The Real Deal Miami

Richard Siemens transfers ownership of development site for $14M

Will mark first resi development inside Boca West in about 20 years

September 24, 2015 02:15PM
By Katherine Kallergis

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Rendering of Akoya at Boca West and Richard Siemens

Rendering of Akoya at Boca West and Richard Siemens

Florida-based developer Richard Siemens has transferred ownership of a 6.8-acre development site in Boca West, Palm Beach County records show.

The land is the future home of Akoya at Boca West, a 140-unit luxury condo development at Boca West Country Club.

Siemens’ BW-INV LLC sold the property to Akoya Associates LLC for about $14.4 million, according to a deed recorded on Wednesday. The buyer is tied to Siemens Group Realty. Siemens is president and CEO of the Siemens Group. Back in January, he paid $13.5 million for the site, according to property records.

Units at the project range from less than $1 million to more than $2 million. Construction began in March. When completed, it will reportedly mark the first residential development inside Boca West in about 20 years. The development will be within walking distance of Boca West’s amenities, which include seven restaurants, four golf courses, 31 tennis courts and a 38,000-square-foot spa.

Boca Raton-based Siemens Group has experience with developing county club communities, high-rise condos, office buildings, hospital campuses, shopping centers and more.