancy rate in the downtown Miami office market stayed in the double digits for most of this decade, the new office buildings at the Virgin MiamiCentral station were fully leased relatively quickly. Virgin and Fortress sold those offices for $159.4 million in May.

Without the station, the offices probably wouldn’t have been built, Lee said.

“They get higher [office] rents near stations, which leads to higher value,” he said. “The reason tenants pay more rent is they can attract employees from a bigger, more diverse geography.”

In downtown West Palm Beach, where there hasn’t been a major new office building constructed in more than a decade, the proximity of Rosemary Square to the rail station was a big reason the Related Cos. broke ground on its 360 Rosemary office building.

The Park-Line Palm Beaches apartment community is 84% leased a year after opening, and many of the tenants chose it for its location near the station, Virgin Trains’ Syed said.

“That in itself is a proof of concept that a transit-oriented development actually works,”he said. “A lot of folks are coming from the Northeast and want to have a train stop at their doorstep.”

Although Virgin Trains hasn’t moved forward with its plans for an office near its Fort Lauderdale station, the adjacent Flagler Village neighborhood has boomed with multifamily and hotel development.

According to CBRE, South Florida office buildings in areas with a high transit access score that sold in the past five years garnered double the per-square-foot price. For retail properties in those areas, the price difference was nearly triple.

Brandon Isner, leader of market research in Florida for CBRE, said commercial real estate in Aventura and Boca Raton will enjoy a boost in value once stations are established there.

“It can be a great marriage between mass transit and retailers who want a predictable flow of potential customers,” he said.

Aventura and Boca Raton are already strong real estate markets, so the stations will only make them more attractive, said Ken Krasnow, vice chairman of institutional investor services at Colliers International South Florida. Both cities have relatively wealthy populations and are home to many business executives – an ideal demographic for Virgin Trains’ ridership, Krasnow said. The stations will encourage more business leaders to live in those cities, he added.

“It’s really critical you continue to develop and attract office users in these transit corridors because they provide well-paying jobs,” Krasnow said.

Developers laud rail

While Aventura is a popular destination, the intense traffic can make it difficult to reach. The Virgin Trains station planned there could improve access, removing one of the biggest challenges for developers and landlords.

The station will accelerate the city’s already dynamic office market, said Harry Dornbusch, president of Aventura-based H&M Development. His company is the general contractor of the nearly completed Forum Aventura office condominium located next to the proposed train station. It recently finished the Beacon Hallandale office condo tower, which is just a short drive to the north.

“It’s going to make it easier to have an office here. People can actually come from Fort Lauderdale on the train in 20 minutes, and even work on the train,” Dornbusch said. “You don’t have to take I-95 and not know when you’re going to be there.”

Restaurants in the area, which are already busy, will be packed because of extra customers from the train, Dornbusch said. He suspects many visitors will be drawn to Aventura Mall and its new culinary offerings.

The mall and many nearby shopping centers have large parking lots that could be repurposed with housing, hotels and other uses, said attorney Javier Aviñó, a partner and Land Development & Government Relations Practice Group leader at Bilzin Sumberg. The law firm represents Virgin Trains USA in obtaining local development approvals.

With Biscayne Boulevard already heavily developed, much of the activity will take place in the Ojus neighborhood a few blocks to the west, Aviñó said. That area is unincorporated, and the county already created an urban district to encourage construction there.

“Once you add the train to the mix, it creates a lot of opportunity to put in additional density,” Aviñó said. “There will be relaxations of parking requirements as a result of the … [station].”

Even being a half-mile from the train station will be beneficial, said developer Jack Taplin, who plans to build apartments, retail and a Tribute by Marriott hotel in the Falls at Gulfstream in Hallandale Beach. The train would make it easier for tourists to reach racing and gambling at Gulfstream Park, and he hopes his hotel can lure some of those visitors.

“The proximity to the Brightline [Virgin] station is definitely a positive for the hotel,” said David Gahagan, VP of capital markets with Walker & Dunlap, which worked with Taplin on the project. “It will be an incredible impact … on the area.”

Boca Raton thinks big

Compared to the other Virgin Trains stops, Boca Raton doesn’t have as much high-rise density. However, the proposed station, which the City Commission approved Dec. 10, could create demand for transit-oriented development on what’s currently low-rise sites.

Mayor Singer said its downtown area zoning, which allows heights up to 100 feet and mixed uses, stops about a block south of the proposed station. Virgin Trains initially requested a new transit-oriented development district around the station, but withdrew that proposal in order to speed up the process, he said. The only new development currently proposed besides the station is a parking garage, Singer said.

James Batmasian, the head of Investments Limited, the biggest commercial property owner in Boca Raton, said he’s eager to speak with Virgin Trains about developing his sites near the station. He said all of those properties will benefit from the station because drivers want to avoid Interstate 95.

The Virgin Trains station will be a great amenity for the new apartment building at Via Mizner because residents could more easily access other major cities, said Melissa Myers, director of marketing at developer Penn-Florida Cos. The station should also boost the project’s retail and restaurant component by attracting visitors from other cities. However, the clients at Via Mizner’s Mandarin Oriental-branded luxury condos and hotel aren’t the people who typically ride public transit, she added.

Yet, Penn-Florida is working on a mixed-use project on the north side of Boca Raton called University Village that aims to be transit-oriented. Myers said if Virgin Trains adds a stop in the city, the developer would like to integrate it into the project, which would have multifamily, retail, a hotel and offices.

Virgin Trains’ Syed said one of the reasons the company selected Boca Raton was its many corporate headquarters and the large workforce that travels in and out of the city every day. Bilzin Sumberg’s Aviñó said a lot of the talks he’s had regarding projects at the Boca Raton station involve office buildings, both traditional and medical.

“Even if the zoning isn’t currently in place, there is an opportunity to make a modification,” he said. “There are a lot of opportunities to do reuse of existing properties in and around these transit hubs.”

BY THE NUMBERS

784,487: Passengers during first 10 months of 2019

96%: Year-over-year jump in passengers

2 million: Additional passengers expected after adding Aventura, Boca Raton and PortMiami stations

2022: Year service will launch in Orlando 

Click here to view PDF of our highlight in the South Florida Business Journal.

Luxury Condo Markets Sprout in Downtowns

South Florida beaches were once the prime domain for luxury condo units listing for $1 million or more. But bustling downtowns and neighboring communities have become strong players in the market.

The influx of high-priced units has attracted more wealthy residents near the urban cores of Miami, Fort Lauderdale, Boca Raton and West Palm Beach. And those spending $1 million or more for a condo are likelier to live there – even if part time – as opposed to renting them out for investment purposes. That means a greater stream of deep-pocketed spenders frequenting local businesses.

But despite the boon to the local economy, some experts warn of an imminent slowdown in luxury condo sales – especially in Miami – due to an oversaturated market. The current inventory of units on the market could take years to sell off, even as new luxury buildings near completion.

With so many units on the market in Miami, those who bought at the beginning of the cycle would likely end up selling their condos at a loss, said Peter Zalewski, a principal with Miami-based Condo Vultures. Many developers are reluctant to start new projects now because they can’t price units at the premium levels reached a few years ago, he added.

Despite that, the majority of the units in many of the latest luxury buildings delivered in downtown areas have sold.

New standard for downtown Miami

The One Thousand Museum condominium, designed by late architect Zaha Hadid, set a new standard for luxury condo sales in downtown Miami, especially on Biscayne Boulevard. (That part of downtown was far from a high-end market two decades ago.) Co-developer Louis Birdman said the average sale price at One Thousand Museum is over $5 million. But some units have closed for over $10 million – a price tag more common in Miami Beach.

Although the One Thousand Museum site was zoned for up to 500 units, the developers decided to set themselves apart from the competition with an 84-unit building featuring larger spaces with high-end finishes.

“Most of the units in the downtown market were small,” Birdman said. “We noticed some of the larger units, like over 3,000 square feet and three bedrooms, were selling at a premium to the market.”

Still, it’s what was done with the large spaces that would make One Thousand Museum stand out.

The developers hired Hadid for her first and only condo in South Florida, and her innovative design helped attract buyers from over 20 countries. Birdman said there’s also been an increase in domestic buyers, including people moving from the beaches to downtown.

World-class shopping and dining, including at Brickell City Centre, and art and cultural attractions have made downtown Miami an ideal market for luxury condo residents, said German Coto, CEO of G&G Business Developments, which is building Aston Martin Residences on the Miami River. That helped raise the status of the city’s growing economic and international financial center for wealthy condo buyers.

“Miami has continued to evolve as a complete city. It’s not just a resort town anymore,” said Alicia Cervera Lamadrid, managing principal of Cervera Real Estate. “In the past, people thought ‘beach, beach, beach.’ Now they are thinking of fine dining and museums and business.”

Too much at once

While luxury condos in downtown Miami are selling, sales aren’t fast enough to deplete the huge amount of inventory on the market, Zalewski said.

Comparing sales volume to the listings for units priced at $1 million and up, he estimates it would take five years to burn through the current supply.

“The prices they are trading at, while it might seem high, it’s not reflecting the original asking price,” Zalewski said. “So if you want to sell, you must slash your prices.”

While the high level of inventory is concerning, there is still room for new luxury buildings in downtown Miami, said Jay Phillip Parker, CEO of Douglas Elliman’s Florida brokerage. That’s because some people want the newest top-tier buildings with condos designed for families, he said.

“If you are moving from a 5,000-square-foot home and want to live in downtown Miami, your options are limited,” Parker said.

New heights in Fort Lauderdale

Not one to be left behind, downtown Fort Lauderdale is also emerging as a luxury condo market.

For example, 100 Las Olas – planned as the tallest building in the city – will be one of the priciest condos downtown. Units are listed from the mid-$800,000s up to $5 million.

One of the key markets for the project is baby boomers looking to move from the suburbs, said Ed Jahn, senior VP of developer Kolter Urban.

“Baby boomers are looking for locations that have extreme walkability,” he said. “They want to be able to come home and park the car and walk to dinner, the theater or the museum. Other locations on the beach or the suburbs don’t offer as many things to do.”

Many wealthy people who move to downtown Fort Lauderdale are renters because the development trend there has primarily been apartments, Parker said. Once there are more luxury projects, those new residents will decide to stay and high-end condo sales will pick up.

Brand name in Boca Raton

While downtown Boca Raton has less density than Fort Lauderdale and Miami, it has a robust luxury condo sector.

Units at the Residences at Mandarin Oriental are priced well above the market, even for the affluent city. They range from $2 million to $20 million, said Frank Weed, VP of development and construction for Penn-Florida Cos.

By allowing more density downtown and factoring in the dining, retail and entertainment attractions at Mizner Park, Boca Raton has created an urban environment that residents don’t have to leave, Weed said. That, combined with the limited land available for residential development on the nearby beaches, has driven people downtown.

The Mandarin Oriental is part of Penn-Florida’s Via Mizner, which will include restaurants, high-end retail, a hotel, and a member’s-only club with golf and dining.

“We are building an urban resort right in the middle of Boca,” Weed said.

Palm Beach prices move west

Another area, the waterfront of West Palm Beach, has suddenly become golden for condo developers.

The Bristol Palm Beach smashed the city’s sales record when a unit there closed for $42.6 million.

Located along the Intracoastal Waterway just south of downtown, the Bristol has closed 66 of its 69 units for about $750 million in total sales volume, said Al Adelson, co-developer of the project.

“It has changed the whole market,” he said. “People from Palm Beach moved off the island to be here.”

Adelson said his project succeeded because of the location – with ocean views and neighboring bridge to Palm Beach – and luxurious finishes and amenities. By comparison, most condos in Palm Beach were built in the 1980s, so they don’t have the high ceilings, floor-to-ceiling windows and expansive balconies of modern luxury buildings.

Now, other developers are building condo units with water views in West Palm Beach priced at $1 million and up. Parker, who represents the La Clara, said being near Palm Beach without the expensive living costs, provides a desirable lifestyle. The enhancements to the rebranded Rosemary Square also make living near downtown more attractive, he added.

“These centralized living locations present a different lifestyle than living at the beach,” Parker said. “People are more interested in being part of communities, [not] baking on the beach all year round.”

Click here to view PDF of our highlight in the South Florida Business Journal.

Hotel living in a condominium

Condo developers have placed splashy names on their buildings for years. But add the name of a hospitality brand and it speaks of a lifestyle experience that appeals to more condo residents.

Increasingly, condo dwellers seek high-end services such as a concierge, housekeeping, and on-site food and beverage – services that hospitality companies excel at delivering.

It’s no surprise, then, that brands such as Ritz-Carlton, SLS and Mandarin Oriental have partnered with South Florida condo developers to name and manage their buildings.

“Buyers these days want to feel that they live in a residential unit with hotel services,” said Carlos Rosso, president of Miami-based Related Group’s condo development division. “They want to go down to a restaurant and have spa services in the building.”

Many developers say this has increased the prices and boosted sales. However, condo buyers must ensure the relationship between the hospitality company and the property lasts over the long term to fully maximize their investment.

Beyond a typical condo

A hospitality firm can be integrated with a condo in several ways. Both SLS Lux Brickell and SLS Brickell Hotel & Residences have condos co-developed by Related and separate hotels run by SBE. The hospitality brand runs the restaurants and are available to provide hotel-level services, Rosso said.

Auberge Beach Residences in Fort Lauderdale lacks a hotel, but its high-end restaurant and spa are managed by Auberge Resorts, which can host and cater parties for condo residents, Rosso said.

“You don’t necessarily need a full-fledged hotel to give buyers that branding and service,” he added.

Ritz-Carlton has been training staff at the recently completed Ritz-Carlton Residences, Miami Beach to deliver a five-star-hotel level of service, said Ophir Sternberg, CEO of developer Lionheart Capital.

The staff will get to know Ritz-Carlton residents and their families so they can cater to their daily needs, including arranging birthday parties and transportation, stocking refrigerators, and setting up their dinner and flowers.

“The chef will get to know the residents and customize the menu for them,” Sternberg said of the condo’s exclusive restaurant. “In the garden, we created a food forest. We are growing organic herbs and vegetables the chef will use in the restaurant.”

For the Residences at Mandarin Oriental, now under construction in Boca Raton, the staff will provide hands-on services such as changing sheets, walking dogs and buying items, said Frank Weed, VP of development and construction at Penn-Florida Cos. The guests can expect incredible food in a members-only dining club, given the quality of the many Michelin-starred restaurants at other Mandarin Oriental locations, he added.

While the Ritz-Carlton and Mandarin Oriental brands prioritize exclusivity and long-term residents, the Yotel brand invites short-term-rental guests. The YotelPad Miami sold all 231 condos during construction. It will also feature 222 hotel rooms.

While Yotel is a relatively new brand, it convinced buyers – who were mostly investors – that the units would be easy to operate as short-term rentals thanks to direct management by Yotel, said David Arditi, principal of Aria Development Group and co-developer of YotelPad. In most condo buildings, short-term rentals are either prohibited or management doesn’t provide short-term guests full access to the building’s amenities.

“It was the right brand, the right product, the right price and with the right rental policy,” Arditi said.

Brands impact pricing

The name brand of a hospitality company and all those extra services come at a cost to buyers – and a premium for developers.

Adding a hospitality brand to a condo project generally increases prices by 15% to 20%, said James V. Andrews, senior managing director of the Miami/Caribbean office of research firm Integra Realty Resources. They provide the most value to condos that can be rented out through a hotel pool or short-term rentals through home-sharing services such as Airbnb.

Pay close attention to association fees, Andrews advises, since they are often steeper for condos rented out because the management company includes extra hospitality-related charges and expenses incurred by guests.

“Guests usually leave the lights on and open the balcony door, so the utility costs are higher,” he said. “If you are an owner user or a second homeowner, you need to have an HOA structure that is more akin to what a residential product would be and not pay for extra services you aren’t using.”

Retaining brand management

Maintaining quality service for the long term is the key to a building’s success. And while the hospitality brand is often tied to the building through a naming and management contract, those deals may not last.

In 2015, the Canyon Ranch Miami Beach condo lost its branding after the project was sold through bankruptcy. The buyers found themselves living in the Carillon Miami Wellness Resort under a different hospitality management firm.

In some cases, the hospitality brand isn’t involved in the building beyond licensing the brand, said Susan Fitch, president of Dania Beach-based Akam On-Site, which manages about 75 condo buildings in South Florida. Management performance can decline over the years once the residential condo association takes over, she added.

“It’s going to be very difficult for building directors to hold onto the five-star experience,” Fitch said. “[Condo owners] wonder five years later: ‘Where did the hotel services go?’”

Rosso said he’s confident SBE will maintain the quality of the lifestyle at its SLS projects in Miami because it operates hotels in both buildings.

“They will always be there to provide all the services owners want,” he said.

Click here to view PDF of our highlight in the Boca Voice.

Alzheimer’s care supporters gather before their big fundraiser

A collegial gathering of supporters for Alzheimer’s Community Care’s upcoming Seasons of Life luncheon.

“We always have a pre-event, but not always in such an elegant setting,” president and CEO Mary Barnes said at The Residences Mandarin Oriental Boca Raton, also a sponsor.

CBS-12 anchor Liz Quirantes will emcee “Summer Time” at 11 a.m. Tuesday Dec. 10 at St. Andrews Country Club. Michaela Paige, a finalist on the “The Voice,” will perform. The luncheon speaker is Robert Stone, executive producer of “Those on the Front Lines of Alzheimer’s & Dementia.”

