Heart of Boynton Shops

• PROJECT LOCATION: 137 NE 10th Avenue
• COMMENCEMENT: Spring 2022
• COMPLETION: Summer 2024
• DEVELOPER(s): Centennial Management Corporation
• BBCRA DISTRICT: Heart of Boynton 
• BBCRA FUNDING:
  • ACQUISITION: $3,079,855
  • PURCHASE & DEVELOPMENT AGREEMENT: $100,000
  • LOCAL GOV'T MATCH: $625,750
  • RESIDENTIAL COMPONENT: $433,008
  • COMMERCIAL COMPONENT: $2,300,815
  • TIRFA: $1,630,280
• CITY OF BOYNTON ARPA FUNDING: $500,000 
• PRIVATE DEVELOPER MORTGAGE: $10,410,000
• FLORIDA HOUSING FINANCE CORPORATION 9% LOW INCOME HOUSING TAX CREDIT: $19,204,079
• PALM BEACH COUNTY'S SHIP PROGRAM: $1,499,500
• PALM BEACH COUNTY'S IMPACT FEE CREDIT: $330,977

PROJECT DESCRIPTION: 

The Heart of Boynton Village Apartments and Shops project is the result of 14 years of land acquisition by the Boynton Beach Community Redevelopment Agency (BBCRA) and many community meetings listening to feedback from community members and stakeholders. As the first redevelopment project in over 50-years on the historic Martin Luther King Jr. Boulevard, getting the community support and buy-in was essential to the success of the project. The mixed-use project will reactivate the once vibrant corridor and spur future redevelopment opportunities along the corridor. The commercial component of the project was incorporated into the project as a direct result of community input and the BBCRA’s leadership. The main redevelopment goal for the BBCRA was to provide a project that serves the community by providing quality affordable housing, neighborhood serving uses, and a catalyst for the revitalization of the corridor. With the public land and public dollars involved, it provided the community with some control of what kind of project would be built. Additionally, as part of the Commercial Development Agreement, the developer, Centennial Management Corporation (CMC), agreed to a maximum rent of $22 per square foot for a period of 5 years and the ability to market the tenant spaces to local small businesses. After five years, the rental rate may increase 3% per year or the annual percentage increase in the Consumer Price Index, whichever is lower, for the next five years. The 10-year rent control allows local, community-based businesses the opportunity to grow or expand into a brick and mortar location.  

Because the commercial component of the project plays such a vital role in activating the E. Martin Luther King Jr. Boulevard corridor, the BBCRA committed $2,300,815 towards the construction of eligible improvements to the commercial tenant spaces, including the initial build-out costs associated with the mechanical, electrical, plumbing and ADA compliant bathrooms, and the build-out for the 1,055 square foot Neighborhood Officer Program (NOP) office. Units #1-7 include two restaurants, a family counseling center, a primary medical office, a dentist, and one professional service business.