A four-firm team led by CP Group has bought Mizner Park and plans to reposition it. The city, which owns the land under it, takes up a voter-approval rule for that land Tuesday.

Mizner Park has new owners. CP Group, the Georgetown Company and ACRE, with the investment firm StepStone as a partner, announced Friday that they have bought the downtown Boca Raton complex.

The deal was confirmed in a note from the law firm Latham & Watkins, which advised StepStone. It describes Mizner Park as an 838,840-square-foot office, retail and residential property. The buyers plan a “long-term strategic repositioning” of it “as a premier mixed-use destination in South Florida,” the note said.

The note does not give a price, a timeline or any detail of what will change.

Who bought it

The note names four firms:

  • CP Group, which it calls an owner-operator of office properties across the Sun Belt
  • The Georgetown Company, a privately held real estate company
  • ACRE, a fund manager for apartment buildings
  • StepStone, the investment partner

The city owns the land underneath

The buyers own the buildings, not the ground. The land at Mizner Park belongs to the Boca Raton Community Redevelopment Agency, and the buildings stand on long-term ground leases.

That is why City Hall has a stake in the sale. At its Oct. 26 meeting, the agency took up two resolutions on Mizner Park, according to the agency’s draft minutes:

  • Resolution 2026-05-CRA would hand all of the agency’s Mizner Park property to the city.
  • Resolution 2026-09-CRA would change the Downtown Plan to support that kind of transfer.

Jim Zervis, then the deputy city manager, told the board the agency expires on Sept. 30, 2043. Some Mizner Park leases run past that date. The transfer would send the ground rent to the city’s general fund and keep the leases in place, the minutes say.

Zervis said the existing ground leases “would not be altered or impaired.” He also said staff would work with the parties “to avoid disrupting pending transactions.”

Three speakers opposed the plan and one supported it. The board voted 3-1 to postpone both items, with Commissioner Stacy Sipple voting no. The city’s Boca Brief recap said they would come back Nov. 9 and 10. Neither item appears on the agency’s Nov. 9 agenda as published Saturday.

What the council takes up Tuesday

A related measure is on the City Council’s agenda for 6 p.m. Tuesday, Nov. 10. It grows out of the Save Boca citizen petitions.

In May, the council put a charter change on the ballot. It would require a public vote before the city could sell, lease or give up any city-owned land larger than half an acre. As written, it covered only land the city owns.

The new measures would extend the same rule to land owned by the redevelopment agency, which includes Mizner Park. A Nov. 3 memo from Zervis, now acting city manager, lists three pieces:

  • Resolution 141-2026 rewrites the ballot question to cover city and agency land.
  • Ordinance 5815 is the revised charter amendment itself.
  • Ordinance 5814 puts the same rule into the city code. It is up for introduction Tuesday and would take effect once the council adopts it.

The charter change takes effect only if voters approve it. The vote would come at the next election the Palm Beach County supervisor of elections makes available, and no later than the March 2027 city election, the resolution says.

The ballot summary lists limited exceptions. They include existing nonprofit leases, utility easements serving residents, the city’s or agency’s own public facilities, and temporary recreation or community use where the city or agency keeps control.

What it means for you

  • Nothing changes at Mizner Park yet. The shops, restaurants, offices and apartments run as before. No renovation plan has come before a city board on any agenda published so far.
  • You can speak Tuesday. Resolution 141-2026 is a public hearing. The meeting starts at 6 p.m. Comments are limited to three minutes.
  • Watch for the March ballot. If the council approves the new wording, the land question you vote on will cover the redevelopment agency’s property as well as the city’s.

For the people running City Hall through this, see our story on interim City Manager Jim Zervis. For other measures headed to voters, see our story on the police headquarters bond referendum. For what is on downtown, see things to do. Plans that do come forward will show up on our building permits and zoning page.