“My mother magnificent Mary had Alzheimer’s in England eight years,” said co-chair Linda Spielmann about her involvement. Now director of philanthropy for American Cancer Society Southeast Region, she formerly worked at St. Andrew’s. Gloria Hosh is the co-chair.

ACC provides care for patients and caregivers and has an upbeat message for families: “Where there is help, there’s hope.”
Among their programs are specialized care centers, a 24-hour crisis line, nurse consultants and an ID locator service.

“This is our major fundraiser in south county. It gives families an understanding of how a local organization can help,” Barnes said.
Among the guests and sponsors were Rosemary and Ben Krieger. Luncheon tickets at $115.

By Marci Shatzman

Click here to view PDF of our highlight in the Royal Palm Spotlight.

Rochelle LeCavalier Participates in Panel Discussion at Penn-Florida’s The Residences at Mandarin Oriental, Boca Raton

Why are so many people flocking to Boca? That was The Big Question posed by Jonathan J. Miller, president/ CEO of Miller Samuel Real Estate Appraisers.

A panel of experts cited tax advantages and Boca’s steadily growing property values among the reasons at Penn Florida’s The Residences at Mandarin Oriental Boca Raton sales center Wednesday.

“We think this is just the tip of the iceberg. We have a relocation division and the phone has been ringing off the hook,” said Jay Phillip Parker, CEO, Douglas Elliman Florida Brokerage.

“We are ramping up to meet the demand,” added Rochelle LeCavalier, vice president of sales, The Residences at Mandarin Oriental Boca Raton.

She particularly cited real estate appreciation as an attraction. “There’s no sign of slowing,” she said.

“This is the perfect storm of opportunity,” Parker said. “I’m very bullish.”

Who’s looking? “New Yorkers are the new ‘foreign’ buyers,” Parker said. “They believe the market values are going up. If we compare a luxury product in New York, Florida is a third of the cost.”

“Young affluent athletes,” some not with Florida teams, LeCavalier said. They want family-friendly and good schools.

The city is taking this influx seriously and constantly working on infrastructure, said Jessica Del Vecchio, the city’s economic development manager.

“People want to be where the action is,” Miller said about the new attraction to city centers rather than suburbs.

They want to avoid a commute, live near or Uber to their workplace and even work remotely, panelists agreed.

“We’re seeing that shift now to telecommuting,” Del Vecchio said. “Boca’s on top of that and factors it into relocation,” she added about courting business headquarters.

“People are asking for workspace in their home,” LeCavalier agreed.

Frank Weed, Penn-Florida’s VP for development and construction, introduced the panel. CPA and tax manager Michael Kravitz advised potential buyers the steps to take to become Florida residents.

Click here to view PDF of our highlight in the Sun Sentinel.

Hotel Boom Means More Rooms, More Variety for Tourists and Business Travelers in Palm Beach County

Looking for a quiet, luxury boutique hotel just two blocks from the ocean in Palm Beach? Or a new tourist hotel with a rooftop bar in downtown Delray Beach? Or just in town for a quick business visit near the airport?

Business and leisure travelers who visit Palm Beach County have a growing number of choices in new hotels that are just coming online, and older ones that have undergone makeovers.

Amid the arrivals of the high speed Brightline train service, a new convention center hotel and the emergence of condo and apartment high rises in downtown West Palm Beach, hotel projects are sprouting in multiple locations around the county.

Currently, more than a dozen projects with nearly 2,000 rooms are under construction. with anticipated completion dates ranging from late this year to 2021, according to Discover The Palm Beaches Florida, the county’s tourism marketing arm.

Meanwhile, the Four Seasons Resort Palm Beach, The Breakers in Palm Beach and The Yacht Club at Boca Raton Resort & Club have all emerged within the past year from multimillion dollar transformations aimed at wooing high end guests.

But a study conducted for the tourism agency says the northern part of the county — particularly Palm Beach Gardens — actually needs 600 more rooms over the next several years because of a jobs boom in the area.

“We’re in an area where there is a significant amount of population growth,” said Jorge Pesquera, President and CEO of Discover The Palm Beaches.

Another factor: out-of-state companies are increasingly locating operations in the county, boosting the numbers of business travelers. The convention and conference business is also on the rise as corporations and industry associations choose to talk strategy and stage presentations at the county’s big resorts.

“There are a lot of corporations based in Boca that bring technology folks to talk about new initiatives,” he said.

Palm Beach County is a strong hotel market, said Rich Lillis, executive director, hotels, USA, for Colliers International, the worldwide real estate services firm.

He sees Boca Raton, where he is based, Delray Beach and West Palm Beach as emerging markets, and Palm Beach Gardens and Jupiter as “strong sub markets.” While Lillis agrees that business travelers are important contributors, “tourism itself is very, very strong.”

Many of the new hotels are Marriotts and Hiltons offering specialty brands to their long-time customers.

“You see Delray Beach has really emerged as a booming tourist area,” he said. “The hotels in Delray do very well.”

Overall, Lillis is optimistic about the county’s hotel future “because the economy seems to be racing along and tourism keeps on growing.” But he said that while revenues and occupancy rates are holding up countywide, “I honestly wonder if all of them will end up materializing.”

2019

• Courtyard by Marriott, Delray Beach, 149 rooms, now open: The city’s newest hotel offers The Bistro for breakfast or drinks and dinner. Free Wi-Fi throughout the hotel plus a rooftop pool bar and fitness center.
• Aloft Hotel, Delray Beach, 120 rooms, November: Located near downtown, the hotel has a gym, pool, cafe, bar and 9,000 square feet of meeting space.
• Home 2 Suites, West Palm Beach, 120 rooms, November: Located near Palm Beach International Airport, the hotel offers a business center, exercise facilities and outdoor pool.
• Wyndham Garden, 110 rooms, Lake Worth: Offers restaurant and bar prominent in the check-in and elevator area. Also includes banquet rooms and outside covered seating.

2020

• Amrit Ocean Resort & Residences, 150 rooms, Singer Island, January: The property has a 100,000-square foot space for an outdoor spa and wellness amenities including a meditation garden and yoga studios.
• Autograph by Marriott – ‘The Ben’, 208 rooms, West Palm Beach, January: Luxury boutique hotel offers prime views of the Palm Harbor Marina and Intracoastal Waterway. Fitness center, rooftop pool, more than 7,800 square feet of event space. The hotel is on an old city hall site that will also contain shops and apartments.
• Banyan Cay Resort & Golf, 150 rooms, West Palm Beach, October: Located on 250 acres, the resort offers golf practice facilities and a course designed by Jack Nicklaus.
• Canopy, 151 rooms, West Palm Beach, January: The 13-story Hilton offers an infinity rooftop pool and bar, a full-service restaurant and more than 5,000-square feet of event space.
• Residence Inn, 126 rooms, Palm Beach Gardens, February: Five-story hotel at 4250 Design Center Drive is part of a mixed-use project on the northeast corner of RCA Boulevard, south of PGA Boulevard interchange with Interstate 95.
• White Elephant, 32 rooms, Palm Beach, February: Historic hotel dates back to the 1920s and is being transformed luxury property with contemporary interpretation of Mediterranean-revival architecture. Less than two blocks from the ocean.

2021

• Hilton Curio, 143 rooms, Delray Beach: Developer pegs its design as “Tropical Modernism.” The hotel will boast a 20,000 square foot rooftop pool deck, Japanese restaurant, private event space for up to 300 and two floors of underground parking.
• One West Palm, 201 rooms, West Palm Beach: Part of downtown twin-tower office, residential and hotel complex. Project includes 14,400 square feet of meeting space, gym, indoor pools, indoor tennis courts, a spa, shops, movie screen and restaurants.
• Mandarin Oriental, 164 rooms, Boca Raton: The downtown hotel will feature two rooftop pools, fine dining restaurant, cake shop and bars including Mandarin’s MO Bar + Lounge on the roof with an outdoor terrace.

Hotels on the Drawing Board

Below are 11 projects with 1,700 rooms in the final stages of planning:

• Aloft Hotel, 140 rooms, West Palm Beach
• Aloft Hotel, 150 rooms, Palm Beach Gardens
• Drury Hotel, 300 rooms, Palm Beach Gardens
• 464 Fern Street, 200 rooms, West Palm Beach
• Gulfstream Hotel, 106 rooms, Lake Worth
• Hampton Inn, 125 rooms, Jupiter
• Hilton Hotel Airport, 140 rooms, West Palm Beach
• Holiday Inn Express, 100 rooms, West Palm Beach
• Hotel Indigo, 224 rooms, West Palm Beach
• Radisson Red, 144 rooms, Boynton Beach
• Springhill Suites, 120 rooms, Jupiter

Source: Discover The Palm Beaches, South Florida Sun Sentinel research, published reports.

Click here to view PDF of our highlight in Boca Voice.

Beautiful Ballerina Came Walking in the Door

No wonder Boca Ballet Theatre asked Elena Stein to speak at their patrons’ reception.

A moving closeup of a ballerina waiting in the wings to perform hung in their headquarters for 15 years. “The photograph caught the moment,” co-artistic director Jane Tyree said at the elegant center for the upcoming The Residences Mandarin Oriental Boca Raton.

Then recently, the former Russian ballerina walked in to enroll her daughter in classes. “That’s me!,” she said when she saw the photograph.

Stein talked about her years with the Kirov and Bolshoi ballets in her native country before moving here with her family. Then she joined the American Ballet Theatre School in New York. “They had so many Russian teachers,” she said.

At Boca Ballet Theatre’s patrons reception were, from left, Nicole Winter, Jane Tyree, a  Boca Ballet student, and Elena Stein.

Now married to her husband Roger, they plan to pass the torch to a new generation.

“You are bringing forward the art form you fell in love with,” Tyree said.

Nicole Winter, now with Cirque De Soleil and a former Boca Ballet student, was among supporters there. She’ll perform and co-chair “A Princely Affair,” the ballet’s major fundraiser on Nov. 3. “This is my roots,” she said. “I wouldn’t be where I am today.”

Other guest performers will include American Ballet Theatre’s Cassandra Trenary and Stirling Baca from Pennsylvania Ballet. Tickets are still available.

Tickets are also on sale for four upcoming performances of the company’s Marleen Forkas presents “The Nutcracker.”

By Marci Shatzman

Click here to view PDF of our highlight in the Florida Record.

Greenberg Traurig Attorneys Close $225 Million in Financing for Via Mizner

Greenberg Traurig, P.A. Boca Raton Shareholders Marcia H. Langley and Bruce C. Rosetto led a team of attorneys who closed July 3 on $225 million in financing for the Via Mizner project on behalf of developer Penn-Florida Companies. The transaction is considered the largest this year to date for Palm Beach County.

The funds provided by Madison Realty Capital comprise $215 million for a construction loan and $10 million in mezzanine financing. They will finance the construction of The Residences at Mandarin Oriental, Boca Raton. Located at Via Mizner at the corner of Federal Highway and Camino Real, the 88-unit tower is currently under construction.

“Having worked with Penn-Florida Companies from the beginning of the Via Mizner development, it is very rewarding to see the condo portion of this project come to life,” said Langley, who served as real estate counsel for this transaction, as well as several others on behalf of the company.

She also led a Greenberg Traurig attorney team who represented Penn-Florida in its 2017 closing of $398 million in financing for the construction of the property’s 164-room Mandarin Oriental hotel and the Via Mizner Golf & City Club, as well as the refinancing of its 101 Via Mizner luxury apartments. The transaction was considered the largest loan of its kind in South Palm Beach County in 2017.

“It was a pleasure to once again assist with the financing of Via Mizner,” said Rosetto, who served as corporate counsel in the July 3 transaction and worked with Langley on the 2017 transaction. “Each step in the process brings all of the project’s stakeholders closer to the realization of their vision for the property.”

Langley and Rosetto were assisted by Delaware Shareholder Jonathan I. Lessner, Boca Raton Associate Bracha Pollack, and West Palm Beach Associate Charles J. Abrams. Seyfarth Shaw attorneys served as co-counsel.

Click here to view PDF of our highlight in Realty Biz News.

10 Luxury Condo Developments in the U.S. That Are Turning Heads in 2019

Residential construction in the U.S. has slowed a bit in 2019, which isn’t exactly great timing considering housing affordability is at its lowest point in about a decade. Despite declines in both affordability and availability, however, the luxury new construction condo market across the country features more than a few intriguing options, starting with these high-profile developments:

1000M – Chicago, IL

A soaring glass tower by internationally-renowned architect, Helmut Jahn, Chicago’s gleaming new 1000M condo tower will truly offer some of the best views money can buy in the Windy City. The living experience will start in a grand, two-story lobby along Michigan Avenue and will continue on into each and every unit, as well as each and every common amenity space.

111 Murray Street – New York, NY

Adding a dose of modern flair to one of New York City’s hottest neighborhoods, 111 Murray Street is redefining condo living in Tribeca. Featuring 157 luxury condo residences that range in size from one-bedrooms to full-floor penthouses, most units inside the building present exceptional views of the Hudson River, New York Harbor, and the rest of the sprawling Manhattan skyline. 111 Murray Street was designed by Kohn Pedersen Fox and interiors are by New York-based David Mann.

The Fairweather – Raleigh, NC

Positioned in Raleigh’s ultra-trendy Warehouse District, The Fairweather is one of the most luxurious condo developments to hit the Triangle area in recent memory. The modern, loft-like interiors are perfect for today’s luxury condo buyer, and the range of floor plans, which offer between one and three bedrooms, allow for more than enough living space to feel comfortable. Lifestyle amenities are also top-notch at The Fairweather and include a state-of-the-art fitness center, a common rooftop deck, bike repair and dog washing stations, and even a community garden.

SPIRE – Seattle, WA

Arguably the most high-profile construction project in Seattle right now, developers are describing SPIRE as a luxury condo tower that features unparalleled amenities, expansive city views, and a world-class living experience unlike anything else in town. One-, two-, and three-bedroom residences are all available inside SPIRE and the building’s prime downtown location will put future residents in one of the city’s most desired urban settings.

MIRA – San Francisco, CA

MIRA might be one of the most architectural-unique condo developments you’ll find in the U.S. right now thanks to its twisting facade the rises 40 stories high. No doubt an iconic addition to San Francisco’s already-iconic skyline, condos inside MIRA will provide sprawling, 180-degree views and natural light that changes based on the time of day. Pretty awesome, right?

The Westlight – Washington, D.C.

Finished back in 2018, The Westlight in Washington, D.C. is easily one of the more modern condo developments you’ll find, well, just about anywhere. The building’s
artistic design is by internationally-acclaimed architect Enrique Norten and prospective buyers will also appreciate a wide-range of focal features throughout the building by award-winning artist and designer Ingo Maurer. Inside The Westlight you’ll find 49 uniquely different floor plans and prices range from $645,000 to $4.5 million.

Marina Pointe – Tampa, FL

Modern luxury on Tampa’s scenic waterfront is exactly what the new Marina Pointe condo development provides prospective buyers. Also situated in the heart of the city’s bustling new Westshore Marina District, there’s hardly a better location to call home if you’re wanting to be close to all the best shopping, dining, and entertainment downtown Tampa has to offer. Resort style amenities will also compliment condos at Marina Pointe, which will start in the $700,000s.

The Terminal at Katy Trail – Dallas, TX

Housing just 19 units, The Terminal at Katy Trail is the smallest condo development to make the list, but it’s also a building that won’t fall short on luxury features and finishes. The building’s distinct design is inspired by one of the world’s oldest and most spectacular train stations, which is also felt in the grand lobby that mimics an authentic train terminal. Each unit inside The Terminal will also be a corner unit, allowing for more privacy, better views, and a unique sense of intimacy.

The Residences at Mandarin Oriental – Boca Raton, FL

Boca Raton, Florida is where you’ll find some of the most expensive real estate in the county and there’s no better example of that than The Residences at Mandarin
Oriental. Combining a prime downtown location with jaw-dropping ocean and golf course views, condos at The Residences at Mandarin Oriental provide everything you’d want in a luxurious South Florida condominium. You’ll also enjoy a range of hotel style amenities once calling The Residences at Mandarin Oriental home, including 24-hour concierge, valet, housekeeping, maintenance, and more.

The Laurel – Philadelphia, PA

Named after Pennsylvania’s lovely state flower, The Laurel has unquestionably set a new standard in luxury living in downtown Philadelphia. Situated within the city’s
prestigious Rittenhouse Square, The Laurel is Philadelphia’s tallest new condominium tower, and probably the most luxurious as well. The building’s sleek glass design is from Chicago-based Solomon Cordwell Buenz, and interiors are by award-winning firm Perkins Eastman. Inside, the buildings’s common amenities rival any building featured on this list and the units are best described as elegant, sophisticated, sun-filled, and extraordinary in every way imaginable.

Click here to view PDF of our highlight in CoStar.

Developer Receives Construction Loan for Luxury Condominiums Near Miami

Units Will Rise Next to Mandarin Oriental Hotel

The three-building Via Mizner development is expected to be complete in 2021.

A developer plans to use a new $225 million construction loan to build the final piece of a $1 billion luxury development located 45 miles north of Miami in Boca Raton, Florida.

The Residences at Mandarin Oriental, Boca Raton is scheduled to be complete in about two years, at the same time as a Mandarin Oriental Hotel, according to developer Penn-Florida Cos. Both 12-story projects, along with a 366-unit apartment building, are part of the 2 million-square-foot Via Mizner in downtown Boca Raton.

The lender was Madison Realty Capital, a New York-based private equity firm.

The 92-unit Residences condominium offers ocean and golf course views. Units range from 1,500 to 9,000 square feet and are priced from $2 million to $19.5 million. Residents will have access to the amenities of the 164-room hotel.

