Mixed-Use Affordable Housing Redevelopment Project

• 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: 

One of the most significant projects recently completed was the highly anticipated Martin Luther King Jr. Boulevard Corridor Redevelopment Project. This $34 million project began breaking ground in late Spring 2022 and the residential component of the project was completed Summer 2024. The project, known as the Heart of Boynton Village Apartments and Shops, features 124 affordable multi-family rental units as well as 8,250 square feet of leasable commercial space. The project’s developer received funding from the Florida Housing Finance Corporation’s 9% Low Income Housing Tax Credit Funding Program. The BBCRA has budgeted approximately $5 million in funding to assist with the completion of the project and leasing of the commercial space. All apartments are leased below 70% Area Median Income.

A testament to the success of this project is reflected in the BBCRA’s invitation to speak at two different conferences highlighting the project’s risks, benefits and costs while collaborating and managing a public-private partnership.

In September 2023, BBCRA staff spoke on two different panels at the International Economic Development Council’s 2023 Annual Conference in Dallas, TX. During the conference, the BBCRA was also presented the “Gold Excellence Award” in recognition of the Public-Private Partnership.

In October 2023, at the Florida Redevelopment Association’s Annual Conference in Ponte Vedra, FL, BBCRA staff spoke on two panels focusing on the affordable housing component and public-private partnership of the project. At the conclusion of the conference, the BBCRA was honored to receive the President’s Award and the best Management Program and Creative Partnership award for the project.