El-Ad National Properties launched sales of the second phase of Alina Residences Boca Raton.
Boca Raton-based El-Ad, the residential arm of New York-based Elad Group, revealed plans for phase two of the development at 200 Southeast Mizner Boulevard. The first phase, a nine-story, 121-unit condo building called Alina 200, was completed in March and is more than 80 percent sold, according to a press release.
The second phase calls for two nine-story buildings with a combined182 units that will be called Alina 210 and Alina 220, with 2 acres of outdoor space. Douglas Elliman is handling sales.
Units will feature large terraces, floor-to-ceiling windows, walk-in closets, and convertible dens.
Condo sales are booming throughout South Florida. In Boca Raton, 1,410 condos sold in the second quarter, marking a 176.5 percent increase compared to the second quarter of 2020, according to a Douglas Elliman report. The year-over-year jump is likely skewed, as condo sales slowed at the start of the pandemic, but still shows the surge in sales.
El-Ad secured a $52.8 million loan for the second phase of Alina this summer. Deutsche Bank’s New York branch is the lender. Deutsche Bank and Bank Hapoalim provided a $146 million construction loan in 2019 for phase one.
GarciaStromberg/GS4 Studios, a West Palm Beach-based architecture and interior design firm, designed Alina. Moss Construction is the general contractor. El-Ad plans to break ground on the second phase early next year and deliver the buildings by the third quarter of 2024, according to the release.
The 9-acre development is just west of the Boca Raton Golf Club. El-Ad bought at least part of the development site for $101 million in 2006, property records show. Sales of the first phase began in 2018.