An official groundbreaking ceremony was held October 6 for Ocean One, an eight-story, 371-unit mixed-use development at 114-222 North Federal Highway in downtown Boynton Beach. Developed by Hyperion Group, Winter Properties, WREP, and Silverstein Properties and designed by Miami-based Arquitectonica, the project will include rental residences and 25,500 square feet of retail space. City officials, project partners, and community leaders attended the ceremony.
The development is supported by equity funding from affiliates of Cantor Fitzgerald and Silverstein Properties, with construction financing provided by Madison Realty Capital. Newmark arranged the joint venture equity placement and a $108 million construction loan for the project.
The Boynton Beach Community Redevelopment Agency approved up to $11.5 million in Tax Increment Revenue Funding over a 14-year term. Under the agreement, Ocean One will provide 90 public parking spaces and 20 on-street public parking spaces in perpetuity.