What strategies did Penn-Florida Companies employ to tackle pandemic-related challenges?

Our company, headquartered in Boca Raton since ’87, benefits from adaptability due to our location in South Palm Beach County. Close relationships with vendors and tenants were crucial during the pandemic. Our primary strategy was attentive listening and responsive action to address people’s concerns as effectively as possible.

How is the demand for your properties holding up amidst current circumstances?

We’re focused on the completion of Via Mizner, a $1 billion mixed-use project in Downtown Boca Raton. Our resources are directed towards finishing the final phases, including the Mandarin Oriental Hotel & Residences and launching the Via Mizner Golf & City Club. Mixed-use projects are dynamic but require careful consideration of location, demographics, and local market understanding.

With the influx of new residents, how is the market changing and how is Penn-Florida capitalizing on this trend?

Palm Beach County, especially Boca Raton, has experienced unprecedented migration, with the population growing almost 10% in the last decade. We believe our existing portfolio and upcoming developments across South Palm Beach County are well-positioned to capitalize on this migration trend.

What’s your near-term outlook for the company?

We’re cautiously optimistic. The migration has benefitted various sectors, from real estate to local businesses, and has enhanced the community’s overall appeal. This demographic shift is expected to persist, offering ample opportunities. Our focus remains on executing our business plan effectively, ensuring that our services, lifestyle offerings, and product quality meet the expectations of those drawn to Palm Beach County.