Boca Raton-based Penn-Florida has not disclosed the exact number of units under contract.

“Pre-sale velocity for The Residences is tremendous as people have come to understand the investment potential as well as the unique lifestyle,” Chief Executive Mark A. Gensheimer said in a statement.

The Residences at Mandarin Oriental, Boca Raton will have water and golf course views.

Some real estate analysts have questioned whether Boca Raton can attract luxury buyers for a development that isn’t on the water, especially at a time when condo prices are leveling off and softening.

But Via Mizner is near the Boca Raton Resort & Club, which sold for a South Florida record price of $875 million in June to the founder of the Dell computer company.

And while the housing market is near its peak, any slowdown almost certainly will be minor compared to the historic collapse more than a decade ago, said Ken Johnson, an economist and real estate professor at Florida Atlantic University.

Johnson cited statistics from Indiana University’s Stats America that show Boca Raton’s population increasing by 15% over the next decade, boosting the demand for housing. He also pointed out that the housing market will have time to normalize by the time the Residences condo opens in 2021.

“Whatever is going to happen will have happened and been corrected,” Johnson said in an interview. “I don’t see any problems attracting the high-end purchasers to Boca Raton.”

For the Record: Anthony Orso, Bill Weber and Henry Stimler of Newmark Capital Market Strategies arranged the financing on behalf of the borrower. SB Architects and Nichols Brosch Wurst Wolfe are designing Via Mizner. Straticon is the general contractor on the project.

Click here to view PDF of our highlight in GlobeSt.com.

Penn-Florida Lands $225M Construction Loan to Complete Via Mizner’s Final Phase

The construction loan was originated by Madison Realty Capital of New York City and will be utilized to complet The Residences at Mandarin Oriental, Boca Raton, the third and nal tower of Via Mizner, a 2-million-square-fo urban resort.

BOCA RATON, FL—Locally-based owner and developer Penn-Florida Companies has secured a $225-million construction loan for The Residences at Mandarin Oriental, Boca Raton project that is currently under construction.

The construction loan was originated by Madison Realty Capital of New York City and will be utilized to complete The Residences at Mandarin Oriental, Boca Raton, the third and nal tower of Via Mizner, a 2-million-square-foot urban resort.

Construction of The Residences commenced several months ago and is scheduled to be completed in less than two years, which will coincide with the completion of the new Mandarin Oriental Hotel.

“MRC is excited to have been selected as the construction lender for such a dynamic project. Penn-Florida’s vision for Via Mizner, and the Company’s proven track record, aligns perfectly with our investment principals and culture,” says Josh Zegen, managing principal and co-founder of MRC. “A construction loan for a project of this scope and size required creativity to accommodate not only The Residences but the extensive amenity package.” The nancing was placed by Anthony Orso, president, of Newmark Capital Market Strategies, with the assistance of NKF’s Bill Weber and Henry Stimler. “I was introduced to the project and knew instantly this would be among the nest hotels and branded residential oerings in the country, and Penn-Florida and Madison would be excellent strategic partners,” Orso says.

“Downtown Boca has come to life with the addition of Via Mizner,” says Mark A. Gensheimer, president and CEO of Penn- Florida. “Mandarin Oriental is in a class by itself when it comes to catering to the needs of its residents and guests. Pre-sale velocity for The Residences is tremendous as people have come to understand the investment potential as well as the unique lifestyle which includes a world class private Golf and City Club, Mandarin Oriental luxury and services, and a dynamic shopping and dining experience, all at your ngertips.” The Residences at Mandarin Oriental, Boca Raton will oer a collection of 92 custom homes consisting of 288,000 square feet.

Click here to view PDF of our highlight in Multi-Housing News.

Boca Raton Luxury Tower Secures $225M Loan

Penn-Florida Cos. has secured a $225 million construction loan for the nal phase of its luxury mixed-use project in downtown Boca Raton, Fla

The nancing, originated by Madison Realty Capital, will be used to complete The Residences at Mandarin Oriental, Boca Raton, which constitutes the third and nal tower of the 2 million-square-foot Via Mizner development. Anthony Orso, president of Newmark Capital Market Strategies, placed the nancing with assistance from Bill Weber and Henry Stimler.

“Demand is very strong” for the condominiums, noted David Warne, chief operating of cer of Penn-Florida Cos., to Multi-Housing News. “We’re very pleased with where we are with pre-construction sales and velocity.” The company is elding inquiries from buyers across the country, particularly from the Boca Raton community and the South Florida region as well as the Northeastern U.S., Warne added.

Douglas Elliman Real Estate is marketing the condos, which start from $2 million, according to the brokerage’s website. Units will range in size from two to four bedrooms and amenities will include a rooftop pool, wine cellar, clubroom and private gardens.

The overall Via Mizner development will also feature a private club, shops and restaurants, and a golf course designed by Jack Niklaus. The rst phase to be completed was 101 Via Mizner, a 366-unit luxury apartment building, which began renting in 2017. The property is 93 percent leased, according to Warne.

Boca Raton Luxury Tower Secures $225M Loan The nancing will be used to complete the Mandarin Oriental-branded condo project within the mixed-use Via Mizner development.

By Greg Isaacson BOCA LUXURY MARKET HEATS UP Uptown Boca, a 456-unit community developed by Giles Capital Group, Rosemurgy Properties and Schmier Property Group, in partnership with Wheelock Street Capital, recently secured $126 million in construction nancing. The development in west Boca Raton will include luxury apartments.

Thea average size of a luxury condo sale in Boca Raton surged 20.7 percent year-over-year in the first quarter of 2019, according to a market report by Douglas Elliman. Luxury condo inventory in the city on Florida’s southeastern coast fell to 313,d own 21.4 percent over the same period.

The 288,000-square-foot branded residential condo tower will offer 92 homes. Located at 105 E. Comino Real, the 12-story building broke ground earlier this year and is expected to be completed in less than two years, roughly the same time as the adjacent Mandarin Oriental hotel.

Click here to view PDF of our highlight in Boca Voice.

Penn-Florida Companies announce $225 million construction loan

Penn-Florida Companies announced a $225 million construction loan for The Residences at Mandarin Oriental, Boca Raton. The closing also completes the capitalization for Via Mizner, creating the highly anticipated urban mixed-use project.

The construction loan, originated by Madison Realty Capital, will be utilized to complete The Residences at Mandarin Oriental, Boca Raton. The Residences will occupy the third and final tower at Via Mizner, a 2,000,000-square-foot urban resort.

Construction of The Residences commenced several months ago. Completion is scheduled in less than two years, simultaneously with the new Mandarin Oriental Hotel.

“MRC is excited to have been selected as the construction lender for such a dynamic project. Penn-Florida’s vision for Via Mizner, and the company’s proven track record, aligns perfectly with our investment principals and culture,” said Josh Zegen, managing principal and co-founder of MRC. “A construction loan for a project of this scope and size required creativity to accommodate not only The Residences, but the extensive amenity package.”

Boca Raton is recognized globally as a destination for the affluent, given its tropical lifestyle and burgeoning business community. “Downtown Boca has come to life with the addition of Via Mizner,” said Mark A Gensheimer, president and chief executive officer of Penn-Florida.

“Mandarin Oriental is in a class by itself when it comes to catering to the needs of its residents and guests. Pre-sale velocity for The Residences is tremendous, as people have come to understand the investment potential, as well as the unique lifestyle which includes a world-class private Golf and City Club, Mandarin Oriental luxury and services, and a dynamic shopping and dining experience, all at your fingertips.”

The Residences at Mandarin Oriental, Boca Raton will offer a collection of 92 homes consisting of 288,000 square feet.

Construction is well under way and sales are exceeding expectation, according to the company. Units range in size from 1,500 square feet to 9,000 square feet. “We’re seeing many buyers combine units,” said Melissa Myers, senior director of marketing.

The Residences offer one-, two-, three- and four-bedroom condos, Garden Suites and a limited Penthouse Collection. Price range from $2 million to $19.5 million.

The average price: $4.6 million. https://moresidencesbocaraton.com

101 Via Mizner, the first tower to be completed at Via Mizner, is nearing full occupancy. Out of 366-apartments, only a limited number are available. Renters have their choice of studios, one-, two-, and three-bedroom apartments, Tower suites and exclusive Penthouse Collection.

https://www.vmboca.com

“I was introduced to the project and new instantly: this would be the among the finest hotels and branded residential offerings in the country, and Penn-Florida and Madison would be excellent strategic partners,” Orso said.

Click here to view PDF of our highlight in the South Florida Business Journal.

Mandarin Oriental condo boosts construction loan to $225M for third phase

Penn-Florida Cos. boosted its construction loan for the Residences at Mandarin Oriental Boca Raton to $225 million.

An affiliate of New York-based Madison Realty Capital assumed the mortgage of Via Mizner Owner III LLC, an affiliate of Penn-Florida, and boosted it by $192.5 million. It will fund the 288,000-square-foot condo building at 105 East Camino Real. It is the third and final phase of the Viz Mizner mixed-use project.

The loan was arranged by Anthony Orso of Newmark Capital Market Strategies. Construction of the 92-unit condo started a few months ago. It will be completed in about two years, along with a 164-room Mandarin Oriental hotel and 60,000 square feet of retail.

“MRC is excited to have been selected as the construction lender for such a dynamic project,” said Josh Zegen, managing principal and co-founder of MRC.

“Penn-Florida’s vision for Via Mizner, and the company’s proven track record, aligns perfectly with our investment principals and culture. A construction loan for a project of this scope and size required creativity to accommodate not only the Residences but the extensive amenity package.”

The 366-unit 101 Via Mizner apartments were completed in 2017. The Via Mizner Golf 7 Country Club is also being redesigned by Jack Nicklaus. Penn-Florida received a $398 million mortgage for the hotel and retail phases of the project in 2017.

“Mandarin Oriental is in a class by itself when it comes to catering to the needs of its residents and guests,” Penn-Florida President and CEO Mark A. Gensheimer said.

“Pre-sale velocity for the Residences is tremendous as people have come to understand the investment potential as well as the unique lifestyle which includes a world class private Golf and City Club, Mandarin Oriental luxury and services, and a dynamic shopping and dining experience, all at your fingertips.”

Units range from 1,485 square feet with one bedroom to 4,693 square feet with four bedrooms, plus a penthouse collection of up to 8,942 square feet. Prices range from $2 million to $19.5 million. The average price is $4.6 million.

Click here to view PDF of our highlight in the The Real Deal.

Penn-Florida scores $225M construction loan for Mandarin Oriental condos in Boca

The loan is in addition to nearly $400M in financing the developer secured in 2017

Penn-Florida Companies secured a $225 million construction loan for The Residences at Mandarin Oriental in Boca Raton from Madison Realty Capital.

Penn-Florida Companies will use the loan to finish building the 12-story, 92-unit luxury condo development. The condo building, at 105 East Camino Real, will be the third and final tower at Via Mizner, a 2 million square foot mixed-use project in the center of Boca Raton.

The loan is in addition to nearly $400 million in financing the developer secured in 2017 for Via Mizner from Mack Real Estate Credit Strategies and the U.S. Immigration Fund, an EB-5 lender.

Construction of The Residences is already underway and is scheduled to be completed in less than two years along with the new 164-key Mandarin Oriental hotel. Douglas Ellliman is handling sales and marketing of the condo units, which start at $2 million.

In addition to the hotel and condos, Via Mizner will also include a 366-unit luxury apartment building and 60,000 square feet of retail.

The loan is in addition to nearly $400 million in financing the developer secured in 2017 for Via Mizner from Mack Real Estate Credit Strategies and the U.S. Immigration Fund, an EB-5 lender.

Construction of The Residences is already underway and is scheduled to be completed in less than two years along with the new 164-key Mandarin Oriental hotel.

Douglas Ellliman is handling sales and marketing of the condo units, which start at $2 million. In addition to the hotel and condos, Via Mizner will also include a 366-unit luxury apartment building and 60,000 square feet of retail.

The condo component will connect to the hotel via a two-story underground parking garage and a bridge on the fourth and fifth levels with a spa, gym, fitness center and meeting space. Condo owners will also receive membership to the Via Mizner Golf & City Club, which golf champion Jack Nicklaus is designing. Anthony Orso, Bill Weber and Henry Stimler of Newmark Capital Market Strategies arranged the $225 million construction loan, according to a release.

Madison Realty Capital is increasing its presence in South Florida. In June, the company provided Menin Development a $72 million loan to finance construction of The Ray, a 141-room hotel planned in downtown Delray Beach. The New York-based lender has completed more than $10 billion in debt and equity transactions since it was founded in 2004.

The Mandarin Hotel is still years away from completion, but people are buzzed about it. And the associated residences are already selling well. The Mandarin Residences will join success stories like Alina and Akoya, which are elevating the luxury housing experience. (Like Boca needs more elevating!)

Click here to view PDF of our highlight in the Boca Newspaper.

Construction On Downtown Boca Mandarin Oriental Underway

Companies $1-billion-dollar project. The Boca location is one of two Mandarin Oriental Hotels in Fla., the other one is in Miami. It will be the first branded Mandarin Hotel/Residences in the country.

The new city-within-a-city at the Mandarin Oriental Boca Raton, will include 92 residences, The Shoppes at Via Mizner, a half-mile stretch of high-end retail and dining, Via Mizner Golf and City Club designed by Jack Nicklaus and 366 luxury apartment residences at 101 Via Mizner.
Prices begin at $2 million.

A panel of experts addressed the crowd gathered at the sales office on 10 Boca Raton Road on recently to hear of the social-economic and demographic changes coming to the city.

Moderated by Jonathan J. Miller, CEO of Miller Samuel Inc., a real estate appraisal and consulting firm in New York City, the panel consisted of Rochelle Lecavalier and Jay Phillip Parker both of Douglas Elliman, Michael Kravitz, CPA, and Jessica Del Vecchio, economic development manager for the City of Boca Raton.

Miller, an analyst who monitors 38 real estate markets across the country, says that Boca Raton has a unique footprint.

He cites the federal tax law (Tax Cut and Jobs Act of 2017) that went into effect on Jan. 1, 2018 as the catalyst for pushing many wealthy New Yorkers and northeasterners southward to Florida.

“Many of Florida’s new residents are tax migrants,” he said.

“People are fleeing high tax states like New York and California, and migrating to lower tax states such as Florida and the Carolinas,” Miller said.
The new law which allows for only a $10,000 deduction for real estate and state and local taxes combined means the costs of ownership are rising and owners are paying more for their properties in these high tax states.

Due in part to this change, CPA Kravitz estimates that by 2028 there will be a 25 percent population increase for the state of Florida.

Miller says for those on the fence about relocating, this tax cap might have been the catalyst that pushed them to move.

According to Del Vecchio, Boca Raton is a beacon for these tax migrants, not only for its low taxes but the “Boca lifestyle – that sells itself,” she said.

She referenced a number of New York and New Jersey companies that she says have established offices in Boca Raton, including Mobile Help, a medical alert system and ORBCOMM, an industrial internet company.

She said the City of Boca is responding to the new urban trend of live, work and play in place, and that lifestyle is attracting a wealthier, and in many cases, a younger resident.

According to Parker, the Mandarin Oriental is speaking to this demographic by attracting those looking for an upscale market.

Noting that this trend has impacted Miami for many years and is only now coming to Boca Raton, Miller joked and said, “New Yorkers are the new foreign buyers.”

He however noted that the market is no longer a speculative one where people are flipping homes but has become more stable and in line with sustainable growth.

Parker believes that the market in Boca Raton is one of the most opportunistic markets in the country. “Boca should grab ahold and double down in this market, so we can be the next beneficiaries of this tax law,” Parker said.

“It’s a perfect storm of opportunity,” he said. Questions from the audience included issues about managing growth, infrastructure, job creation and commuting and transportation.

For more information please call 561-417-8020 or visit moreresidencesbocaraton.com.

Click here to view PDF of our highlight in the South Florida Business Journal.

Breaking Ground with Brian Bandell: Growth opportunities in Palm Beach County

Palm Beach County has had solid success in attracting both people and companies from other parts of the country while boasting many pockets of upper income residents.

A panel of high-profile local developers said that has created many opportunities for them, despite the challenges presented by developing in the county.

The South Florida Business Journal held “Breaking Ground with Brian Bandell” June 20 at the Boca Raton Innovation Campus (BRIC). The panel featured Michael J. Belmont, president of Minto Communities USA; Luanne Lenberg, senior VP of mixed-use retail, residential and hospitality at Penn-Florida Cos.; Gopal Rajegowda, senior VP of Related Cos. and managing partner of its Southeast division; and Alex Rosemurgy, CEO of Rosemurgy Properties. The event was sponsored by Crocker Partners.

The second-largest county in the state by land mass, Palm Beach has a great variation in neighborhoods, including luxury mansions, equestrian estates, urban high rises, golf course communities, and housing on the outskirts of sugar cane fields.

Here are some of the opportunities and challenges in Palm Beach County the developers outlined:

Housing driven by local demand

Although the initial plan was to attract many international condo buyers, the Residences at Mandarin Oriental in Boca Raton has attracted many buyers from Palm Beach County, Lenberg said. People are downsizing from large homes into condos with high-end amenity packages. They want to live in active communities like downtown Boca Raton, she said.

In some cases, the people downsizing choose to rent and spend the money from the sale of their home on other things, Lenberg said. She’s seen a lot of that in the 101 Via Mizner apartments.

