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. The project began construction last month and is located at 119 East Palmetto Park Road on a 1.3-acre site.
The Aletto will feature two 10-story buildings with a total of 140,000 square feet of retail and office space, along with a 550-space parking garage. Compson Associates, based in Boca Raton and led by Robert D’Angelo and Carl E. Klepper, Jr., is developing the project in partnership with North American Development Group, headed by CEO Jeff Preston, and local jeweler Alfredo Aletto.
Vander Ploeg and Associates, also based in Boca Raton, designed the complex. The development is expected to be completed next year. In 2023, a Compson affiliate acquired the land for $8.6 million. The site is close to Mizner Park and the Brightline Boca Raton station.
Colliers is managing leasing for The Aletto. The project will include 117,000 square feet of office space and 23,000 square feet designated for retail and restaurants.
Several retail tenants have already signed leases, including Ink Entertainment Group from Toronto. Ink Entertainment operates four restaurants in Miami and Miami Beach and plans to open two new venues at The Aletto: Amal, a contemporary Lebanese restaurant set for the rooftop space, and Sofia, an Italian restaurant also found in Miami’s Design District.
Office tenants that have signed on include Slavic401k, NSI Insurance, and Industrious, which provides co-working spaces.
Compson Associates has previously worked with Bank OZK on other projects. In 2016, the bank financed Santorini in Boynton Beach with a $24.5 million loan; the multifamily property was completed in 2017. In 2020, Compson finished Tower 155 in Boca Raton using a $48.7 million construction loan from Bank OZK.
