Boynton Beach Public-Private Partnership Breaks Ground on 371-Unit Ocean One Apartment Project

The City of Boynton Beach, in collaboration with Hyperion Group, Winter Properties, WREP, and Silverstein Properties, has initiated construction on Ocean One, a new 371-unit apartment community. Located in downtown Boynton Beach, Florida, the development will also include 25,500 square feet of ground-level retail space.

Financing for the project involves equity from affiliates of Cantor Fitzgerald and Silverstein Properties, alongside construction funding from Madison Realty Capital. The Boynton Beach Community Redevelopment Agency (CRA) has committed up to $11.5 million in tax increment revenue funding over a 14-year period. In exchange, the ownership group will provide 110 public parking spaces at Ocean One indefinitely. Designed by Arquitectonica, the community will offer high-end apartments and various amenities, including a resort-style pool deck, fitness center, and coworking spaces. This public-private collaboration underscores a trend in urban revitalization, leveraging municipal support to facilitate significant residential and commercial development.