Most recently, Max's Grill, one of the park's most popular restaurants, inked an 11-year lease extension for its 5,680 sf. The lease starts in December 2005, when the current lease expires, and runs through 2016.
The per-sf base rent for Mizner space is approximately $50, escalating at 5%, plus $14 for advertising, promotion and other services, according to Root. Restaurants such as long-term tenant Max's, however, are not in the general rental range and runs in the $30s per sf, she says. This would place the value of the Max's Grill lease extension at approximately $2 million-plus.
In another deal in the works, the city of Boca Raton has given necessary approval for Robb & Stucky to lease 80,000 sf formerly occupied by Jacobson's. City officials "were thrilled with the concept," Root tells GlobeSt.com. Robb & Stucky is a Fort Myers, FL-based upscale home-furnishings store. Root says she expects a lease to be signed within 10 days, a few days behind original expectations for a deal. The store is planned to open early next year.
Other recent tenant additions to the park include: Cloud Nine Entertainment doubled its office space to 3,043 sf at 327 Plaza Real. La Bottega di MammaRò, a Tuscan home-accessories store, which signed for 1,600 sf for five years, the typical term for Mizner Park, according to Root. Z Gallerie, an upscale home-furnishings and accessories store, which has taken 10,000 sf for 10 years. Les Bijoux, which has signed for 880 sf for 10 years. The European-inspired jewelry boutique will specialize in fine platinum jewelry. Stelios Galgadas, a custom-made-jewelry store, which is leasing 1,174 sf for five years. The shop is planning to open next month. In addition, The Centre for the Arts at Mizner Park amphitheater is scheduled to open this month.
Mizner Park, located one block north of Palmetto Park Road on Federal Highway, has more than 40 specialty shops, including Tommy Bahama, Banana Republic, Ann Taylor Loft and Bang & Olufsen; eight restaurants; Mizner Park Cinema; the Boca Raton Museum of Art; offices; and 272 apartments and townhouses.
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