The Real Deal Miami

Akoya condo site in Boca Raton sells for $13.5M

Developer Siemens Group bought 6.8-acre site

January 23, 2015 10:30AM

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Akoya rendering and Richard Siemens

Akoya rendering and Siemens CEO Richard Siemens

A Boca Raton developer paid $13.5 million for the site of the Akoya condo project.

An affiliate of the Boca West Country Club sold the 6.8-acre site to a Siemens Group affiliate, the South Florida Business Journal reported.

Akoya, expected to break ground in late 2015, will have 140 units ranging from $800,000 to more than $2 million. Siemens is asking for 20 percent down, compared to the 50 percent that most South Florida projects have required this cycle, the publication reported.

“It’s a different market in Miami,” Marketing Director Rob Siemens told the South Florida Business Journal. “Here it’s more of a second home type of market. In Miami they are buying stuff and not even occupying it.”

Walt Disney World last sold the site for nearly $2.4 million in 2007, according to Palm Beach county records. [South Florida Business Journal]Katherine Kallergis