Grant Cardone, Penn-Florida Seek to Convert Distressed Boca Raton Multi-Family Project into Condos
Grant Cardone and Penn-Florida Companies team up to convert distressed 101 Via Mizner project into condos, with a possible sale decision pending a bankruptcy hearing.
Real estate mogul Grant Cardone and developer Penn-Florida Companies have joined forces in hopes of converting the troubled multi-family project at 101 Via Mizner in Boca Raton into a luxury condo development.
The 14-story building, located at 101 East Camino Real, currently has 366 units and is owned by a Penn-Florida entity. However, the project has faced financial struggles and has been in bankruptcy since 2018.
The partnership between Cardone and Penn-Florida has raised eyebrows in the industry, as Cardone is known for his aggressive style and controversial business tactics. However, with the backing of Penn-Florida, which has a strong track record in the luxury real estate market, the duo may have a shot at turning the project around.
According to sources, the Penn-Florida entity has filed a motion to sell the project, and a decision will be made at a Thursday hearing by U.S. Bankruptcy Judge Peter Russin.
In a statement, Cardone said, "We saw an opportunity to turn a struggling project into a successful one. I have full confidence in our partnership with Penn-Florida and look forward to bringing our vision to life."
Originally reported by The Real Deal.
https://therealdeal.com/miami/2025/07/08/cardone-penn-florida-explore-boca-raton-condo-conversion/