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Rosemurgy JV buys Fla. land for $200M mixed-use project

A joint venture among real estate developer Rosemurgy Properties, multifamily real estate investor Giles Capital Group and commercial real estate company Schmier Property Group acquired a 38-acre site in Boca Raton, Fla. for a $200 million mixed-use development.

The mixed-use project at 95th Avenue South would feature up to 456 luxury apartment units and 150,591 square feet of commercial space. The retail space, Uptown Boca Raton, will be anchored by Lucky's Market and Silverspot Cinema.

Work on the project will start in June, with the retail and residential portions to open in summer 2019 and early 2020, respectively, according to a release.

The site was bought for $38 million, The Real Deal reported.