500 Ocean Mixed-Use Development Project

• PROJECT LOCATION: 510 E. Ocean Avenue
• COMMENCEMENT: April 2015
• COMPLETION: February 2018
• DEVELOPER(s): LeCesse Development Corp
• BBCRA DISTRICT: Downtown
• BBCRA FUNDING:
  • ECONOMIC DEVELOPMENT GRANTS: $355,695
  • TIRFA: $4,392,770
  • DEVELOPER PRIVATE $ MATCH: $47,000,000

PROJECT DESCRIPTION:

What was once a 4.5 acre vacant lot and eyesore to the community has now become a vibrant place to live, work and dine. The development features 341 luxury apartments, 13,300 square feet of retail space and 6,600 square feet of office space. 500 Ocean is a very well designed and functioning six story mixed-use development bringing approximately 800 new residents to the area. As of Fall 2020, six of the seven commercial units have been leased as well as the entirety of the office space located on the second floor above the commercial retail units. The mixed-use space is now home to four new restaurants, one hair salon and one nail salon. 

In order to make certain aspects of the project financially viable, the BBCRA entered into a public/private partnership with the developer, LeCesse Development Corp to provide financial assistance to the project for the creation of the retail/commercial units, office space and to construct the building with energy efficient elements that meet the National Green Building Silver level standard.