Real estate development executive Glenn Gromann has announced his intention to invest around $1 billion in redevelopment projects in Boca Raton, the Florida Real Estate Journal reported.
Gromann recently completed the Milan at Town Center office project in the area and is seeking foreign investment to help in the completion of a mixed-use project nearby, speculatively named the Fountains at Town Center.
The Fountains project is expected to be between 250,000 square feet and 500,000 square feet, and cost between $250 million and $450 million, according to the executive, who is linked with various companies, including Center Realty Associates, of which he is president.
Gromann is also currently looking to build two or three boutique hotels in Downtown Boca and on Atlantic Avenue in Delray Beach, the Journal said. [FREJ]