By Tao Woolfe
The Boynton Beach City Commission has approved a settlement agreement with JKM BTS Capital, LLC, the developer of the long-stalled public/private Town Square project that city officials had hoped would revitalize the downtown area. Here are the major terms of the agreement, which was reached after several court-mandated mediation sessions among the city manager, city attorneys and the developer:
l The city will be paid $4.5 million by JKM.
l The developer will pay the city up to another $100,000 in attorneys’ fees for related litigation.
l JKM will sell three parcels of land conveyed by the city for the project to another private developer. As part of the purchase agreement, the new developer must provide sufficient parking for the project as well as sufficient public parking.
l In return, the city will dismiss its lawsuit against JKM.
“If any of the conditions are not satisfied, the Settlement Agreement will become null and void,” the agreement stipulates.
Time Equities, a New York City-based developer, has expressed interest in taking over the development of Town Square.
Under Boynton Beach’s original agreement with JKM, the $250 million project was to comprise a mix of municipal buildings and privately developed apartments, a hotel, restaurants and shops.
The developer was also expected to build two parking garages, providing some 2,000 spaces for use by residents, businesses and the general public. The project’s 16.5-acre area sits between Boynton Beach Boulevard and Southeast Second Avenue.
In return, the city agreed to give JKM the three parcels of land, to pay almost $2 million in cash to the developer and to provide underground water and sewer lines.
The developer, claiming the city had reneged on its commitments, failed to complete the project. The city filed suit against JKM in November 2020.