Rosemurgy is concerned rent has been pushed too high, exceeding what people can afford. The high cost of development makes it hard to build apartments with a lower rent, he said. Rosemurgy sees more opportunities for acquiring older apartment complexes and upgrading them.

Belmont said most of the homes he’s sold in the new city of Westlake have been to locals. Renters are looking to own, and its homes starting at $280,000 are in their price range. Minto has provided downpayment assistance to some buyers, he added.

The challenge for home development is the relatively low density in the county, Belmont said. That makes homes more expensive.

The county is also running out of vacant land for single-family homes, which will increase pressure to build on golf courses, Belmont added.

Hot spots

West Palm Beach is developing more of an urban feel like a 24/7 city, but it’s still a less congested atmosphere than Miami, Rajegowda said. Taking Virgin Trains USA allows people to live in the city at a lower cost while working in Miami or Fort Lauderdale, he noted.

Related Cos. is investing $600 million in Rosemary Square, formerly known as CityPlace, including an office building, an apartment building, and improved public spaces.

Delray Beach has been one of the biggest success stories in South Florida, Rosemurgy said. With an Opportunity Zone on West Atlantic Avenue creating tax incentives, it’s likely the activity will spread west and lead to more development, he said.

Boca Raton remains a great market for commercial development because it has the wealthy demographics retailers are looking for, Lenberg said.

Retail takes on lifestyle feel

Shopping centers with strong anchor tenants are doing well, but many malls are searching for tenants that provide a more memorable experience than typical retailers, Lenberg said. Retail centers that can’t attract the right tenants might seek to redevelop and go vertical, she added.

In its Uptown Boca mixed-use project, 31% of the space has been leased to restaurants, Rosemurgy said.

People want more food and entertainment options closer to their homes, he said.

Minto is still crafting plans for its Town Center at Westlake, but the commercial space will likely be mostly lifestyle uses like restaurants, Belmont said.

Selective opportunities for office

Related Cos. is building one of the two office towers under construction now in downtown West Palm Beach. There’s been so little office product developed in the city in recent years that its 360 Rosemary will have a big advantage with its modern spaces and amenities, Rajegowda said.

Related Cos. also has a property along the Intracoastal Waterway under contract for an office tower called One Flagler. If the city approves the zoning, Rajegowda said they would move forward there as well.

Lenberg said Boca Raton is too saturated with office buildings to build another one right now. Rosemurgy said it’s hard to find large office tenants to sign pre-leases, so that makes financing office construction difficult.

Serving the senior population

Senior living is going high end, with 55-plus neighborhoods and assisted living facilities taking on luxurious amenities.

Rosemurgy, who has proposed an assisted living facility in Boca Raton, said Baby Boomers are looking for places that are comfortable to live with cultural events. They often rent from $6,000 to $8,000, he added.

Community activities are a huge part of 55-plus communities, said Belmont, who sold a property in Westlake for such a project.

Click here to view PDF of our highlight in the The Real Deal.

Movers & Shakers: Residences at Mandarin Oriental Taps Sales Director & More

Penn-Florida Companies tapped Rochelle LeCavalier to lead sales of the Residences at Mandarin Oriental in Boca Raton.

LeCavalier joined Douglas Elliman in 2018 when the brokerage acquired her company, Pink Palm
Properties. The Mandarin will have 92 units. It is expected to open in 2021, a year after the hotel is
completed.

Click here to view PDF of our highlight in the The Real Deal.

Tax-driven Migration to South Florida Won’t End Soon: Panel

Migration to South Florida from New York and other high-tax states is a long-term trend in its early stages, according to a group of experts.

“To use a tired baseball analogy, everybody asks: What inning are we in? I would say we’re still driving up to the ballpark. This [migration] is just getting started,” said Jonathan Miller, president and CEO of Miller Samuel Inc., who moderated a panel presentation in Boca Raton at the condominium sales gallery of The Residences at Mandarin Oriental on Wednesday.

“We think this is the tip of the iceberg… We have a relocation division in our company, and the phone is ringing off the hook,” said panelist Jay Phillip Parker, CEO of the Florida brokerage of New York-based Douglas Elliman.

Parker predicted that migration from New York to South Florida will become increasingly apparent in Boca Raton: “You’re going to start to see many more New York-based institutions calling Boca home, from restaurants to clubs to clothing stores… They recognize that more and more of their customers are coming here.”

Among new arrivals from New York is Manhattan-based financial firm Stoever Glass, which has opened an office in Boca Raton, said panelist Jessica Del Vecchio, economic development manager for the city of Boca Raton.

A driving force behind the migration pattern is a tax overhaul law that limited federal deductions for state and local taxes – or SALT for short. Residents of New York, Connecticut and other high-SALT states have seen the impact of the 17-month-old law for the first time on their 2018 federal tax returns.

“I have seen people’s jaws drop when they realize how much more money they have to pay in taxes,” said Michael Kravitz, a tax manager at Engineered Tax Services.

Kravitz said the limits on SALT deductions will add momentum to a pre-existing “tax migration” trend in which 14 million Americans moved from high-tax to low-tax states during the 2000-2017 period.

“It is predicted that high-tax states such as California and New York will lose about 6 percent of their population by 2028, and the zero- or low-tax states like Florida will experience about 25 percent population growth,” Kravitz said, citing an article entitled “The Great Tax Migration” on the Real Clear Politics website.

Parker said tax migration has expanded the market for luxury real estate in South Florida, where Northeastern residents still see value. “If you compare a luxury product in New York City today to a luxury product in South Florida, it’s easily one third of the price here,” he said.

In Boca Raton, luxury residential developments historically have clustered along the ocean. But luxury buyers are increasingly seek residences in active settings near restaurants and other amenities, Parker said, citing as an example The Residences at Mandarin Oriental, which is part Via Mizner, a mixed-use development including a Mandarin Oriental hotel.

“People are far less preoccupied with parking themselves on the beach and roasting. They are much more interested in walkable areas. And you can see that in the development in the downtown corridor” of Boca Raton, said panel member Rochelle LeCavalier, vice president of sales for The Residences at Mandarin Oriental.

Click here to view PDF of our highlight in the Boca Voice.

Why Boca’s the new hot spot for relocation

Why are so many people flocking to Boca? That was The Big Question posed by Jonathan J. Miller, president/CEO of Miller Samuel Real Estate Appraisers.

A panel of experts cited tax advantages and Boca’s steadily growing property values among the reasons at Penn Florida’s The Residences at Mandarin Oriental Boca Raton sales center Wednesday.

“We think this is just the tip of the iceberg. We have a relocation division and the phone has been ringing off the hook,” said Jay Phillip Parker, CEO, Douglas Elliman Florida Brokerage.

“We are ramping up to meet the demand,” added Rochelle LeCavalier, vice president of sales, The Residences at Mandarin Oriental Boca Raton.

She particularly cited real estate appreciation as an attraction. “There’s no sign of slowing,”
she said.

“This is the perfect storm of opportunity,” Parker said. “I’m very bullish.”

Who’s looking? “New Yorkers are the new ‘foreign’ buyers,” Parker said. “They believe the market values are going up. If we compare a luxury product in New York, Florida is a third” of the cost.

“Young affluent athletes” some not with Florida teams, LeCavalier said. They’re want family friendly and good schools.

The city is taking this influx seriously and constantly working on infrastructure, said Jessica Del Vecchio, the city’s economic development manager.

“People want to be where the action is,” Miller said about the new attraction to city centers rather than suburbs.

They want to avoid a commute, live near or Uber to their workplace, and even work remotely, panelists agreed.

“We’re seeing that shift now to telecommuting,” Del Vecchio said. “Boca’s on top of that and factors it into relocation,” she added about courting business headquarters.

“People are asking for work space in their home,” LeCavalier agreed.

Frank Weed, Penn-Florida’s v.p. for development and construction, introduced the panel. CPA and tax manager Michael Kravitz advised potential buyers the steps to take to become Florida residents.

By Marci Shatzman

Click here to view PDF of our highlight in Pursuitist.

Ultimate Luxury: The Penthouse Collection by Mandarin Oriental

Luxury real estate developer Penn-Florida Companies recently released its highly anticipated Penthouse Collection by Mandarin Oriental. Limited to five extraordinary Residences, the Penthouses range from 7,000 to 10,000 square feet and will be delivered fully appointed, however early purchasers may alter the layouts and enjoy the benefits of a custom home.

Design features include private elevators, expansive wrap-around terraces with summer kitchens, 12-foot ceilings and floor-to-ceiling doors and windows, Sub-Zero and Wolf appliances, refrigerated wine storage and “smart home” automated technology. Owners also enjoy exceptional recognition and exclusive benefits when traveling to any Mandarin Oriental hotel around the globe through the Residences Elite Programme.

The Residences at Mandarin Oriental, Boca Raton is the third and final tower at Via Mizner, a $1 billion, 2 million-square-foot urban resort currently under construction in Downtown Boca Raton. Upon completion, Via Mizner will offer residents and guests unparalleled access to the brand new Mandarin Oriental Hotel, onsite shopping, dining, nightlife and a world-class private club.

“Via Mizner’s elevated lifestyle and unsurpassed amenities continue to draw worldwide attention,” said President & CEO of Penn-Florida Companies Mark A. Gensheimer. “As construction progresses and pre-construction pricing comes to an end, our buyers recognize now is the time to purchase these one-of-a-kind homes.”

In addition to a resident-only rooftop pool, clubroom and wine lounge, owners have access to is a rare, multi-generational membership to Via Mizner Golf & City Club, the newest, most dynamic private club in Florida with two distinct venues.

Currently under construction, The Golf Club features a Jack Nicklaus Signature course, Har-Tru tennis courts, resort-style pool, and several indoor and outdoor dining venues inspired by Mandarin Oriental. The City Club, located on Levels 4 and 5 of the new hotel, Mandarin Oriental, Boca Raton, will offer a member only restaurant and lounge and preferred access to the signature restaurants within the hotel. Members will also enjoy preferred access to The Spa at Mandarin Oriental and its’ state-of-the-art fitness facilities, where integrating mind, body and spirit is the cornerstone of its holistic philosophy.

Click here to view PDF of our highlight in the Boca Newspaper.

Peek at: The Penthouse Collection by Mandarin Oriental

Boca is buzzing about the Mandarin Oriental project Via Mizner that is already under construction downtown. And Penn-Florida Companies recently released a look into the Penthouse Collection by Mandarin Oriental.

Featuring five residences, The Residences at Mandarin Oriental, Boca Raton is the third and final tower at Via Mizner.

The project is a $1 billion, 2-million-square-foot resort that will feature the Mandarin Oriental Hotel, onsite shopping, dining, nightlife and a world-class private club.

The Penthouses range from 7,000 to 10,000-square-feet and will be delivered fully appointed.

But, early purchases can customize the layouts and create a custom home.

Design features include private elevators, expansive wrap-around terraces with summer kitchens, 12-foot ceilings and floor-to-ceiling doors and windows, Sub-Zero and Wolf appliances, refrigerated wine storage and “smart home” automated technology. Owners also enjoy exceptional recognition and exclusive benefits when traveling to any Mandarin Oriental hotel around the globe through the Residences Elite Programme.

“Via Mizner’s elevated lifestyle and unsurpassed amenities continue to draw worldwide attention,” said President & CEO of Penn-Florida Companies Mark A. Gensheimer. “As construction progresses and pre-construction pricing comes to an end, our buyers recognize now is the time to purchase these one-of-a-kind homes.”

In addition to a resident-only rooftop pool, clubroom and wine lounge, owners have access to is a rare, multi-generational membership to Via Mizner Golf & City Club. Currently under construction, The Golf Club features a Jack Nicklaus Signature course, Har-Tru tennis courts, resort-style pool, and several indoor and outdoor dining venues inspired by Mandarin Oriental.

The City Club, located on Levels 4 and 5 of the new hotel, Mandarin Oriental, Boca Raton, will offer a member only restaurant and lounge and preferred access to the signature restaurants within the hotel. Members will also enjoy preferred access to The Spa at Mandarin Oriental and its’ state-of-the-art fitness facilities.

“We continue to see demand for luxury-branded residences in South Florida,” said Jay Parker, Chief Executive Officer of Florida Brokerage, Douglas Elliman. “With some of the most influential people in the world now residing in Boca Raton, The Penthouse Collection is the only option that appeals to these sophisticated and discerning buyers. Our buyers also recognize the value of hotel-branded residences, which typically retain their value and prove to be an excellent investment opportunity over non-branded condominiums.”

Local women who have created a lion of Judah Endowment (LOJE) were recently feted by the Jacobson Jewish Community Foundation of the Jewish Federation of South Palm Beach County. These visionary women have ensured that their annual gift will benefit the community and the Jewish people for the generations to come. Held at the elegant Sales Gallery, Residences at the Mandarin Oriental, Boca Raton, the event featured Alana Newhouse, editor and founder of Tablet Magazine. The group recognized 10 new LOJEs, and remembered the legacy of those who have passed, but whose Lion gifts live on. Learn more about leaving a Jewish legacy from Lottie Nilsen at 561.852.3109 or lottien@bocafed.org.

Click here to view PDF of The Residences at Mandarin Oriental’s highlight in the Boca Voice. For online version, please click here.

Tenor Carlos De Antonis didn’t need a mic to entertain guests at The Residences at Mandarin Oriental Boca Raton recent Roma Night.

Reminiscent of opera great Luciana Pavarotti, he delighted guests with Puccini and other famous arias. Opera buffs in the crowd were mouthing the words.

De Antonis started the evening in top hat and tails from a balcony. Then walked through the crowd with a microphone.

Frank Weed, Penn-Florida’s vice president of development and construction, welcomed guests and introduced Il Circolo Italian American Society’s, Chris Salamone. “We’re kicking off Italian week in Palm Beach,” Salamone said.

The event included Italian appetizers and Prosecco. It’s one of three planned in the sales gallery at 10 E. Boca Raton Road.

Potential buyers were expected to be international, but they’re mostly local to Boca Raton, said Melissa Green, vice president of sales and marketing, Penn-Florida Companies. They’re single-family homeowners looking for a different lifestyle and residence, she said.

“This is an example of the type of people who will live in Via Mizner. They love the arts and fine food,” Weed said.

Sales of the condos have been brisk, Green said, adding pre-construction costs won’t be available for long. The 92 condominiums, shops, and Mandarin Oriental Boca Raton hotel are under construction on Federal Highway just east of Camino Real.

The resort-style development includes the existing 101 Via Mizner apartments on the corner of Federal and Camino Real. Via Mizner Golf and City Club are under construction nearby and membership is included at the condos.

Click here to view PDF of our highlight the Boca Voice.

Jack Nicklaus surfaced at pro golf tourney in Boca

That’s Jack Nicklaus, the Golden Bear himself, in the red golf shirt. Nicklaus was expected at the Oasis Championship to watch his son Gary’s pro debut. With Jack in the photo, late Friday afternoon is Melissa Myers, senior marketing director for Penn-Florida. Read the rest of the story to find out why she’s so happy. You would be, too.

You can sit on Via Mizner’s VIP Deck and watch golf pros John Daly or Bernhard Langer hit off the 10th tee. Close up. A sponsor at the PGA TOUR’s Oasis Championship this weekend, Penn-Florida uses that vantage point for VIPs. This year that could include golf icon, Jack Nicklaus. His son Gary Nicklaus is making his pro comeback at the Old Course at Broken Sound. And Jack’s golf design firm is redoing the Via Mizner course in Boca Del Mar.

So Nicklaus could surface at Via Mizner’s digs or their skybox overlooking the 18th hole. “He knows we’re here and he’s invited to be our guest,” said senior marketing director Melissa Myers. The tournament says it expects him. There’s a parking space with his name, Myers said.

Penn-Florida has been a major sponsor since the PGA TOUR started its Champions’ season in Boca in 2007. This year especially. “We go heavy on the Via Mizner signage since the Oasis is on national TV,” Myers said. That presences gets feedback, particularly from locals, she added. The company’s The Residences at Mandarin Oriental condos and Mandarin Oriental hotel and retail are going up on Federal Highway. Via Mizner apartments sit on the corner of Federal and Camino Real. A private golf and city club complete the offerings.

Supporting the golf tournament isn’t only good for business. “This tournament has a special place in Mark’s heart as a passionate golfer,” she said about Penn-Florida president and CEO Mark Gensheimer. Gensheimer has been a board member since the tournament’s inception.

“It’s also a great way for us to partner with the community,” she said. The Oasis benefits Boca Raton Regional Hospital.

Tickets are $25 in advance and $30 at the gate. Kids 18 and younger and fans 70 and older with proper ID get in free. Visit the Oasis Championship website.

Click here to view PDF of The Residences at Mandarin Oriental’s highlight in the Modern Luxury Magazine.

Fans of the luxury hotel brand sharing the same name will truly appreciate what The Residences at Mandarin Oriental, Boca Raton will offer when it opens in 2021. Just one peek at its gleaming lobby trimmed with glittering gold finishes will suggeset the beauty that waits inside the property’s 92 homes. Starting at 1,453 square feet, each offers remarkable views of the ocean, golf course, and city, along with automated technology, outdoor kitchens, and Sub-Zero and Wolf appliances. The property’s amenity package includes resident-only personal wine cellars, a game room, club room and private theater, and the hotel’s spa and rooftop restaurant, which is accessable across a sky bridge. Membership priveleges at Via Mizner Golf & City Club are also included. From $2 million, 10 E. Boca Raton Road, Boca Raton, 561.235.773. moresidencesbocaraton.com.

