Case Study- Mizner Park, Boca Raton • City purchased the 28.7- acre site for $58 million • Issued a long-term lease for a mixed-use development on 12 acres • Reserved remainder for parks, plazas and civic uses. • Project spurred the development of the downtown area • Turned an a lower-than- market rate rent values to an area with the highest rental rates in all of South Florida. • The result was a 14-fold
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Case Study- Mizner Park, Boca Raton City purchased the 28.7-acre site for $58 million Issued a long-term lease for a mixed-use development on 12 acres.
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Case Study- Mizner Park, Boca Raton
• City purchased the 28.7-acre site for $58 million
• Issued a long-term lease for a mixed-use development on 12 acres
• Reserved remainder for parks, plazas and civic uses.
• Project spurred the development of the downtown area
• Turned an a lower-than-market rate rent values to an area with the highest rental rates in all of South Florida.
• The result was a 14-fold increase in property values between 1990 & 2002
Ultimately, we are doing this because it will enhance the quality of life for Palmetto Bay residents.
Project Area
N
North:
• SW 158th Street
East:
• 97th Ave to SW 174 St
• 93rd Ave to SW 168th St
• 91st Ct to SW 158th St
West
• US 1 southbound Ln
South
• Eureka Drive
Phase 2
Phase 1
Factors of Importance for the Project Design– Provide services close to home– Green areas buffering single-
family homes– Urban Parks– Public Plazas– Pedestrian-friendly design– Attractive roads and public right-