Boca Raton CRA approves assignment of Meisner Park leases amid public objections

The Boca Raton Community Redevelopment Agency voted unanimously on Feb. 9 to approve Resolution 2026-02 CRA, consenting to the assignment of the retail lease, Phase 2 residential lease and two office leases at Meisner Park.

Deputy City Manager Mr. Camejo told the board the agency's discretion over the assignment is limited by existing contract language and that staff reviewed the proposed assignees' financial submissions. "In determining this assignment, the board would evaluate whether the proposed entity has the financial wherewithal equal to or greater than the existing entity," he said, and staff concluded the proposed entities meet that standard. Camejo also noted the agreements provide a second layer of discretion if any individuals seeking assignment had criminal convictions.

The applicant's counsel, Bonnie Miskill, said the proposed assignees "will be stepping into the shoes" of the current lessee and will assume all rights and obligations under the existing leases, with no proposed changes to lease terms.

Several commissioners pressed staff and counsel on whether parent companies or equity partners would be required to guarantee the obligations of the single-purpose entities that would hold the individual leases. Financial reviewer Jim Zervis said he reviewed the documentation submitted with the application, including a StepStone Group 10-Q and consolidated statements from major partners, but added that whether parent assets legally guarantee the obligations of special-purpose entities is a legal question. City counsel Mr. Koehler told the board he did not believe parent guarantees were required under the current lease structure and noted Brookfield's earlier stepping-in under similar conditions.

During the public hearing, speakers were sharply divided. Mr. Perlman (Save Boca) urged the board to reject the assignment, saying Meisner Park "was a sham" and alleging the CRA paid substantially more than Crocker when the property changed hands years earlier. "Crocker bought the mall for around $28,500,000 and then the CRA bought it back shortly thereafter for significantly, significantly more," Perlman said, and he characterized earlier litigation as evidence the city had been disadvantaged. Richard Warner, a resident, echoed skepticism about the original promises for Meisner Park. Jonathan Unjin, another resident, said he visits Meisner Park frequently and called it "a great thing for this city," urging balance and caution about conflicts of interest.

Board members who spoke in favor of approving the assignment cited Meisner Park's role in shaping downtown and preserving neighborhood character. Chair Wachter said the park has become "the cultural heart of our city," noting festivals and events that draw residents downtown. Legal clarifications from Mr. Koehler emphasized that the earlier dispute over Meisner Park involved valuation of an option to buy in that lease and that the downtown campus master partnership or lease under consideration does not include an option to buy.

After discussion the board moved, seconded and called the roll. The clerk announced the motion passed 5-0.

The board recorded no additional business; staff noted a mobility update will be presented at an upcoming workshop. The CRA adjourned at 2:01 p.m. and reconvened a workshop session shortly afterward.