Click here to view PDF of Via Mizner’s highlight in the Boca Raton Magazine. For online version, please click here.

Who: Mark Gensheimer, 57, President and CEO of Penn-Florida Companies

What He Does: Gensheimer launched Penn-Florida in 1987 and has become a kingpin developer in Boca Raton. His luxury, high-profile projects span the state and encompass commercial, residential, hospitality, mixed-use, industrial and private club development. His Boca Projects include Via Mizner and University Village.

Why He’s A Game Changer: Penn-Florida is now developing the Residences at Mandarin Oriental and the Mandarin Oriental Hotel, one of just six in America. Bringing the exclusive Mandarin brand to Boca Raton was a coup for both the city and Penn-Florida. The project further advances Boca’s continually growing reputation as a world-class destination as well as a great sophisticated city in which to live, work and raise a family.

What He Loves About His Work: “Development allows us to begin with a vision and transform that vision into a finished product. It is very satisfying, particularly when the product is unique. I believe you must strive every day to be better than you were the day before. There are no substitutes for hard work and discipline. Never settle for less than your best.”

Click here to view PDF of Via Mizner’s highlight in The Palm Beacher. For online version, please click here.

WHO: World-renowned stage, film and television actor, host and “Dancing with The Stars” champion John O’Hurley.

WHAT: Signature Mandarin Oriental cocktails the Red Lotus and the Dragon’s Tail, paired with the Signature Mandarin Oriental lunch plate of bultarra saltbush free range chicken salad on house-baked sunflower bread with farm-fresh greens, heirloom tomatoes, a select blend of hand-chopped tomatoes, peppers, onions, autumn salad and hand-selected fresh seasonal berries.

WHERE: Mandarin Oriental Residences Sales Gallery, 10 E. Boca Raton Road, Boca Raton / 561.750.7055 / moresidencesbocaraton.com

The moment I first knew I wanted to become an entertainer was: when I was 3 years old. People would ask me over and over what I wanted to be when I grew up, and with a sense of disgust that only a 3 year old can muster, I’d put my hands on my hips, point at the black-and-white television in the corner of the living room and say, “Well, I am an actor, so that’s what I’m going to be.” It’s not that I wanted to be one, it’s that I was one.

I first realized I could actually have a successful career in show business when: I started on soap operas and I realized the decimal point moved over one place. And then I realized that if I moved over to the west coast, I could move the decimal point over one more spot. For me, it’s always been about “business show,” not “show business.”

Playing the role of J. Peterman on “Seinfeld” was: the greatest experience I’ve had as an actor. It gave me the opportunity to create a role that was totally undefined, to make a character larger than life, but still supported by writing that made the character really interesting.

Something that most people don’t realize about competing on “Dancing With The Stars” is: how physically taxing it is. It’s nine-parts Marine boot camp and only one-part cocktail party. Proceeding to the next week only means that you get to go to a rehearsal studio the next day and start all over again with a style of dance you have never heard of. I danced a paso doble once in my life, and I will never do it again, nor have a reason to.

It might sound strange, but people would mistake me for: David Copperfield. Back in the mid-80s, he and I were indistinguishable. He looked like me, and I looked like him. I finally asked him, “Do you ever get that you… look like me?” and he said, “All the time.”

During his remarkable four-decade career in show business, John O’Hurley has seemingly done it all. From soap opera classics “Loving” and “All My Children,” to the Broadway stage, starring in “Chicago,” to presiding over the legendary TV game show “Family Feud,” to hosting the Miss America pageant and the annual Thanksgiving Day National Dog Show, and even winning the inaugural season of ABC’s “Dancing with The Stars,” O’Hurley perhaps remains best known and most beloved for his role as J. Peterman on the global TV phenomenon “Seinfeld.” An all-encompassing entertainer virtually since birth, O’Hurley somehow finds time to serve numerous charitable causes annually and work on his more than respectable golf game. He is a regular visitor to South Florida with residences on the East Coast.

Red Lotus Cocktail:

• 1.5 ounces Belvedere Pure vodka
• 1.5 ounces Briottet Liqueur de Lychee
• 1 ounce Lakewood 100-percent Cranberry Nectar
• Pour ingredients into a cocktail shaker with ice, shake well, strain into a tall flute glass and garnish with lychee fruit and fresh mint.

Dragon’s Tail Cocktail

• 1.5 ounces Hendricks Gin
• .5 ounce fresh lemon juice
• .5 ounce simple syrup
• 8 fresh basil leaves
• 4 slices European cucumber

In a cocktail shaker muddle one slice of cucumber and basil leaves, add ice, and pour in gin, lemon juice and simple syrup. Shake well, strain into iced rocks glass and garnish with cucumber and basil.

Click here to view PDF of Via Mizner’s highlight in Modern Luxury Palm Beach. For online version, please click here.

On November 15, Modern Luxury Palm Beach celebrated Power Players of Palm Beach; industry leaders at the Seminole Casino Coconut Creek. The well-known casino features the area’s most sought after restaurant, NYY Steakhouse, a sponsor for the evening along with Lamborghini West Palm Beach. While guests enjoyed cocktails and hors d’oeuvres from the steakhouse, Modern Luxury Palm Beach’s Group Publisher, Elizabeth Humphreys introduced each Power Player on hand who shared quick highlights about their firms. The impressive list of business movers and shakers included FineMark National Bank & Trust, led by David Scaff, Sun Trust Bank Market President, Christopher Chase, Penn-Florida Companies, Melissa Myers & Melissa K. Green, Rob Thomson, CEO of Waterfront Properties and the premiere Palm Beach real estate firm, The Fite Group’s, Jonathan Duerr & Chris Deitz. Karma Reveros were on display for the car enthusiasts in the crowd to enjoy thanks to the Lamborghini Dealership of West Palm Beach.

Click here to view PDF of Via Mizner’s highlight in the Boca Raton Magazine. For online version, please click here.

An enviable emerging trend for those who can afford it is five-star living at luxury branded residences, known in the trade as “branded luxury living.” Star architects, celebrity interior designers, first-class service and luxury amenities are all part of the package. If you’ve stayed at premier hotels with revered names like Four Seasons, Ritz-Carlton, Mandarin Oriental, and W, you’re already familiar with the concept. And the trend of posh hotels crossing over into the ultra-luxury residential market shows no signs of stopping. “The demand for branded residences exceeds the current supply,” says Jay Parker, CEO of Florida Brokerage, Douglas Elliman.

And it’s here in Boca now, with Via Mizner- and the soon-to-be Mandarin Oriental Hotel. This billion-dollar project is comprised of 92 private-entry residences, a world-class Mandarin Oriental Hotel, a half-mile stretch of high-end retail, five-star Michelin dining and a prestigious Jack Nicklaus-designed golf course. “The Residences at Mandarin Oriental, Boca Raton will provide an elite lifestyle by combining the comforts of a private home with the unsurpassed amenities and legendary services of Mandarin Oriental,” says Frank Weed, vice president of Penn-Florida, the developer of the project. Construction is underway and sales have already exceeded expectations.

Click here to view PDF of Via Mizner’s highlight in The Real Deal Miami. For online version, please click here.

Miami isn’t the only South Florida city with massive mixed-use projects planned. Penn-Florida Companies’ Via Mizner in downtown Boca Raton will span 2 million square feet with a 366-unit luxury apartment building, a 92- unit condo, a 164-key Mandarin Oriental Hotel and & Resort and 60,000 square feet of retail. The project will also include a Jack Nicklaus Signature Championship golf course.

In October 2017, Penn-Florida Companies closed on nearly $400 million in financing from New York-based Mack Reale Estate Credit Strategies. The remaining $80 million was provided by the U.S. Immigration Fundm an EB-5 lender.

Click here to view PDF of PennFlorida’s highlight in Modern Luxury Palm Beach Magazine. For online version, please click here.

“Under the visionary leadership of Mark A. Gensheimer, Penn-Florida’s talented team is transforming the landscape of Downtown Boca Raton.” – Melissa K. Green

“Via Mizner is at the forefront of the firstclass lifestyle now available in Downtown Boca Raton; it’s an urban resort where you can live, shop, dine, stay and play.” – Melissa Myers

With their fingers on the pulse of the real estate market and an eye for the luxury and amenities the Boca Raton market craves, Melissa Green and Melissa Myers are two power players changing the face of real estate in Downtown Boca Raton. These two dynamic women drive the marketing efforts of one of Florida’s most respected owners and full-service developers of luxury, high-profile real estate, Penn-Florida Companies. Together they are responsible for the sales and marketing of PennFlorida and its impressive portfolio of residential, commercial and hospitality properties, mixed-use developments and private clubs. Most notably, Green and Myers have combined their expertise to publicize one of the largest mixed-used developments under construction in the United States, Via Mizner, a $1 billion, 2,000,000-square-foot urban resort featuring the world-renowned Mandarin Oriental Hotel and Residences, one of eight residential locations worldwide. In addition to luxury hotel and Residences, Via Mizner features exclusive shopping and dining at The Shoppes at Via Mizner, a private club with a Jack Nicklaus Signature golf course, Via Mizner Golf & City Club, and 101 Via Mizner Luxury Apartments. With anticipated completion in 2020, Green and Myers’ successful efforts are creating unprecedented anticipation and sense of excitement in the community for the evolution of Downtown Boca Raton.

Click here to view PDF of PennFlorida’s highlight in Modern Luxury Palm Beach. For online version, please click here.

THE PARTY The swanky scene was all abuzz as guests conversed and took in the scene among exotic cars lined along the entrance of The Residences at Mandarin Oriental, Boca Raton, courtesy of Lamborghini Palm Beach. THE GUESTS Among the notable attendee list were radio personality Josh Cohen of ESPN’s Josh Cohen and the Home Team, Minnesota Vikings Super Bowl XLVII champion Bryant McKinnie, MMA Heavyweight champion Junior “Cigano” dos Santos and ABC’s The Bachelor and Bachelor in Paradise contestant Ryan Beckett. THE HIGHLIGHTS Tasty cocktails and cuisine by NYY Steak in Seminole Casino Coconut Creek were served and enjoyed throughout the evening, along with lavish beauty touchups from Chanel.

The two-day pop-up event, “A Dialogue with Art, Nature and Science,” took place at The Residences at Mandarin Oriental and featured artist, naturalist and New York Times bestselling author Christopher Marley. He also held a book signing for Biophilia.

The Residences at Mandarin Oriental, Boca Raton hosted a Mother’s Day pop-up trunk show event featuring a variety of eclectic brands including The Gibson Collective jewelry line, Fancy Hippie, skincare line Tata Harper, Ximena Kavalekas handbags, Biba Boutique and H-Trailz outerwear this past Saturday afternoon. Chilled sparkling wine was offered to guests as they mingled with the sales team and shopped to their hearts content, along with a fresh juice bar offering light bites from Raw Juice and dessert sweets by Baker’s Alie.

The former SunTrust Bank and other buildings on Federal Highway, north of Camino Real, are being demolished to make room for Boca’s only 5-star hotel, Mandarin Oriental, Boca Raton. This is a Penn-Florida Companies project with a large apartment building already up and leasing on one side (named 101 Via Mizner) and a planned hotel-branded condo on the north.

The former Citibank and Sun Trust buildings in Boca Raton will be demolished to make room for a project that will include the Mandarin Oriental Hotel and The Residences at Mandarin Oriental, Boca Raton, according to a spokesperson from Pinnacle Advertising and Marketing Agency. This will be the fifth location nationwide for the hotel and luxury apartment building chain and will be a part of the boarder Via Mizner project. The Residences will have 85 homes with ocean and golf course views, including one- to four- bedroom options that start between the mid-$1 millions and low $4 millions and a penthouse collection starting in the low $8 millions. Completion is scheduled for early 2020.

The face of downtown Boca Raton continues to change. The former Citibank and SunTrust buildings are being demolished to make room for the project that will include Mandarin Oriental, Boca Raton and The Residences at Mandarin Oriental, Boca Raton. The 164-room hotel will go up next to 101 Via Mizner, a 366-unit apartment building that marked the first phase of the luxury Via Mizner project. The 12-story hotel and condos are expected to open in 2020.

The best part of staying at a hotel while on vacation is indulging in the splendor of its amenities. But why should the perks end when the trip is over? With the rise of several local hotels boasting luxurious private residences, there are more opportunities to live in a hotel—permanently. Decadent room service, opulent spas, dedicated pet services, beach butlers and private concierges are just a few of the amenities these hotels offer residents.

Mandarin Oriental Hotel Group is bringing its unsurpassed level of luxury and attention to Boca Raton. As its fifth private residences property in the U.S. and 10th in the world, this will certainly be one of the most coveted addresses in the sphere of lavish living.

For those desiring a private home with all the comforts and services of a five-star hotel, the Mandarin Oriental residences are it. The standout hotel chain prides itself on first-class service, superior quality, and outrageous food and beverage options. The brand houses more Michelin Star-rated restaurants than any hotel company worldwide.

The residences will feature a spectacular wine lounge and a 3,000-bottle cellar perfect for socializing with a glass of red. The space will also have a dining room and display kitchen for those interested in a more interactive food and wine tasting with one of the hotel’s chefs.

The residential tower will offer an 82-foot pool with cabanas and a bar in addition to the hotel’s three pools, trendy MO Bar and Italian restaurant (not yet named).

A few steps away, Via Mizner City Club will host the spa, a restaurant, fitness center and theater—all amenities owners will have access to. Residents will also have access to the nearby Jack Nicklaus golf course at the Via Mizner Country Club.

The only bad news: owners of the 92 exclusive units will have to wait until 2020 to move in.

We’ve all had those vacations that we wish could last forever, but unfortunately, most of the places we stay require a check-out date. The new residential resorts below all include the option to purchase a home in paradise, so your favorite vacation spot can become a home to return to again and again.

The Residences at Mandarin Oriental, Boca Raton: For those preferring to buy stateside, these 92 coastal residences on Florida’s east coast will connect to a luxury hotel. Priced between $1.3 million and $13 million, the homes offer the combination of downtown convenience and seaside living, and will become part of one of only three Mandarin-branded condo buildings in the U.S. Move-ins are slated for 2020.

Penn-Florida Cos. recently announced the new sales team for The Residences at Mandarin Oriental, Boca Raton. The team is led by Douglas Elliman Development Marketing’s Elena Christodoulou as vice president of sales. Christodoulou has procured $1.2 billion in sales for luxury pre-construction residences and has been recognized as a leader in luxury real estate sales throughout the world. Joining her as regional sales directors are Marie Mangouta and Alex Murillo. Demolition of the former SunTrust and Citibank buildings is underway to clear the way for the next phases of Via Mizner, an urban resort in the heart of downtown Boca Raton. With the first phase, 101 Via Mizner Luxury Apartments, already complete and leasing, demolition is the next major milestone in the construction of the next two towers: Mandarin Oriental, Boca Raton, the city’s first five-star hotel in over a decade, and The Residences at Mandarin Oriental, Boca Raton, a collection of 92 private homes. Now at contract, demolition marks the last chance for buyers to secure pre-construction pricing. The Residences at Mandarin Oriental, Boca Raton, will feature garden suites and an exclusive penthouse collection. Residents will have preferred access to the amenities and service of the Mandarin Oriental. The Sales Gallery is located at 10 E. Boca Raton Road and is open daily.

Penn-Florida hosted an event for the Global Business Alliance and Enterprise Florida on Jan. 16 at the sales gallery for The Residences at Mandarin Oriental, Boca Raton.

Wellness the world over—from New York to Taipei, London to Las Vegas, Boston to Boca Raton—is being perfected 24/7 at The Residences at Mandarin Oriental, a five-star living experience which brings the perks, luxury and services of the acclaimed Mandarin Oriental hotels to private residential living.

Design is healing. The best-made products bring peace of mind—they function better, they last longer. In addition to elegant architecture and calming interiors, each residential property is built to support, soothe and invigorate, both within the home and the nearby amenity space. Residents have access to Mandarin Oriental’s world-renowned holistic spas, which feature signature therapies developed in conjunction with traditional Chinese medicine specialists.

Entrée to the Mandarin Oriental’s Residences Elite program, for owners only, confers VIP recognition, room upgrades and many other benefits at Mandarin Oriental hotels around the globe. There are currently four Residences nationwide, in Boston, New York, Atlanta and Las Vegas, and four Residences globally in Bodrum, Turkey; London; Macau and Taipei. Future Residences are planned for Bangkok, Boca Raton, Honolulu, Bali, Dubai, Munich and Melbourne, Australia (the latter, designed by the late, great Zaha Hadid, will feature a massive 17,220-square-foot spa). “Luxury is about time, having time to do things that are meaningful to you. The Residences at Mandarin Oriental create the seamless lifestyle that offers that freedom, around the clock,” says Adelina Wong Ettelson, global head of residences marketing at Mandarin Oriental Hotel Group.

Need to find the best dog groomer for your beloved Cookie? Organize a movie night for your grandchildren? Hire a private chef to whip up a gourmet meal for last-minute guests? The Residences staff, rigorously trained and screened for their jobs, care for homeowners like family. They deliver the legendary service every day at The Residences to ensure that owners are not just well looked after, but delighted. It’s a tall order that Mandarin Oriental staff achieve easily, and with sophistication. “Our hotels and residences provides 21st century luxury in the most modern sense, but we’re also steeped in the heritage of the Orient,” says Wong Ettelson. “Understated discretion and privacy are in our DNA.”

