Developer Planning $1Billion In Boca Projects

Jul 27, 2011 No Comments by

Developer Glenn Gromann announced plans to invest approximately $1 billion in redevelopment projects in the city of Boca Raton.

After completion of the successful The Milan at Town Center office project, Gromann sought foreign and other investors to complete a mixed-use project to be prospectively known as The Fountains at Town Center on nearby property.

The Milan project houses the Florida headquarters of Comerica Bank and is also home to CBIZ Goldstein Lewin, the local arm of the national accounting and professional services firm. Plans for a high-end Miami-style club called Sofia at Milan, which Gromann plans to do with local chef Angelo Morinelli, are also proceeding with financing commitments in place.

The mixed-use Fountains at Town Center project is expected to be between 250,000sf and 500,000sf and run in the $250 million to $450 million range, according to Gromann. The project is slated to include high-end retail, boutique hotel, multiple restaurant uses, banks, specialty office and both rental and condo residential uses.

Along with the Sofia club, Gromann is currently looking to build two or three boutique hotels under a national franchise both in Downtown Boca and on Atlantic Avenue in Delray Beach.

Source:  FREJ

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