Hyperion Group, Winter Properties, WREP and Silverstein Properties have started construction on Ocean One, a 371-unit luxury development in downtown Boynton Beach, Florida. The project is receiving a $108 million construction loan from Madison Realty Capital, with equity capital provided by Cantor Fitzgerald and Silverstein Properties. Newmark arranged both deals in March 2026.
Eight-story residences will be built on a 3.7-acre parcel located at 114 N. Federal Highway. Arquitectonica is the architect, and the project will provide 90 permanent public parking spots together with 20 additional street-level spaces. The target finish date is late 2028. This construction supports the city’s larger plan to increase housing, retail and public infrastructure throughout downtown.
The Boynton Beach Community Redevelopment Agency authorized as much as $11.5 million in tax-increment financing for a 14-year period to support the initiative. The location lies near the Boynton Beach Art District, several beaches, water parks, and Interstate 95. It is situated 12 miles from downtown Boca Raton and roughly 14 miles south of President Donald J. Trump International Airport.
Development of Ocean One has spanned several years. Early proposals envisioned a 231-unit complex together with a 100-room hotel, a concept that received city approval in 2017. Those designs never progressed to building. Hyperion purchased the property for $12 million in 2022 and, one year afterward, moved forward with the present proposal, securing municipal consent.
The present layout for Ocean One offers one- and two-bedroom units between 551 and 1,209 sq ft. The development also contains 25,500 sq ft of retail on the ground level and a garage with 633 parking stalls. Residents will have access to a resort-style pool, spa, fitness center, pickleball court, coworking areas, lounge, sports simulator and outdoor communal spaces.
A surge in multifamily building activity is underway in Boynton Beach, driven by growing demand, downtown revitalization, and economic growth. The Community Redevelopment Agency seeks a higher quality of life for both residents and visitors, while also turning the downtown area and the city’s waterfront into tourist destinations. The redevelopment plan, originating in 2016, has recently been refreshed to include a pipeline of several multifamily projects. Among them, OCTAVIA began construction in September, with Time Equities Inc. breaking ground on a first phase of 465 units slated for completion in 2028. When fully built, OCTAVIA will total 898 residences and act as the residential cornerstone of the master-planned Town Square government campus.
Leave a Reply