Boynton Beach Mayor Rebecca Shelton (in pink) joined other city officials and representatives of Hyperion Group and Silverstein properties at the groundbreaking ceremony of Ocean One. Tim Stepien/The Coastal Star
By Connor Walter Brickel
Boynton Beach’s skyline is on the rise. After more than a decade of starts and stops and three years since final approval, Ocean One officially broke ground downtown on Oct. 6.
Hyperion Group is the investment firm behind Ocean One, which is also backed by Winter Properties, WREP and Silverstein Properties. The project is estimated to cost $174.1 million in total. The project, on the east side of Federal Highway north of Ocean Avenue, is planned to include 371 luxury rental residences and 25,500 square feet of retail space.
The project marks another step in the city’s efforts to urbanize its downtown area. Rather than empty parcels of land, the city wants a walkable environment for its downtown with places to live, shop and eat.
Two more projects — The Pierce, to the west across Federal Highway from Ocean One, and Octavia, down Ocean Avenue next to City Hall — will also be adding eight-story buildings to the downtown skyline. Construction on the south parcel of Octavia began in August and The Pierce is awaiting final permitting.
“With the city’s focus on a plan for workforce housing on the west site (The Pierce), we channeled our entire focus on the east site into making it one of Palm Beach County’s premier residential experiences,” said Rob Vecsler, CEO of Hyperion Group.
Ocean One was originally proposed by investor Davis Camalier, combining a private parcel with land owned by the Boynton Beach Community Redevelopment Agency. Camalier signed a purchase and development agreement with the CRA in 2018 and later sold to Hyperion. The CRA has approved $11.5 million in tax increment revenue funding over 14 years. Under the agreement, the development also will provide 110 public parking spaces, including 20 on-street spaces.
“Ocean One is more than a development — it’s a commitment to Boynton Beach’s future,” Vecsler said.
According to Vecsler, the groundbreaking “marks the beginning of a project that will bring new housing, new jobs, and new energy to the city. We are grateful for the city’s partnership and shared vision.”
Miami-based architecture firm Arquitectonica has designed the project. It is known for contemporary urban developments, such as One West Palm in West Palm Beach and the upcoming Mr. C Residences in Boca Raton.
Planned amenities for Ocean One include a resort-style pool deck, fitness center, resident lounge, outdoor recreation areas, and co-working and gathering spaces.
Near Boynton Beach’s City Hall and library, even more mixed-use development is underway. The city’s Town Square project, which already includes the new City Hall, is now welcoming Octavia, which will span two parcels in the Town Square grid.
Octavia is a two-phase development by Time Equities Inc. The CRA approved $35.2 million in tax increment financing for both parcels, including $20 million for the south and $15.2 million for the north.
The south parcel, at 120 SE First Ave., is under construction and will include 465 apartments, about 6,400 square feet of ground-floor retail and approximately 50,000 square feet of indoor and outdoor amenities.
The north parcel, at 100 E. Boynton Beach Blvd., is planned for a later phase and would add 433 apartments and about 16,800 square feet of retail.
Officials with Ocean One, Octavia and The Pierce have all said they expect to have their first phases completed in 2028.
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