A Compson Associates-led joint venture landed a $74 million construction loan for a planned mixed-use complex in Palm Beach County that started construction last month.
Little Rock, Arkansas-based Bank Ozk provided the financing for The Aletto, which consists of two 10-story mid-rises with 140,000 square feet of retail and office space on a 1.3-acre site at 119 East Palmetto Park Road in Boca Raton, according to records and a news release. The project also includes a 550-space parking garage.
Boca Raton-based Compson, led by Robert D’Angelo and Carl E. Klepper, Jr., is partnering with West Palm Beach-based North American Development Group, led by CEO Jeff Preston, and Boca Raton jeweler Alfredo Aletto to develop The Aletto.
Designed by Boca Raton-based Vander Ploeg and Associates, the project is expected to be completed next year, the release states. A Compson affiliate acquired the land for $8.6 million in 2023, records show. The site is near Mizner Park and the Brightline Boca Raton station.
A Colliers team led by Scott Brenner and Gary Gottlieb is handling leasing for The Aletto, which will have 117,000 square feet of office and 23,000 square feet of retail and restaurant space.
The developer has reached agreements with a handful of retail tenants, including Ink Entertainment Group, a Toronto-based entertainment and hospitality company that owns four restaurants in Miami and Miami Beach, the release states.
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.
Signed office tenants include Slavic401k, NSI Insurance, and co-working space provider Industrious, the release states.
Compson has a previous relationship with Bank Ozk. In 2016, the bank provided the developer with a $24.5 million construction loan to build Santorini, a 226-unit multifamily project in Boynton Beach completed in 2017. In 2020, Compson completed Tower 155, a 170-unit condo complex in Boca Raton. The developer financed construction with a $48.7 million Bank Ozk loan.
