Boynton Beach CRA - FL
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114 - 222 N. Federal Highway Mixed-Use Redevelopment Project
- PROJECT LOCATION: 114 - 222 N. Federal Highway
- COMMENCEMENT: Anticipated Fall 2025
- COMPLETION: Anticipated 2029
- DEVELOPER(s): Hyperion Group LLC
- BBCRA DISTRICT: Downtown
- BBCRA FUNDING:
- ACQUISITION: $900,000 for 222 N. Federal Highway
- TIRFA: $9,000,000
PROJECT DESCRIPTION:
In January 2018, the BBCRA entered into a Purchase and Development Agreement for the BBCRA-owned property located at 222 N. Federal Highway. Combined with the privately owned parcel to the south at 114 N. Federal Highway, the 3.5 acre site has always been a key redevelopment site in the Downtown District.
In March 2023, the development team BB1 Development LLC, also known as the Hyperion Group, received site plan approval for a mixed-use project known as Ocean One. The project site consists of 371 residential rental units as well as approximately 25,000 square feet of retail and commercial space.
On May 14, 2024 the BBCRA Board approved a Tax Increment Revenue Funding Agreement (TIRFA) for a maximum of $9,000,000 over a 12-year term. In return, Ocean One will provide 90 public parking spaces with 20 on-street public parking spaces in perpetuity with 20% of the parking revenue to be shared with the BBCRA.
Construction is anticipated to begin at the end of 2025.