Downtown project finally underway — The northern portion of The Villages, a mixed-use project planned for downtown Boynton Beach, is officially underway following a May 9 ground-breaking at the development site at 405 E. Ocean Ave.
The 3.37-acre first phase, which will include 336 apartments, 668 parking spaces and 8,000 square feet of retail and restaurant space, received site plan approval from the city in September 2023. The project will also include two plazas and a linear park along the Florida East Coast Railway right-of-way — doubling as a pedestrian walkway between Boynton Beach Boulevard and Ocean Avenue.
A separate project phase is planned for a 1.8-acre portion to the south of Ocean Avenue.
Senior housing development draws interest — A proposed affordable housing development for older adults — 62 and above — may get financial assistance from the Boynton Beach Community Redevelopment Agency as a way to attract even more dollars from the state and county.
Miami-based Landmark Developers Inc., which is proposing the 92-unit City View Apartments with subsidized rents for the southwest corner of Southeast Fifth Avenue and Federal Highway, requested assistance from the CRA board at its May 13 meeting. Board members, who are the City Commission, said they were supportive of providing more living options for older adults on limited fixed incomes and directed staff to bring back potential financial incentives for the board to consider at the CRA’s June 10 meeting.
Developer Francisco Rojo, whose firm is developing the project in partnership with the West Palm Beach Housing Authority, said the project would probably need a minimum $2.4 million grant (forgivable loan) commitment from the city — and possibly as much as $4.35 million — depending on the level of financial support it’s able to attract from Palm Beach County and the state.
Eliminating eyesore carries steep price — City commissioners say the Inn at Boynton is a blight on a main entry into the city’s downtown — Boynton Beach Boulevard at Interstate 95 — and needs to be redeveloped, but they told the hotel’s owner they’re not willing to pay the $9.1 million he’s asking for a hotel that they’d just end up tearing down.
At the CRA’s May 13 meeting, some commissioners said even the lower, appraised value of $8.5 million is more than they think the hotel site is worth, especially since there’s no clear idea about what would take its place.
Owner Ajit Asrani said a hotel may not be the highest and best use of the property and he has considered the possibility of building multi-family housing under the state’s Live Local Act. That law allows denser development for residential complexes that include at least 40% affordable housing.
Commissioner Tom Turkin said he would not like to see apartments there because of a nearby single-family neighborhood. However, he said while preventing such a development would be a reason for purchasing the property, the current offer was too high.
Town Square gets financial boost from CRA — Hoping to get the city’s long-planned downtown Town Square project off to an earlier start, the City Commission acting as the CRA board agreed to the developer’s request to be awarded up to $35.2 million in tax increment financing funds. The project is on the east side of Seacrest Boulevard south and north of City Hall and the Old Boynton High School building on Ocean Avenue.
The money, which comes from tax revenues that are generated from the increased value of the property due to development, includes up to $20 million for the first-phase portion to the south and up to $15.2 million for the second phase to the north.
Commissioners were told by representatives for developer Time Equities Inc. that the revenues should make it easier for TEI to complete its financing arrangements sooner, which should help speed up the start of construction.
In addition, TEI has committed to providing additional retail space — to be rented out at 50% of market rate for 10 years — and pay $50 a square foot toward the buildout of that interior retail space for its first renters. The company will also hire local artists to paint murals in the retail plaza portion that are part of the north phase.
Under the agreement, construction on the southern portion is to start no later than Oct. 1, 2026, and by Dec. 31, 2031, on the northern portion.
— Larry Barszewski
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