Consideration above and beyond the call of duty comes to the Residences staff naturally. They send flowers on special occasions. They help out in emergencies—including accompanying residents to the hospital. For a couple’s baby gender reveal party, a concierge arranged pink and blue macarons and a last-minute gluten-free vanilla cake to be delivered to the party. “Owners count on me to ask the right questions when their needs arise and act on their answers. For me, delight is in the details,” notes a Las Vegas residential concierge.

At The Residences at Mandarin Oriental, Boca Raton, located at Via Mizner, a new urban resort in downtown Boca (each of the 85 units has ocean, golf course or city views), residents who place a premium on golfing will have access to Via Mizner Golf & City Club, a private club that features a Jack Nicklaus signature golf course. Certainly, the tranquil infinity pools in each villa at The Residences at Mandarin Oriental, Bali, will offer a great way to unwind, and the English Meditation Garden at The Residences at Mandarin Oriental, Atlanta, invites respite and rebalancing. Inspired design combined with unparalleled personalized service makes The Residences at Mandarin Oriental a transcendent living experience.

They’re two redevelopment projects that’ll change the face of downtown Boca Raton. And now, workers are making way for each of them by starting demolition.

Monarch Boca Raton, originally known as Mizner 200, will bring three nine-story condo buildings that’ll be situated from 210 to 398 SE Mizner Blvd. The buildings will replace the Mizner on the Green townhouses.

Road-closed signs and orange cones went up as demolition started Jan. 9 off Mizner Boulevard, across from the entertainment, shopping and dining complex Royal Palm Place.

About a half-mile from the Monarch site, demolition work began Friday at 103 E. Camino Real. That’s where a luxury 12-story hotel is planned, called the Mandarin Oriental Boca Raton.

The hotel will sit between the apartments at 101 Via Mizner and the 92 condos planned for The Residences at Mandarin Oriental Boca Raton, at 105 E. Camino Real.

The hotel will be up during the winter season between 2019 and 2020. There also will be condos and shops. “You’ll see the tower for the hotel come out of the ground later this summer, followed by the tower for the condos,” said Al Piazza, senior vice president of development, Penn-Florida Companies. “The two together will cost around $400 million.”

At Monarch Boca Raton, a small fenced-off site was cleared, and six townhouses were knocked down. That will be the staging area for temporary job trailers, said John Cosmos, Boca Raton’s building official.

The Elad Group, the company behind Monarch, announced the start of demolition, with intentions to start marketing the units.

The city also approved 315,055 square feet of structured parking, a public plaza, benches and canopy trees among 8-foot, pavered sidewalks.

The city expects to meet with the developer in the next few weeks about the demolition plans. “We want to make sure the units there are not compromised for safety and fire,” Cosmos said. “We’ll have to see how they’ll move forward.

“They wanted to block a street, but the fire official said that wasn’t allowed,” he added.

The only possible change for the project, a request for a pool, will be discussed by the downtown district’s Community Redevelopment Board on Monday.

People are still living in the pre-existing townhouses. Some have moved to the side of the community expected to be torn down last. In fact Mizner on the Green is still leasing. “We tell them everything up front,” said Chris Abraham, leasing agent.

The next phase of teardowns is expected to clear close to 100 townhouses.

“Everyone knows they will have to leave by the end of April,” she said of those units, not the ones being leased now. “But nothing is set in stone.”

Businesses facing Royal Palm Place could be affected by noise and construction traffic during the day once demolition starts in earnest. But Michael Liss, president of the Downtown Business Alliance, sees a bright future.

“It will be great for the shops here in a couple of years,” he said during a visit to Royal Palm Place on Thursday.

He foresees the area attracting more dining, shopping and hospitality, now competing with Mizner Park, a shopping and entertainment destination.

Yaacov Heller, whose Gallery 22 International has been there for nearly 13 years, agrees. “It will bring more people to the area,” he said. “We need more foot traffic.”

More than two years after the Boca Raton City Council approved Via Mizner 2 and 3, construction should start soon on the Mandarin Oriental hotel and the adjoining luxury condos that will have privileges at the hotel.

That’s the word from Al Piazza, senior vice-president of development for Penn-Florida Companies. We spoke in late December. The two buildings will join Via Mizner’s first phase —the 366-unit apartment building at Camino Real and Federal Highway. The Mandarin Oriental will be in the middle, with the condos at the north end. All three buildings will face the Boca Raton Resort & Club.

The project, which the company has called “an urban resort,” will bring a new level of distinction to Boca Raton. Mandarin Oriental has only one other location in Florida—Miami—and just five elsewhere in the United States—New York, Boston, Washington, D.C., Atlanta and Las Vegas. The chain’s roughly two dozen foreign locations range from Hong Kong to Morocco to Barcelona.

And it all happened, Piazza said, because Penn-Florida President and CEO Mark Gensheimer made a cold call to Mandarin Oriental.

“He was trying to figure out what to do with the project and wanted to give a sense of what the community is all about,” Piazza told me. “He saw a void for a five-star hotel and made the call. That started a dialogue.”

Penn-Florida will own the building and Mandarin will operate the hotel, which Piazza said is typical of properties with the Mandarin brand. It will have 164 rooms and suites. That’s fewer than Miami but more than Atlanta and Boston.

The number of condos was 104 when the council approved the project. It dropped to 85 and settled at 92 as Penn-Florida adjusted the layout. Units will range in size from 1,400 square feet to 9,000 square feet—for the penthouse—and from $2 million to $20 million.

Just who will own those condos may surprise you. Conventional wisdom might be that most buyers would be from outside this area. Actually, Piazza said, he now expects that between 50 percent and 60 percent will be from Boca Raton or just outside the city.

“They’re older and living on the beach or a golf course,” Piazza said, “and want a newer product and less to worry about.” Piazza also rattles off the number of Michelin stars earned by Mandarin restaurants. The brand has had more stars combined than any other hotel chain since at least 2014, according to news reports.

Condos sales are “going really well,” Piazza said, though he declined to give specifics. “We are higher than we thought we’d be” at this point. For the sales center of what the company calls the Residences at Mandarin Oriental, Penn-Florida spent $3.5 million to buy and remake what used to be Old Town Tavern behind the old City Hall.

Council approval of the project was unanimous. Penn-Florida got permission for added height in exchange for adhering to downtown architectural guidelines. The only issue of note was parking. The three buildings will share parking and Penn-Florida has presented a valet plan for the hotel and the condos, which the city had requested.

Piazza said the construction loan for Via Mizner 2 and 3 is $400 million. Penn-Florida hopes to finish the hotel in late 2019, but Piazza said the date “probably” would be early 2020 with the condos “two or three months behind.” He predicts “sporadic” closings of Federal Highway.

Via Mizner 2 and 3 mostly will complete the redevelopment of downtown Boca Raton that began with the Boca City Walk rental complex and the Trader Joe’s plaza on the west side of Federal Highway. The hotel and condos will displace two buildings whose design looks like a combination of Arabian Nights and Boogie Nights. As Penn-Florida markets the project, the company essentially is marketing Boca Raton. It’s a measure of how far the city has come.

The Gold Coast Master Brokers Forum (MBF), a networking group comprised of South Florida’s top residential real estate agents, recently visited the newly-opened sales gallery for The Residences at Mandarin Oriental, Boca Raton.

The attendees were treated to presentations about this pre-construction luxury condominium development and the city’s exciting new public offerings.

More than 60 Master Brokers attended the event, which opened with a welcome from Gold Coast MBF chair Carolyn Block Ellert, followed by an introduction to The Residences at Mandarin Oriental, Boca Raton from the development’s sales director, Harlan Goldberg.

Goldberg introduced his sales team and outlined the exciting condominium; one of a select few locations worldwide with a residential property bearing the Mandarin Oriental name. The transformative project will feature 85 homes that celebrate the Boca Raton lifestyle, with prices ranging from $1.5 million to $12.5 million for one-to five-bedroom units.

Goldberg was also joined by Frank Weed, Vice President of Development for Penn-Florida Companies, who shared the company’s past and ongoing projects taking shape throughout Palm Beach County.

This was followed by a special presentation from Boca Councilman Scott Singer, who discussed the city’s new infrastructural and economic developments, in a presentation tailored specifically to the region’s real estate community.

Singer outlined the downtown area’s new retail, dining, hotel, and residential offerings; groundbreaking events to attract visitors; and the city’s remarkable success in marketing, branding, and maintaining dramatically low millage rates while increasing property values.

“Our company recognizes the value in maintaining strong and friendly relations with South Florida’s outstanding broker community, and appreciated the chance to welcome such a distinguished group of professionals to our $3.5 million sales gallery,” Weed said.

“We were delighted with the opportunity to visit this spectacular project, and to learn about an exceptional addition to South Florida’s luxury real estate inventory,” said Carolyn Block Ellert, Gold Coast MBF chair. “It was also a great pleasure to discover the exciting new projects that are taking shape in Boca Raton, and to have Council Member Singer brief us in a way that spoke to our specific interests and concerns.”

For years Boca Raton, Fla., was known by most people as the retirement town of Jerry Seinfeld’s parents on the hit television show.

Now developers are appealing to a younger crowd. In recent years they have rolled out rental housing, retail and nightlife targeting people who are more into fine dining than early-bird specials.

Penn-Florida Companies, an owner and full-service developer of luxury real estate for more than 30 years, has closed on $398 million in project financing for Via Mizner, its five-star urban resort in Downtown Boca Raton. The lead financial lender is New York-based Mack Real Estate Credit Strategies. The Mack financing was arranged and advised on by New York-based real estate investment bank Lotus Capital Partners.

“Mack is committed to its strategy of providing financing for best in class sponsors and projects,” said Peter Sotoloff, Managing Partner and CIO of Mack Real Estate Credit Strategies. “After meeting the developer and analyzing Via Mizner, it was clear that the project was an excellent fit for us.” Faisal Ashraf, Lotus’s CEO Managing Partner added, “This project drew tremendous interest from global capital sources but in Mack we identified a lending partner that was able to work with us in designing a financing structure that accommodated Penn-Florida’s scale and unique vision for this project.”

Mack Real Estate Credit Strategies, the primary lender, provided $318 million. The balance of the financing, approximately $80 million, was provided by the US Immigration Fund (USIF), one of America’s leading EB-5 regional center operators.

“Boca Raton is an internationally-recognized community, and now the Downtown has emerged as an exciting place to live. The addition of the Mandarin Oriental Hotel and Residences has elevated the City’s reputation as a global destination,” said Mark A. Gensheimer, Chairman and Chief Executive Officer of Penn-Florida Companies. “Via Mizner is an urban resort where you can live, shop, stay and play and will offer unrivalled luxury, standards of service, and amenities to its residents, guests and members.”

Via Mizner’s next phase of construction includes Mandarin Oriental, Boca Raton, additional retail suites at The Shoppes at Via Mizner and Via Mizner Golf & City Club. The 164-room luxury hotel will feature two rooftop resort-style pools, holistic spa services, a state-of-the-art athletic club, and superb dining venues found only in select locations around the world. The Shoppes at Via Mizner will offer an exclusive mix of elite brand names, quality design labels, artisan boutiques, and sophisticated dining and nightlife. Via Mizner Golf & City Club, a dynamic private club with two distinct venues, a Golf Club featuring a new Jack Nicklaus Signature Championship golf course and a Downtown City Club, will offer its members access to the hotel amenities. Completion is scheduled for early 2020.

The Residences at Mandarin Oriental, Boca Raton, will offer an intimate collection of eighty-five homes, all framed by breathtaking ocean and golf course views. With preferred access to all the outstanding amenities of Mandarin Oriental, owners will experience the utmost privacy and enjoy the five-star benefits of this resort without leaving the comfort of home. moresidencesbocaraton.com

For those looking to “rent” the exceptional lifestyle found only at Via Mizner, Penn-Florida has already delivered the first residential tower, 101 Via Mizner Luxury Apartments. 101viamiznerbocaraton.com

About Via Mizner

Built on a vision to make Boca Raton the best of the best in every way imaginable, Via Mizner now claims its place among the world’s most iconic downtown experiences. Beyond its enviable downtown location and contemporary Mediterranean styling, Via Mizner offers a way of life never before available in Boca Raton. With elite residences, an award-winning hospitality partner, boutique shopping, fine dining and a world-class private club, Via Mizner is a fresh take on what it means to live the South Florida luxury. vmboca.com

About Penn-Florida Companies

Founded in 1987, Penn-Florida Companies is a respected owner and full-service developer of high-profile real estate. The Company specializes in creating luxury, one-of-a-kind residential, commercial projects. By limiting its portfolio to unique properties in select locations, and upholding its long-standing commitment to delivering exceptional experiences and lifestyles, Penn-Florida has distinguished itself as a market leader for luxury and quality. pennflorida.com

About Mandarin Oriental Hotel Group

Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world’s most luxurious hotels, resorts and residences. Having grown from its Asian roots into a global brand, the Group now operates 31 hotels and eight residences in 21 countries and territories, with each property reflecting the Group’s oriental heritage and unique sense of place. mandarinoriental.com

About Mack Real Estate Credit Strategies

Mack Real Estate Credit Strategies, L.P., the Mack real estate credit business, was established to be a one-stop shop for borrowers with transitional assets, in particular to provide capital for deals that traditional banks are less likely to finance due to increased regulation, or complexity and execution risk that are better suited to an integrated real estate firm. MRECS focuses on properties in need of flexible capital and sponsors seeking an experienced, sophisticated real estate lending partner.

About Lotus Capital Partners

Lotus Capital Partners (“Lotus”) is an independent real estate investment banking firm focused on delivering complex real estate finance solutions that are custom-tailored to meet sponsor needs. Led by Faisal Ashraf, Lotus’s founder and chief executive officer, Lotus’s team is comprised of veterans of the world’s top lending institutions who have closed, in aggregate, more than $40 billion in structured real estate transactions. Lotus’ wealth of debt capital markets experience in addition to its strong and tested relationships with over 300 domestic and international capital sources uniquely position it to create innovative debt structures on the most attractive terms while maximizing execution certainty.

Penn-Florida Companies just closed on nearly $400 million in financing for Via Mizner, a mixed-use project in Boca Raton.

New York-based Mack Real Estate Credit Strategies is the lead lender, providing $318 million for the development, said Faisal Ashraf, founder and CEO of Lotus Capital Partners. Lotus arranged the financing package, a deal that took about six months. The remaining $80 million was provided by the U.S. Immigration Fund, an EB-5 lender.

Overall, Via Mizner will span 2 million square feet with a 366-unit luxury apartment building, an 88-unit condo, a 164-key Mandarin Oriental Hotel & Resort and 60,000 square feet of retail in downtown Boca Raton.

The financing deal, which marks the largest in South Florida so far this year, includes a refinance of the rentals, 101 Via Mizner Luxury Apartments, a construction loan for the hotel, and a bridge loan for the condo site. Lotus will go to market for a separate construction loan for the condos later this year in the low $100 million range, Frank Weed, vice president of development for Penn-Florida, said.

Ashraf arranged the financing with Lotus’ Arvind Pai, Jesse Blieberg and Spencer Correnti. Lotus and Penn-Florida declined to discuss terms of the deal, but Ashraf said Lotus received interest from banks, debt funds and money management firms, including three offers from qualified lenders with about $1 billion of capital.

Mack, a New York-based lending firm, offered bank-style financing with great terms, Ashraf said. “Our challenge was to achieve something of this size and complexity.”

The Residences at Mandarin Oriental, at 105 East Camino Real, is about 20 percent reserved. The condo component will be linked to the hotel by a two-story underground parking garage and a bridge on the fourth and fifth levels with a spa, gym, fitness center and meeting space. The hotel will be completed toward the end of 2019, and the residences will follow a few months later in 2020.

Condo owners will also receive membership to the Via Mizner Golf & City Club, which golf champion Jack Nicklaus is designing.

The Gold Coast Master Brokers Forum (MBF), a networking group comprised of South Florida’s top residential real estate agents, recently visited the newly-opened sales gallery for The Residences at Mandarin Oriental, Boca Raton. The attendees were treated to enlightening presentations about this magnificent pre-construction luxury condominium development and the city’s exciting new public offerings.

More than 60 Master Brokers attended the event, which opened with a welcome from Gold Coast MBF chair Carolyn Block Ellert, followed by an introduction to The Residences at Mandarin Oriental, Boca Raton from the development’s sales director, Harlan Goldberg. Mr. Goldberg introduced his sales team and outlined the exciting condominium; one of a select few locations worldwide with a residential property bearing the Mandarin Oriental name. The transformative project will feature eighty-five homes that celebrate the Boca Raton lifestyle, with prices ranging from $1.5 million to $12.5 million for one- to five-bedroom units. Mr. Goldberg was also joined by Frank Weed, Vice President of Development for Penn-Florida Companies, who shared the company’s past and ongoing projects taking shape throughout Palm Beach County.

This was followed by a special presentation from City of Boca Raton Council Member Scott Singer, who discussed the city’s new infrastructural and economic developments, in a lively presentation tailored specifically to the region’s real estate community. Mr. Singer outlined the downtown area’s new retail, dining, hotel, and residential offerings; groundbreaking events to attract visitors; and the city’s remarkable success in marketing, branding, and maintaining dramatically low millage rates while increasing property values.

“Our company recognizes the value in maintaining strong and friendly relations with South Florida’s outstanding broker community, and appreciated the chance to welcome such a distinguished group of professionals to our $3.5 million sales gallery,” said Mr. Weed.
“We were delighted with the opportunity to visit this spectacular project, and to learn about an exceptional addition to South Florida’s luxury real estate inventory,” said Carolyn Block Ellert, Gold Coast MBF chair. “It was also a great pleasure to discover the exciting new projects that are taking shape in Boca Raton, and to have Council Member Singer brief us in a way that spoke to our specific interests and concerns.”

