Joint Venture Acquires Mizner Park in Boca Raton
A group led by CP Group, The Georgetown Company, and ACRE, with StepStone, has bought the 30-acre downtown Boca Raton destination.
Updated on Nov. 6, 2026 in Commercial
Live Poll
Do you think downtown redevelopment projects are improving life in your community?
A joint venture of CP Group, The Georgetown Company, and ACRE, with StepStone, has acquired Mizner Park, a 30-acre mixed-use lifestyle destination in downtown Boca Raton comprising 838,840 square feet. The new ownership group plans a long-term capital improvement and repositioning initiative for the property.
Why it matters
The acquisition marks a reinvestment in a property CP Group originally developed in phases between 1991 and 1999 on a former shopping mall site. For Boca Raton readers, the deal sets the direction for the future of one of the city's central downtown destinations.
Mizner Park's commercial space totals 268,391 square feet, and its multifamily component includes 272 rental apartments across 293,988 square feet. The financial terms of the acquisition and the cost of planned upgrades were not disclosed.
The players
CP Group
CP Group is a Boca Raton-headquartered developer that originally built Mizner Park and previously sold the 124-acre Boca Raton Innovation Campus after a $100 million modernization program.
The Georgetown Company
The Georgetown Company is a real estate developer known for mixed-use projects such as Easton Town Center in Columbus, Ohio, and Halcyon in Alpharetta, Georgia.
ACRE
ACRE is a real estate investment firm participating in the joint venture that will manage and renovate Mizner Park's multifamily component.
StepStone
StepStone is an investment firm that participated alongside the joint venture partners in the acquisition of Mizner Park.
Blackstone
Blackstone is a global investment firm that provided financing for the Mizner Park transaction.
The details
The Georgetown Company will lead retail tenancy, merchandising, and streetscape re-imagination, while ACRE will manage and renovate the multifamily component through a value-add program. CP Group and The Georgetown Company will co-manage office and retail operations, and ZRS Management will handle residential operations and leasing; Blackstone provided financing for the transaction.
Timeline
1991-1999: CP Group develops Mizner Park in phases.
November 6, 2026: Joint venture acquisition of Mizner Park is announced.
Legacy Redevelopment
The acquisition returns Mizner Park to CP Group, which built the mixed-use destination in phases from 1991 to 1999 on the site of a former shopping mall. The new owners' plan for comprehensive upgrades follows that original conversion of an aging retail property into a lifestyle district.
Boca Raton residents and visitors who shop, dine, or rent at Mizner Park may see changes as the new owners pursue facade updates, hardscaping, landscaping, and improved wayfinding. The planned work is described as a long-term initiative developed with the city, so the timing and scope of visible changes were not specified.
The takeaway
Mizner Park sits within a five-minute walk of the downtown Boca Raton Brightline station, a location advantage the new owners are positioned to build on as they reposition the property. Residents tracking downtown development can watch for announcements on the planned upgrades as the project moves forward.
Further reading
Explore more Commercial listings and developments shaping the Boca Raton area.
Source note: This article includes information reported by The Boca Raton Tribune.
Live Poll
Do you think downtown redevelopment projects are improving life in your community?
