A joint venture led by Compson Associates has secured a $74 million construction loan from Bank OZK to finance The Aletto, a new mixed-use project in Boca Raton. Construction on the development began last month.
The Aletto will be located at 119 East Palmetto Park Road and will include two 10-story buildings with a combined 140,000 square feet of retail and office space. The site also features a 550-space parking garage and covers 1.3 acres near Mizner Park and the Brightline Boca Raton station.
Compson Associates, based in Boca Raton and headed by Robert D’Angelo and Carl E. Klepper, Jr., is developing the project with North American Development Group of West Palm Beach, led by CEO Jeff Preston, and local jeweler Alfredo Aletto. Vander Ploeg and Associates designed the complex, which is expected to be completed next year. Compson acquired the land for $8.6 million in 2023.
Colliers is managing leasing for The Aletto, with Scott Brenner and Gary Gottlieb leading efforts to fill its 117,000 square feet of office space and 23,000 square feet allocated for retail and restaurants.
The developer has signed agreements with several tenants. Among them is Ink Entertainment Group, which plans to open two restaurants at The Aletto: another location for Amal—a contemporary Lebanese restaurant—on the rooftop level, as well as an additional Sofia Italian restaurant similar to its venue in Miami’s Design District.
Office tenants that have committed to leases include Slavic401k, NSI Insurance, and Industrious co-working spaces.
This financing marks another collaboration between Compson Associates and Bank OZK. In previous years, Bank OZK provided construction loans for other Compson projects: $24.5 million for Santorini in Boynton Beach (completed in 2017) and $48.7 million for Tower 155 condominium complex in Boca Raton (completed in 2020).