The Gold Coast Master Brokers Forum, comprised of top real estate professionals from Broward and Palm Beach County, is generously supported by Wells Fargo.

The two-story, $3.5 million sales center has a model kitchen and bathroom for The Residences at Mandarin Oriental.

Potential owners are served champagne in an atmosphere indicative of the upscale brand. But the future 85 condos starting at $1.5 million at 105 E. Camino Real in Boca Raton will just be part of a three-building complex described as an urban resort.

The Mandarin Oriental hotel will be built between the condos and apartments. The 101 Via Mizner building with 366 rental apartments is already up and leasing on the corner of Federal Highway and Camino Real.

Across town in Boca Del Mar, Via Mizner Golf & Country Club will be reborn with a new course by Nicklaus Design and the clubhouse will be torn down and rebuilt.

“The whole project is a new concept for Boca Raton,” said Harlan Goldberg, director of sales for the residences through Douglas Elliman Real Estate.

The vision came from Goldberg and Al Piazza, senior vice president of development for Penn-Florida Companies. The Boca Raton-based company has kept a low profile on the sites and the country club until the whole project came together. They owned the land for 10 years and have had approvals from the city since 2015, Piazza said.

The hotel and condo building will come out of the ground early next year and finish in 2020, Piazza said. He expects demolition to start in the next month.

“We are ahead of where we thought we would be,” he said at The Residences’ sales center at 10 E. Boca Raton Road.

Retail will inhabit the ground floor of all three buildings, and a SunTrust bank has moved and is operating, he said. The Citibank in the middle of the block on Federal Highway will also relocate to the corner at Camino, he added.

The 12-story condo building will have terraces with gas grills. Parking will be on the second and third floors with the condos starting on the fourth floor.

“They’re really homes in the sky where everything is done for you,” Goldberg said. “People want to downsize, but they don’t want to downscale.”

The luxury hotel brand is worldwide, and “people know when that flag goes up what they’re buying,” he added.

Condo owners will have their own pool and the use of amenities like a rooftop restaurant, fitness center and spa in the hotel.

“The condos will be connected by a two-story bridge. Owners will interact with the hotel as much or as little as they want,” Piazza said. An upscale private city club will open in the hotel by the end of 2019, he said.

“We tried to create some of the same feeling of being in the Mandarin Oriental and the handcrafted mosaics will be on the floor in the hotel,” Piazza said, alluding to Boca’s original architect Addison Mizner’s use of tile. “We keep one foot in the past and keep the modern looks that people expect today.”

I wanted to take the time to thank all of our fans and viewers of the show. Since inception we have put out 23 videos highlighting development, beautiful homes, and local market updates. The concept of Keys to Boca was to give our residents exclusive access to all things real estate that’s happening in our own backyard. Development will always be a hot topic amongst the residents so we hope opening the doors to them has opened your eyes to see what’s really going on behind the scenes. As you drive through our beautiful streets and you see new homes going up, new buildings gng up, and instead of wondering what’s behind those gates or inside those buildings our goal is for you to come to us as a resource to get an intimate look like never before.

We also took you through some iconic homes in Boca Raton that most of us could only dream of stepping foot into.

Every so often I sit with local real estate industry leaders and we recap our local real estate market and each time the numbers prove that Boca Raton is thriving and will continue to be a place we all call home.

Today on Keys to Boca, @BenArce visits the gorgeous sales gallery for The Residences at Mandarin Oriental and discuss the Mandarin Hotel, Luxury Condos, Jack Nicklaus designed Golf Course, and Upscale Retail and Dining that will forever change our downtown. There are only a few developments that are known and recognized worldwide and we are lucky enough to have @PennFloridaCompanies develop their Via Mizner project right in our own backyard.

You can Watch The Video Here

BOCA RATON

Penn-Florida Companies is working on the finishing touches of its $3.5 million sales center for the Mandarin Oriental Residences in Boca Raton as it gets closer to officially launching sales.

The 8,100-square-foot sales gallery, at 10 East Boca Raton Road, was designed by SB Architects and San Francisco-based Hirsch Bedner Associates, and features a kitchen, bathroom, nine-screen video wall and a MO Bar. Potential buyers are greeted by a doorman and then by a butler, Al Piazza, senior vice president of Penn-Florida, told The Real Deal. 

The sales center was built out in an older building that the developer renovated to give the impression of what it’s like to live in a Mandarin-branded residence, Piazza said. That includes mosaic inlays hand cut in Italy and installed in the sales office.

The sales team is taking reservations now and will do a formal launch of the sales gallery this fall. Units start at $1.3 million to just over $12 million for penthouses, of which there are five. Most of the interest and reservations have come from Boca Raton residents and buyers from the Northeast, Piazza said. Douglas Elliman’s Harlan Goldberg is the director of sales.

Buyers will be required to put down 20 percent at contract and 10 percent at groundbreaking, unlike the 50 percent deposits seen in Miami.

The 85-unit Residences at Mandarin Oriental, at 105 East Camino Real, will be linked to the 164-room hotel portion by a two-story underground parking garage and by a bridge on the fourth and fifth levels with a spa, gym, fitness center and meeting space.

The hotel-branded development is part of Via Mizner, a mixed-use project with luxury apartments, retail, restaurants, a private club, gym and golf amenities. The Residences will be one of three Mandarin-branded condo buildings in the U.S. and one of nine in the world. The hotel will be completed toward the end of 2019, and the Residences will follow a few months later in 2020, Piazza said.

Property records show Penn-Florida affiliate Camino Investments Holdings Limited Partnership owns the 2.5-acre site where the Mandarin hotel and residences will be built. Piazza said the company will work on demolition within the next two months and then lay the foundation. Penn-Florida has construction financing in place, but Piazza declined to name the amount or lender. It has not yet closed.

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.

Coming in late 2019, the Residences at Mandarin Oriental, Boca Raton will bring the brand’s five-star service to homeowners in South Florida. Designed by SB Architects, the two towers form a mixed-use development that includes retail shops and a private club. The hotel features 165 rooms with ocean or city vistas, and the adjacent tower (accessible via a sky bridge) houses 85 private residences. Private elevator foyers, a 24-hour concierge team, and valet services will make residents feel like royalty.

The spacious layouts include summer kitchens for alfresco entertaining, large patios that overlook the ocean, and gourmet kitchens with European cabinets and top-of-the-line appliances. Oenophiles will be delighted by the onsite wine cellar and private tasting room, while nature-loving individuals will appreciate the outdoor meditation garden. A rooftop restaurant and pool (surrounded by private cabanas) is available exclusively for residents. Preferred access to the Spa at Mandarin Oriental is yet another ownership perk. Pricing and available units have not yet been released.

Staff report Boca’s newest private club will have its golf course redesigned by golf icon Jack Nicklaus.

The club is part of plans that include adding a Mandarin Oriental Hotel to downtown Boca. The club is being developed in connection with Via Mizner, which is being built by Penn-Florida Companies.

“We have done multiple projects with Penn-Florida in the past, and are particularly excited to be a part of the new Via Mizner in concert with Mandarin Oriental,” Jack Nicklaus said in a statement. “My team and I have visited the site several times and our group has been actively working on plans for the golf course. We have been tasked with delivering a spectacular golf course consistent with the world-class character of Via Mizner, and that is exactly what we intend to do.”

Nicklaus and his firm, Nicklaus Design, have already started
pre-construction activities including site analysis, landscaping and preliminary routing plans. Construction is scheduled to commence in the second quarter of this year, with an anticipated completion in the fall.

“Our vision was to create an urban resort that offers a full-service luxury lifestyle including championship golf,” said Mark A. Gensheimer, Chairman and Chief Executive Officer of Penn-Florida. “Once Mandarin Oriental Hotel Group selected Via Mizner to be the home of its newest hotel, and one of only nine Mandarin Oriental Residences in the world, it was only natural that Mr. Nicklaus was selected to design the golf course. He is simply the best.”

The City Club will be located inside the new Mandarin Oriental, featuring a members-only clubroom and lounge with private dining rooms and an interactive kitchen, wine-tasting areas, and a kids club. Membership affords preferred access to all of the hotel amenities, including its two resort-style rooftop pools, holistic spa and athletic club. A dedicated concierge staff is available to assist and access to these amenities and services are limited to club members, Mandarin Oriental residents and hotel guests.

Membership privileges include access to a second venue, The Golf Club, located just five minutes west of Via Mizner. In addition to the golf course, plans include practice and teaching facilities, clubhouse, fitness center, Har-Tru tennis courts, a resort-style pool, a children’s playground, modern locker rooms and indoor and outdoor dining venues. “Via Mizner Golf & City Club represents the next generation of private clubs,” Gensheimer said. “This club is all about interesting people, fun and service.”

New Year’s Day has the same effect as a sorbet served as an intermezzo between courses to cleanse the palate. The new year of the Gregorian calendar gives us a moment to reflect on the year just past and to plan for the year just ahead.

Of course, the old Yiddish proverb, “man plans, God laughs,” comes to mind as we recognize the future is unpredictable and the best we do is plan and be prepared to make course corrections as external forces blow us in new directions.

On a national level, most expected the presidential campaign to come down to a contest pitting Hilary Clinton against Jeb Bush. So much for conventional wisdom! Even President Obama got it wrong when in mid-February he stated the electorate would never pick Donald J Trump to be president because “they recognize that being president is a serious job.”

And, even after Gary Johnson memorably quipped, “what’s Aleppo?” (a remark that took the wind from his campaign’s sails), the international community appeared totally impotent as it could do little more than watch the death and destruction of the city of Aleppo, home to the last pocket of resistance to Syrian dictator, Bashar Assad. With hundreds of thousands dead and millions on the run, Europe and the Middle East are left to provide refuge for those displaced.

Syria’s chaos incubated the rise of ISIS and cannot be ruled out as a contributing factor in the increased number of international terror attacks.

Turning our attention closer to home (where we can feel comfort in having direct influence over events), the news in 2016 was generally positive.

Unemployment in Florida fell below 5% in the 4^th quarter of the year. Palm Beach County (and more particularly Boca Raton) continues to elevate its attractiveness as the venue of choice for companies seeking to relocate from the north with its educated workforce, low taxes and an unsurpassed standard of living with great schools, safe neighborhoods and unparalleled parks and year-round recreational opportunities.

There’s a lot to be excited about in our downtown as new residential units come online and the new Hyatt Park Boca opened for business. Next year, the Mandarin Oriental Hotel and Residences will further raise the city’s cache.

Over two decades ago, the decision to redevelop the downtown was approved by the voters. The plan was to create an urban core that would attract a critical mass of around 10,000 residents to make the downtown commercially viable.

Twenty-five years later we are seeing the befits of the redevelopment initiative as property values continue to climb, restaurants and small businesses in the downtown are prospering and cultural activities (live theatre, a downtown art museum, and more) are attracting the necessary audiences to make them viable.

The New Year offers challenges and opportunities as we look toward our future. Plans are under way to bring more recreational amenities online.  We are also looking to redefine and update the meaning of public transportation.

With the new residents living in our downtown, we now need to promote the idea of leaving private passenger vehicles parked. This will require us to provide dependable choices  (circulators, point-to-point transport within the downtown to supplement the services currently offered by the Downtowner and other alternatives to driving).

In the not too distant future, don’t be surprised to see autonomous vehicles on our streets. Near term this could be a driverless circulator.

Our city is seeking funding from FDOT to make this a reality in the near future. Within the decade, we will likely have the opportunity to buy a “subscription” to an autonomous service making vehicle ownership a less desirable alternative.

Sounds a bit like the Jetson’s but the future is coming faster than you might think.

In the meantime, let’s look forward to the challenges and opportunities that 2017 will bring.

The inaugural Michelin Guide for Shanghai which was released in September last year, bestowed a Michelin star at Yong Yi Ting at the Mandarin Oriental Pudong, while Seta at the Mandarin Oriental in Milan won a second star.

Hong Kong boasts six Michelin stars across its portfolio, with the Mandarin Oriental’s Pierre claiming two stars, and its Man Wah and Mandarin Grill + Bar restaurants retaining their one star statuses.

Amber, helmed by Richard Ekkebus at the Landmark Mandarin Oriental also kept its two star status last year.

Over in Tokyo, Signature, Sense and Tapas Molecular Bar in Nihonbashi’s business district have one star respectively, while Moments in Barcelona’s Mandarin Oriental retained its two stars and Dinner at London’s Hyde Park also kept its two stars.

Sur Mesure at Mandarin Oriental in Paris maintained its two Michelin stars in the 2016 Michelin Guide, as the 2017 guide for France will be published in the first quarter of this year.

Last year, the Mandarin Oriental group also claimed to own the most Michelin stars out of all other international hotel chains.

“We are delighted to once again receive these prestigious accolades, and are particularly honoured that Yong Yi Ting at Mandarin Oriental Pudong, Shanghai has received its first Michelin star in the city’s inaugural guide, while Seta at Mandarin Oriental, Milan has been awarded a second Michelin star,” said David Nicholls, the group’s corporate director of food and beverage.

“This reflects the dedication to great food and service that Mandarin Oriental hotels offer around the world.”

The Mandarin Oriental group started with the Mandarin Oriental in Hong Kong in 1963 and has now expanded to 29 hotels and eight ‘residences’ in 19 countries and territories, with a new hotel reportedly planned for Doha.

Downtown Boca Raton is home to signature cultural events, historic and modern architecture, open-air concerts, an art museum, more than 75 restaurants featuring cuisine from around the globe, and boutiques catering to savvy fashionistas.

“There is always a reason to come early and stay late,” says Boca Raton Downtown Manager Ruby Childers. “Once people come, they don’t want to leave.”

And given the massive plans in the works for the coming years, people won’t have to. Hoping to be a testament to the phrase, “Build it and they will come,” the city has eight approved projects that are close to or already under construction.

The most coveted of these projects, due to open in late 2018, is The Residences at Mandarin Oriental, which will be located within Via Mizner. The five-star, urban resort in downtown Boca Raton will be a 12-story tall hotel and offer an intimate collection of 85 one- to four-bedroom luxury condominiums priced from $1.8 million. It will also feature The Penthouse Collection, offering five exceptional luxury units. Buyers will enjoy exclusive and privileged access to the distinctive charm of Mandarin Oriental, along with its world-class amenities, including a golf course, on-site spa, Michelin-star restaurant and more.

“This is by far the most exciting and luxurious development in South Florida, as the only hotel-branded residences in Palm Beach County and one of a select few Residences at Mandarin Oriental in the world,” says Harlan Goldberg, Douglas Elliman director of sales for the project.

Developing the property is Penn-Florida Companies, which is behind the entire Via Mizner destination. Comprised of three grand towers, the Via Mizner project has Boca buzzing with anticipation. The first tower, 101 Via Mizner, offers 366 luxury rental apartments. Not only is it complete and moving in residents, but it has already become an iconic architectural building downtown.

“This is by far the most exciting and luxurious development in South Florida.” – Harlan Goldberg

The project—which will also include restaurants, boutiques, a spa, resort-style pool and more—is being developed under the direction of Penn-Florida Companies, a full-service owner and developer of high-profile real estate. “Via Mizner will be one of the premier mixed-use projects in the country, and the arrival of Mandarin Oriental will raise the bar for hospitality and contemporary living in South Florida,” says Mark A. Gensheimer, president and owner of Penn-Florida Companies.

In addition to these high-profile builds, there are six approved projects that haven’t yet broken ground. They include:

• Via Mizner phases 2 and 3

• Tower 155 condo with 170 units

• University Village with 829 units

• Fairway Commons Park Place with 398 units

• Hyatt Place with 200 units

That’s not even taking into account 25 other proposed projects—like Midtown at Boca Town Center, with 649 units, and Lofts at Boca Colonnade, with 322 units—still awaiting a final OK.

Childers is pleased with what she sees. “The downtown is becoming a more livable district with the new residential buildings and planned hotels,” she says. “The majority of area businesses and residents are happy and eager to see our downtown grow into a more walkable and vibrant area for all to enjoy.”

While a majority of the focus has been on the concrete creations and enhancements of downtown, in the City of Boca Raton’s Strategic plan for 2016 to 2017, two of the top priorities for this fiscal year included a comprehensive waterfront plan and upgrades to Lake Wyman Park for greater usage of its parks and waterways, plus a conceptual master plan for the 20th Street area, which will focus on a college-centric student and family friendly area.

The city has recently chosen a vendor to begin the process of assessing the waterfront properties and gathering input from residents about the best recreational uses. The city’s coastal program manager recently gave a presentation to the city council about possible options that involve county and state funding, and a collaboration to provide additional boat launches, canoe trails and possible dockage.

The city has also contracted with the Treasure Coast Regional Planning Council to gather input from stakeholders and begin the development of a plan for the 20th Street corridor outside of FAU, which will appeal to the college student and millennial markets.

There are several new and proposed mobility developments in and around the Park at Broken Sound, which will also cater to the millennial crowd, providing live, work and play options within walking and biking distance of homes and offices.

According to Jessica Del Vecchio, the city’s economic development manager, Boca Raton is home to 30 corporate headquarters and is a popular choice for companies looking to relocate or expand. “Our quality of life, educated workforce, highly advanced medical care, world-class shopping, dining and cultural options make Boca Raton an easy choice for corporate relocation. Boca Raton’s 46 parks and beautiful beaches highlight why we’re known as a ‘City Within A Park.’”

