A joint venture led by Compson Associates has secured a $74 million construction loan from Bank OZK for The Aletto, a mixed-use development in Boca Raton. Construction on the project began last month.
The Aletto will feature two 10-story buildings with a total of 140,000 square feet dedicated to retail and office use. The complex will also include a parking garage with 550 spaces. The site is located at 119 East Palmetto Park Road, near Mizner Park and the Brightline Boca Raton station.
Compson Associates, based in Boca Raton and led by Robert D’Angelo and Carl E. Klepper, Jr., is developing the project alongside North American Development Group, headed by CEO Jeff Preston, and local jeweler Alfredo Aletto. Vander Ploeg and Associates designed the project, which is expected to be completed next year. The land was acquired for $8.6 million in 2023.
Colliers is managing leasing for The Aletto. The development will offer 117,000 square feet of office space and 23,000 square feet for retail and restaurants.
Retail tenants that have signed leases include Ink Entertainment Group from Toronto. According to the release: “Ink Entertainment is planning to open another outpost for Amal, the company’s contemporary Lebanese restaurant, at The Aletto’s rooftop restaurant space. Ink Entertainment is also planning another Sofia, an upscale Italian restaurant that is also in Miami’s Design District, at The Aletto.”
Office tenants that have committed to space include Slavic401k, NSI Insurance, and co-working provider Industrious.
Compson Associates has previously worked with Bank OZK on other developments in South Florida. In 2016, Bank OZK provided financing for Santorini in Boynton Beach; four years later they financed Tower 155 in Boca Raton.
