Hyperion Breaks Ground on 371-Unit Ocean One in Boynton Beach
Hyperion, Winter Properties, WREP and Silverstein start Ocean One, 371 apartments backed by an $11.5M Boynton Beach CRA tax-increment rebate over 14 years.
Hyperion Group, Winter Properties, WREP and Silverstein Properties have broken ground on Ocean One, a 371-unit apartment community in downtown Boynton Beach, REBusiness reported on October 8. The City of Boynton Beach and its Community Redevelopment Agency are the public partners.
Why it matters
For developers, the structure is the point. Tax-increment revenue from the project itself is returned to the sponsor over time, which turns future public revenue into a capital source for a deal that would otherwise strain on land and construction costs alone.
This is not an affordable or workforce product. The coverage describes luxury apartments and mentions no income-restricted units. The public subsidy buys downtown density and a parking benefit, not rent limits.
The numbers
REBusiness reports the CRA approved $11.5 million in tax-increment revenue over a 14-year term. When the plan first surfaced in 2024, Florida YIMBY reported a rebate of up to $9.9 million, so the figure has grown by roughly $1.6 million.
The project includes 25,500 square feet of ground-level retail and 110 public parking spaces provided in perpetuity. Arquitectonica of Miami designed it. The 2024 filing described an eight-story building on a 3.71-acre parcel that Hyperion bought for $12 million in 2022.
Equity comes from affiliates of Cantor Fitzgerald and Silverstein Properties. Madison Realty Capital is the construction lender. Total project cost and the completion date were not disclosed.
What’s next
Watch for the construction loan recording and the final project cost, which would show how much of the capital stack the rebate actually supports. Madison is a transitional lender, so the takeout path matters once the building stabilizes.
For other Palm Beach County sponsors, the template is clear: CRA increment plus public parking can close a gap in a downtown site. Whether any of it carries an affordability requirement is a separate negotiation. More in South Florida coverage.
On the record
What we checked ourselves, and where you can check it too.
- Our dataThe incentive reported at groundbreaking, $11.5M in tax-increment revenue over 14 years, is above the up to $9.9M rebate reported when the plan first surfaced in May 2024View the record on floridayimby.com