A Glamorous Legacy Inspires an Exciting Future

It takes the perfect blend of colorful history, superb location, iconic architecture and an elite, sophisticated citizenry to create an international destination – a place where every moment is a celebration. This is the essence of Via Mizner, an exclusive, landmark address in the heart of a beloved community, perfectly crafted for world-class lifestyles.

Welcome Home to Bespoke Living at Its Best

As one of a select few locations worldwide with a residential property bearing the Mandarin Oriental name, The Residences is truly a signature address. Upon arriving at the private entrance lobby, the cascading water element and grand staircase only hint at the striking design and details that abound throughout. Incomparable sophistication is imbued into each of the ninety-two, light-filled homes that celebrate the Boca Raton lifestyle with absolute comfort and complete security.

Internationally Recognized for Luxury and Service

For over fifty years, Mandarin Oriental Hotel Group’s reputation for impeccable service, distinctive designs and renowned, holistic spas has been key to its rapid expansion across the globe. Today, the company operates or has under development fourty-seven hotels worldwide, with eight Residences at Mandarin Oriental attached to its properties, and a further six in the planning stages . A dedication to the highest levels of customer satisfaction year after year has garnered Mandarin Oriental Hotel Group a most enviable ranking as a recognized leader in worldwide luxury hospitality.

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

Published on 05.23.2019

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.

A Legal Disclaimer

 

We are pledged to the letter and spirit of the U.S. Policy for achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising, marketing and sales program which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin. The sketches, renderings, pictures, photos, and designs depicted or described herein are conceptual in nature and are not to scale, are based upon preliminary development plans, may depict options, upgrades, features or views not available in all model types and are subject to change without notice in the manner provided in the applicable purchase agreement. No guarantees or representations whatsoever are made that any features, amenities or other facilities will be provided or, if provided, will be of the same type, size, location or nature as depicted or described herein. Any view from a unit or from other portions of the property may in the future be limited or eliminated by future development or forces of nature.Nearby golf courses, open spaces and other areas are not owned or operated by the Developer and there is no guarantee they will be operated or maintained for any particular purpose or in any particular manner. Many of the facilities within the project will not be located within the Residences. Certain facilities or services described herein will be provided by the hotel or club operators or others and may be subject to additional charges. Membership in the Club will be mandatory for unit owners and will require payment of additional dues, fees and costs. A substantial number of Club memberships will be available to non-residents. Business establishments may be sold to third parties, may be used for different purposes, and may change or discontinue operation at any time.

An offering is made only by the prospectus for the condominium and no statement should be relied upon if not made in the prospectus or in the applicable purchase agreement. Douglas Elliman is the Developer’s exclusive broker for this project. No solicitation, offer or sale of a unit in the Residences will be made in NY, NJ, or in any other jurisdiction in which such activity would be unlawful.Via Mizner Owner III, LLC (“Developer”) is a newly-formed entity, which is the sole offeror of the units being offered for sale as The Residences at Mandarin Oriental, Boca Raton (“Residences”). Penn-Florida Capital Corp. and the other “Penn-Florida Companies” are affiliated with the Developer but are not the developer of the Residences. All statements and any representations herein shall be deemed to have been made solely by Developer. An affiliate of the Developer is developing the adjacent proposed Mandarin Oriental, Boca Raton hotel (“Hotel”) and the rental programs, if any, offered to unit owners in the Residences. Neither Mandarin Oriental Hotel Group nor any of its affiliates, nor their respective Officers, Directors, Agents or Employees (collectively, “MOHG”), are in any way owners, offerors, promoters, issuers or underwriters of, or responsible or liable for, or are making any representations or warranties with respect to, the Developer, construction of the Residences, any offering for sale of the real property constituting the Residences, or any increase or return on related investment. MOHG has not assumed and has no liability or responsibility for any financial statements, projections or other financial information contained in any sales and marketing materials, prospectus or similar written or oral statements relating to the Residences. Developer has the sole right and responsibility for the manner and means by which the Residences are sold, and for all representations in relation to the Residences. Developer has obtained rights to use the “Mandarin Oriental” name and trademarks (“MOHG Marks”) in connection with the Residences and the Hotel subject to the terms and conditions of non-exclusive license agreements which may be terminated at any time upon certain occurrences. The right to use the MOHG Marks in connection with the Residences is thus not guaranteed and no such right is included in the Residence being acquired by any purchaser. If any of the relevant agreements are terminated, or Mandarin Oriental ceases to manage the Hotel or Residences for any reason, use of the MOHG Marks in connection with the Hotel and Residences may be terminated at MOHG’s discretion.

The Residences at Mandarin Oriental, Boca Raton (The Residences) are not developed, sponsored, owned, offered or sold by Mandarin Oriental Hotel Group or any affiliate thereof (MOHG), and MOHG makes no representation, warranty or guaranty of any kind regarding The Residences. The developers and owners of The Residences use the Mandarin Oriental name and trademarks subject to the terms of revocable licenses from MOHG which may expire or be terminated.

Photographs and artwork are lifestyle photographs and conceptual artist renderings.