Ocean Breeze East Affordable Multifamily Rental Apartments

• PROJECT LOCATION: 700 N. Seacrest Boulevard
• COMMENCEMENT: September 2019
• COMPLETION: November 2020
• DEVELOPER(s): Centennial Management Corporation
• BBCRA DISTRICT: Heart of Boynton
• BBCRA FUNDING:
  • ACQUISITION: $3,200,000
  • FLORIDA HOUSING FINANCE CORPORATION 9% LOW INCOME HOUSING TAX CREDIT: $20,697,930
  • DEVELOPER PRIVATE MATCH: $4,240,000
  • BBCRA LOCAL GOVERNMENT MATCH: $567,500

PROJECT DESCRIPTION:

The Ocean Breeze East Project site was a vacant parcel of land approximately 4.32 acres in size and located at 700 N. Seacrest Boulevard. The property was purchased in May 2007 after the multi-family housing that had previously existing on the property had been condemned due to extreme hurricane damage. The BBCRA demolished the structures, cleared the site, and maintained the vacant property during the last economic downturn.

In 2016, the BBCRA rezoned the property to allow for a higher maximum density (40 versus 30 dwelling units/acre). The increase in density along with the favorable real estate market initiated development interest.

The $26 million dollar project consisted of 123 multi-family affordable rental units (30 one-bedroom units, 63 two-bedroom units, and 30 three-bedroom units), three story structures with residential amenities, 2,300 square feet of “flex and community space," new sidewalks, street lighting, on-street parking spaces, a plaza-style open space, and enhanced landscaping that exceeds the requirements of City’s Land Development Regulations.