CP Group just got a major infusion of capital for the Boca Raton Innovation Campus, or BRIC.

The new partner in the joint venture is DRA Advisors, a New York-based real estate investment company with $11.2 billion in assets under management. Though news reports said DRA had bought the 123-acre, 1.7 million-square-foot complex where IBM developed the personal computer, CP Group Managing Partner Angelo Bianco called the transaction a “recapitalization,” not a sale.

CP Group and its partners bought BRIC in 2018 for $179 million. The deal with DRA set the value at $320 million, an eye-popping figure. Bianco said DRA bought out the former partners. CP Group, Bianco said, remains the “operating partner.”

In that role, CP Group has asked the city to consider new zoning for the property that would allow residential development and other major improvements. CP Group is completing the first phase of renovations to the site. Bianco said Wednesday that the goal is create something “special on a national scale.”