Boca Raton’s vibrancy, sophistication, revitalization and cultural history make it one of the nation’s most sought-after destinations, causing it to boom today, tomorrow and well into the future.

Correction: This article has been updated to reflect that The Residences at Mandarin Oriental will be located within the destination of Via Mizner, which is being developed by Penn-Florida Companies. The owners purchased the property in 2006 and have been in business for 30 years.

Although most of 2017’s hot new developments won’t be announced until spring, exciting projects are, indeed, sprouting up around the world. And experts are already seeing some trends for the new year.

For international buyers looking for new projects in 2017, a building’s services will be paramount, said Naomi Minegishi, U.S. and International Development Sales manager at Knight Frank.

“What has been quite popular is the full-service amenity luxury condo,” she said. “A lot of buyers are investors or second homeowners, and what they really like is 24-hour concierge, a, doorman, a gym, and a communal lounge. We’re really focused on marketing those projects, which have been popular but are more important now.”

Erin O’Connor, the director of sales for new development at The Agency in Los Angeles, said the boom in amenities will be driven by the important new demographics that “crave new developments.”

The three sets of buyers she said she sees coming to the marketplace are “downsizers, who have been in a large home for years and are looking to simplify,” as well as “young professionals who have busy lifestyles and earn a good living,” and millennials, who are just coming to the marketplace, and who “might work from home or need a creative area or creative space elements.”

The Residences at Mandarin Oriental, a new project in Boca Raton, Florida, slated for launch in the first quarter of 2017, offers residents the services of a hotel, but even better. The 12-story tower, with 85 homes, will give residents access to a private club located within the building of the attached hotel itself, as well as a Jack Nicklaus-designed golf course and full-service golf club.

There’s nothing like renderings of sleek, new South Florida projects to excite agents, buyers and consumers of South Florida real estate news during a slow point in the real estate cycle.

From the tall and thin towers of Brickell and Edgewater to the bevy of renderings submitted for a (now failed) public-private partnership on a Miami Dade College-owned site in downtown Miami, architects and designers showed off their best work in 2016.

Here’s a look at the hottest renderings of 2016. 

Via Mizner, Boca Raton

The company behind Via Mizner, a mixed-use development in Boca Raton anchored by a Mandarin Oriental hotel, opened the first of three phases, a 366-unit apartment building. Penn-Florida Cos. plans to break ground on the hotel early next year and open the sales center for the Mandarin-branded luxury condominium.

Monthly rents at apartment building, called 101 Via Mizner, start at $1,800 for a studio unit. The hotel will be only the seventh in the United States, and the branded condominium next door, called Residences at Mandarin Oriental, will be one of about a dozen worldwide.

A cluster of new hotels in eastern Boca Raton has elevated the city’s status as a vacation destination for larger convention groups and meeting-goers.

For decades, the Boca Raton Resort & Club has been a popular gathering spot for corporate groups, trade associations, and other large events. But over the years, the 1,000-room resort has been forced to turn some of the largest groups away because there weren’t enough nearby hotel rooms to accommodate all the guests, said John Tolbert, the property’s president and managing director.

With the opening of the 200-room Hyatt Place Boca Raton this month and Mandarin Oriental Boca’s 118-rooms set to come online next year , the Boca Raton area will be able to host large “citywide” conventions — allowing southern Palm Beach County to compete for events that would generate about 1,500 nightly hotel bookings. Previously, the resort has been limited to groups that generate roughly 700 nightly room bookings.

“We’ve turned down thousands of groups over the years that we couldn’t get enough room block for,” Tolbert said. “This allows us to take groups that would have had to go to a convention center previously.”

Adding to the package: the Waldorf Astoria resort’s luxury setting and historic buildings, Tolbert said.

“It really creates a powerful combination,” he said.

The new Hyatt is located just over a mile north of the Boca Resort. The Mandarin Oriental hotel, part of the 830,000-square-foot complex now under construction at the northeast corner of Federal Highway and Camino Real, is even closer.

Both of the new hotels are located just a few blocks south of Mizner Place, Boca’s outdoor entertainment and shopping hub.

“Individually, the (hotels) are strong, but collectively they open even more opportunities for us to capture larger conventions,” said Kelly Cavers, senior vice president of group sales for Discover The Palm Beaches, the county’s official tourism marketing arm. “With these additional hotels located within a small geographic space in Boca Raton, our destination is a compelling product for groups who can easily access the meetings space at the Boca Raton Resort and Club. This helps generate a greater economic impact for The Palm Beaches.”

Jorge Pesquera, Discover’s president and CEO, said growing the number of conventions and groups that hold meetings in Boca Raton is a “very critical, strategic component” of the organization’s marketing and sales efforts.

Meanwhile, it has been a record-breaking year at the county’s convention center in downtown West Palm Beach thanks to the opening of the long-awaited Hilton West Palm Beach. The 400-room hotel opened next door to the convention center in January.

Before the Hilton opened, the convention center was limited to competing for events that would generate a maximum of about 450 nightly hotel bookings, officials have said. But after the Hilton’s 400 rooms were combined with those at other nearby hotels, including the West Palm Beach Marriott, the Hyatt Place and the Residence Inn in downtown West Palm Beach, the convention center’s sales team was able to vie for much larger events.

Overall, tourism officials expect a record 7.2 million tourists to visit Palm Beach County this year, breaking last year’s high of 6.9 million visitors, according to Discover.

The countywide hotel occupancy level stood at 73 percent in November, up 1.6 percent over last year. Meanwhile, the number of nightly hotel room bookings grew by 3.7 percent last month when compared to Nov. 2015, Discover said.

It’s fitting that Palm Beach County’s weather at year end is the same as the real estate climate all year long: Hot, and staying warm.
The county saw a number of top-dollar real estate deals in 2016 as investors, businesses and institutions moved to trade or invest in the county’s sizzling market.

Real estate experts say the hangover from the 2007 recession is over in the commercial market. Properties are trading at or near boom time highs and deals are moving fast. In fact, as the year ended, there seemed to be a rush to wrap up transactions.

Here, in no particular order, were seven of the biggest deals or developments taking place in 2016:

1. Modica buys more Jupiter waterfront land

Jupiter land mogul Charles Modica in November snapped up the Rustic Inn Crabhouse property for $8.3 million, more than doubling his holdings on a section of State Road A1A along the Jupiter Inlet and giving him greater flexibility to build.

The 3.7-acre Rustic Inn site is just west of Modica’s 2-acre parcel on Love Street. There, Modica wants to build an outdoor marketplace featuring restaurants, offices and shops. The $30 million, 50,000-square-foot project has been three years in the making.

Modica’s interest in developing prime waterfront land along the Jupiter Inlet has prompted mixed reactions from residents, some of whom fear the city could lose its Old Florida charm.

Modica also owns the 10-acre Suni Sands mobile home park at 961 A1A, east of both Love Street and The Rustic Inn. Modica wants to build a “historic” inn and marketplace there.

2. Esperante office tower sells for big money

The Esperante Corporate Center in West Palm Beach traded hands for the second time in three years, selling in July to a New York firm for $125.75 million. The 2013 sales price was just $71 million.

RedSky Capital of Brooklyn, N.Y., is the new owner of the 256,100-square-foot trophy building at 222 Lakeview Ave.

The sale reflected the strong demand and thin supply of Class A office buildings downtown.

3. New apartments and hotel open in Boca Raton’s downtown

The recession slowed Boca Raton’s downtown plans — but they’ve come back to life now. “There’s a city coming out of the ground,” said Todd Herbst, partner in the Big Time Restaurant Group in West Palm Beach.

Big Time, whose restaurants include Rocco’s Tacos and City Cellar, is nearly done building a Louie Bossi restaurant in the Hyatt Place hotel, which just opened. The 14-story, 200-room hotel is in the center of Boca’s downtown, at Federal Highway and Palmetto Park Road.

Meanwhile, Palmetto Promenade, a nine-story, 373-unit apartment complex on east Palmetto Park Road, has started leasing units. The three-block complex is so massive that if it were turned on one end, it would rise 95 stories.

4. Dealing in Dixie Highway continues

Since 2012, investors and business owners have been pouring money into buying up sites along Dixie Highway, south of Okeechobee Boulevard.

In 2016, several South Dixie Highway in West Palm Beach sold for more than $1 million each, adding to the boom.

They include two purchases by interior decorator Sara McCann, owner of Hive Home Gift & Garden at 424 Palm St.

McCann paid $1.7 million for the Zeluck Windows and Doors building and parking lot at 1600 S. Dixie Highway. She also paid a whopping $1.5 million for the former Ambrosia restaurant at 1603 S. Dixie Highway in January. The property’s previous sale price: $195,000 in 1984, according to Palm Beach County records.

Meanwhile, a triple-play deal took place at year’s end:

The Gulfstream Bistro at 3815 S. Dixie Highway sold for $1.2 million to GCP Realty LLC, owned by Michael and Debra Lakow (The Lakows own the Field of Greens eatery). Investor Jonathan Gladstone bought the Gulfstream Bistro for $800,000 in January.
The Nearly New Thrift Center (part of MorseLife Health System) at 2218 S. Dixie Highway sold for $1.4 million to Fenglad Realty LLC, an entity owned by Gladstone, his sister, Edythe, and his husband, Robert Fensterman.
3611 S. Dixie Highway sold for $1.65 million to Morse Geriatric for its new thrift store location.

5. West Palm office trades hands, nabs health care tenants

Jupiter Medical Center and Mount Sinai Hospital of New York are expanding their alliance with an aggressive plan to bring a range of health care services to downtown West Palm Beach.

The partnership, the most extensive between a New York-based hospital and a Palm Beach County hospital, reflects how eager hospital companies are to attract new patients.

The Jupiter Medical Center Mount Sinai New York Plaza will be the new name for an office building at 625 N. Flagler Drive, formerly the Bank of America Centre. The 110,000-square-foot building changed hands Oct. 14 for $23 million. Partners Michael McCloskey and Leslie and Tom Quick bought the building from car dealer Ed Napleton.

6. Jack Nicklaus to redesign two county golf courses

Revitalization is the name of the game for tired old golf courses.

Golf great Jack Nicklaus, a North Palm Beach resident, signed on to redo two country club golf courses: Via Mizner in Boca Raton and Banyan Cay in West Palm Beach.

Via Mizner, a downtown Boca Raton hotel, condo and apartment complex, hired Nicklaus to redesign its golf course into a championship course as part of the project’s private club, the Via Mizner Golf & City Club. The Golf Club will be at the soon-to-be redesigned golf course five miles west of Via Mizner, off Palmetto Park Road and west of Military Trail.

The City Club will be inside the new Mandarin Oriental hotel, part of the 830,000-square-foot complex now under construction at the northeast corner of Federal Highway and Camino Real in downtown Boca Raton. (Apartments already are built and being leased).

Meanwhile, Banyan Cay Resort & Golf Club in West Palm Beach secured Nicklaus to redevelop its golf course. Noble House Hotels & Resorts is building a hotel and country club.

Formerly known as the President Country Club, Banyan Cay is east of Interstate 95, off Congress Avenue north of Palm Beach Lakes Boulevard, near the Palm Beach Outlets. A groundbreaking was held last month.

Banyan Cay is the largest redevelopment in the city of West Palm Beach since CityPlace.

7. The Bristol condo moved closer to reality, while another waterfront property traded hands

The Bristol, the most expensive condominium ever built in Palm Beach County, started construction this year as buyers continued to pay millions for units in this waterfront West Palm Beach property at 1100 S. Flagler Drive. The average size of a unit at The Bristol is about 4,500 square feet and costs $10 million.

Meanwhile, vacant land formerly home to the 1515 Tower at 1515 S. Flagler Drive was sold to Great Gulf of Canada. The company plans a slim, 27-story tower featuring 84 condominium units.

Boca Raton isn’t just attracting your grandma’s friends anymore. That was the message given by a panel of real estate experts during “The State of the South Florida Real Estate Market” event held at The Addison last month.

Experts said buyers are younger, aren’t necessarily looking to live directly on the beach and are turning to Boca because of its liveable, walkable environment.

Boca Mayor Susan Haynie, President and CEO of Miller Samuel Inc, a real estate appraisal and consulting firm, Johnathan Miler, CEO of Douglas Elliman’s Florida Brokerage Jay Parker and Executive Director of Luxury Sales at Douglas Elliman Senada Adzem addressed a crowd of real estate professionals on the South Florida market with a focus on Boca.
“Boca Raton is very special,” Mayor Haynie said, giving a history lesson about The Addison being Addison Mizner’s office while he was building the Boca Raton Resort. “Our downtown is becoming the vibrant vision of our community.”

With the state’s fastest growing university, FAU, Boca Regional Hospital, the airport and other amenities, Haynie said the city has something for everyone whether you want to live on the beach, on a golf course or in a more urban downtown core. Parker said more than 1,000 people are moving to South Florida daily and Boca is being asked about from buyers now more than ever. “People’s decisions are based on lifestyle,” he said.

Part of the panel discussion focused on the Residences Mandarin Oriental, 85 luxury residences in the Mandarin Oriental hotel that will be heading to Boca Raton. Parker said the amenities offered in the project provide a package deal for people seeking dining, spas and golf in one place.
The project is part of Via Mizner, a mixed-use property with shops, restaurants and luxury hotel Mandarin Oriental. The Residences will sit atop The Shoppes at Via Mizner, which plan to have upscale shopping, dining and specialized services on the first four floors. The units will connect to the hotel via a skybridge.

The units will range in size from one bedrooms to five bedrooms. The penthouses will be as large as 8,800 square feet with smaller 1-bedroom units totaling 1,453 square feet. The residences include open floor plans, terraces, summer kitchens, private elevator foyers to each residence, automated “smart home technology,” gourmet kitchens with European cabinetry, high end appliances, stone or wood flooring and high-end countertop finishes.

Owners will receive the following amenities: preferred access to the hotel restaurants and bars, preferred access to The Spa at Mandarin Oriental, resident-only lounges and gathering areas rooftop pool with private ocean-view cabanas, fitness center with private instructors, outdoor garden and relaxation area, lobby-level wine cellar with private tasting room, in-residence dining with access to hotel catering, a private chef for dinner parties, business center and meeting room and 24-hour concierge, doorman, valet and security.

Residents will also get membership privileges to Via Mizner Golf and City Club.  The golf course, located about three miles from the property, is an existing 18-hole course that will be completely redone and designed by golf icon Jack Nicklaus. The club will also have a pool, tennis courts, dining and a club house.

For an additional fee, residents can choose from the following services, daily housekeeping, a butler, home care and maintenance, pool service, in-room massage, house cars for use around Boca Raton and dog walking.
Adzem said her European buyers are interested in Boca because it is a safe place to live. Buyers from the Northeast, she said are interested in the city because of the resort-style environment and low taxes. She said those used to spending summers in the Hamptons are looking to Boca for a similar vibe for less. She also said her buyers are younger than they were years ago. Her average client is 48 with a family, which is a shift away from already retired or looking to retire to South Florida, she said.
She said those younger families are shifting away from golfing country clubs. “They don’t want to feel that they are driving a half hour to their home,” she said of the large communities.

But if golf is what you are looking for, Haynie said Boca has something for every buyer. “If you want a golf course community, we have that, residences for families, we have that, downtown that is a walkable and liveable, we have that,” she said.

Right after announcing an early 2017 groundbreaking, the developer behind Boca Raton’s Residences at Mandarin Oriental luxury condominium held an unveiling party in New York City.

Held at the MO Bar at New York’s Mandarin Oriental hotel, roughly 100 brokers and their clients showed up to preview the project and its 85 units. Douglas Elliman Chairman Howard Lorber showed up, as did Susan de França, president and CEO of Douglas Elliman Development Marketing.

“The project is being developed by Penn-Florida alongside a Mandarin Oriental-branded hotel within the massive Via Mizner mixed-use project in Boca. Condos at the building will range in size from one to four bedrooms, with asking prices starting at $1.8 million.

Its amenities will include access to the spas, pools and other features offered at the Mandarin Oriental hotel through a skybridge connecting the two buildings. — Sean Stewart-Muniz

Douglas Elliman’s chairman Howard Lorber, president of development marketing Susan de França and nearly 100 brokers threw down at the Residences at Mandarin Oriental, Boca Raton this month.

Located within Via Mizner, a one million-square-foot mixed-used project in Boca Raton, the Residences will consist of a twelve-story tower with 85 luxury homes. Apartments will range from one to four bedrooms with prices starting at $1.8 million.

This is the ninth location worldwide selected by Mandarin Oriental for its branded homes.

The Residences at Mandarin Oriental, Boca Raton hosted the very first Northeast Preview of the lavish project on Thursday, November 17 at MObar at Mandarin Oriental New York, announcing details and showcasing the luxurious services and amenities offered.

Over 100 people attended, including Howard M. Lorber, Chairman of Douglas Elliman,and Susan de França, President & CEO of Douglas Elliman Development Marketing, as well as Penn-Florida’s Senior Vice President of Development, Al Piazza.

Located within Via Mizner, a one million-square-foot mixed-used project in Boca Raton, The Residences will be a twelve-story tower offering just eighty-five luxury homes, ranging from one- to four-bedrooms and priced from $1.8 million.

Boca Raton is the ninth location worldwide hand-picked by Mandarin Oriental for its luxurious private homes, joining an impressive list of iconic destinations, including New York, London, Boston and Las Vegas.

– See more at: http://southflorida.citybizlist.com/article/388490/the-residences-at-mandarin-oriental-boca-raton-first-nyc-unveiling-event#sthash.1wHFINyV.dpuf