The Real Deal Miami

Altman breaks ground on Boca apartments with $62M loan

Project is one of three bringing 1,050 new residential units to Boca Raton
By Sean Stewart-Muniz | January 28, 2016 05:15PM

Joel Altman, chairman of the Altman Companies

Joel Altman, chairman of the Altman Companies

The Altman Companies has just broken ground on its newest apartment complex in Boca Raton with a $62 million construction loan.

Altman’s community is called Altis Boca Raton, named after the company’s signature Altis brand. The 398-unit project is being built on a chunk of vacant land that Altman owns at 5700 North Military Trail. It’s located within the Park at Broken Sound commercial development, which was rezoned in 2012 to foster new residential and retail developments.

Comerica Bank issued the funds to an affiliate of Altman, according to Palm Beach County records. Construction of the complex officially began Tuesday, the same day that Altman’s mortgage was recorded.

Altman had already started building Altis Boca Raton’s parking garage in December.

This project is one of three being built at the Park at Broken Sound, where developers are planning to deliver 1,050 new residential units. More than 65,000 square feet of retail space is also under development by Boca-based real estate firm Schmier & Fuerring Properties.

Recently, Altman partnered up with BBX Capital to develop a 14-acre stretch of the master-planned Bonterra housing community in Hialeah.