Hyperion Starts Ocean One, 371 Rentals in Downtown Boynton Beach
Hyperion Group and partners broke ground on Ocean One, 371 rentals in downtown Boynton Beach, with a $108M loan and up to $11.5M in CRA funding.
Hyperion Group and its partners held a groundbreaking on October 6 for Ocean One, an eight-story, 371-unit rental community at 114-222 North Federal Highway in downtown Boynton Beach, Palm Beach County. Florida YIMBY reported that construction actually began in August, ahead of the ceremony.
Why it matters
Ocean One is a public-private deal in a downtown that has been trying to land large rental projects for years. The Boynton Beach Community Redevelopment Agency approved up to $11.5 million in tax increment revenue funding over 14 years, according to the reporting, in exchange for public parking that stays in place permanently.
The capital stack is institutional. Madison Realty Capital provided the construction financing, and equity comes from affiliates of Cantor Fitzgerald and Silverstein Properties. Newmark arranged the loan and the joint venture equity.
The numbers
- 371 rental residences in eight stories
- $108 million construction loan from Madison Realty Capital
- Up to $11.5 million in CRA tax increment funding over 14 years
- 25,500 square feet of retail
- 90 public parking spaces plus 20 on-street public spaces
- Site plan approved March 2023; completion estimated late 2028
Hyperion Group, Winter Properties, WREP and Silverstein Properties make up the development partnership. Arquitectonica is the architect. A general contractor was not named in the coverage, and total project cost was not stated.
What’s next
Delivery is estimated for late 2028, so lease-up would fall in the following year. Watch for a contractor announcement and for how the CRA reimburses its tax increment commitment as taxable value rises on the site.
Hyperion CEO Robert Vecsler called the start “the beginning of a project that will bring new housing, new jobs, and new energy to the city.” More rental pipeline across the county is tracked on our South Florida hub.
The CRA agenda and agreement behind the $11.5 million figure are the record still needed to confirm the final terms.
On the record
What we checked ourselves, and where you can check it too.
- Public recordThe Boynton Beach Community Redevelopment Agency approved up to $11.5 million in tax increment revenue funding over 14 years, with 90 public parking spaces and 20 on-street spaces provided in perpetuity (as reported; CRA agenda record still to be pulled).View the record on connectcre.com