To get Ocean One built, the Boynton Beach Community Redevelopment Agency agreed to provide up to $11.5 million in tax-increment funding. In return, the project owes downtown 90 public parking spaces and 20 on-street public spaces, which it must provide "in perpetuity." That clause will still be in force long after the leasing office closes.

The site is the vacant block bounded by North Federal Highway, East Ocean Avenue and East Boynton Beach Boulevard. It sits directly west of Boynton Harbor Marina and just south of Casa Costa, and it was once home to a Bank of America. If your drive from Chapel Hill to the marina or to Ocean Avenue passes that fence, it's the corner you know.

The Corner Waited Two Decades for One Phase

What makes this project different from the earlier ones is the order of construction.

The longtime owner, Davis Camalier, first presented Ocean One in 2005. The city commission didn't rezone the land and approve a site plan until 2017, and several extensions followed, The Palm Beach Post reported. That earlier plan would have built the apartments, shops, parking garage and a hotel in two phases. Commissioners criticized the split, along with the small amount of retail.

Hyperion Group's affiliate, BB1 Development, bought the land for $12 million in late 2021 and changed the plan. Residences went from 358 to 371. Commercial space went from 12,075 to 25,588 square feet, which is more than double. The whole project would now be built at once. The shops, garage and plazas come in the same delivery as the apartments, with no second phase to wait for.

On the ground, the order was reversed from what the ceremony suggested. Construction started in August, and the official groundbreaking with city officials and the development partners came on October 6. When the shovels came out for the cameras, work on the site was already under way.

What the Public Money Paid For

The CRA's role went beyond approving the project. It owned part of the land. It entered the 2018 agreement for its parcel at 222 N. Federal Highway, which was combined with the privately owned parcel to the south at 114 N. Federal Highway, and the CRA's project page lists $900,000 in acquisition funding for its parcel. It then agreed to send tax-increment revenue back to the project over a 14-year term.

The CRA's project page spells out the obligations the developer took on in exchange:

• 90 public parking spaces, plus 20 on-street public parking spaces, in perpetuity
• 20 percent of the parking revenue shared with the CRA
• A total of up to $11.5 million in tax-increment funding. The first $9 million was approved in May 2024. Another $2.5 million was approved in December 2025 after the developer asked for more in May 2025

The Mann Report's coverage of the groundbreaking described the parking commitment as further support for access to Downtown Boynton Beach. For someone living a short drive north, the practical meaning is simple. When the building opens, the block between Federal Highway and the marina will add public parking spaces, and the CRA's terms describe them as provided in perpetuity.

The revenue split also gives the CRA a lasting stake in how busy that garage is. It collects a share of every paid space for as long as the agreement runs.

The Plaza Facing Ocean Avenue

The parking gets people to the block, and the plazas are where they'll end up. In the renderings the city commission reviewed in 2023, a large plaza with tables, umbrellas and palm trees faced Ocean Avenue, mostly surrounded by retail. A second plaza sat off North Federal Highway. The project's attorney, Bonnie Miskel, told the commission the revised layout had more than 35 percent more open space than the original. As The Palm Beach Post reported, she described its use this way:

"If a neighbor is walking their dog, or if they just want to sit outside next to a café in a beautifully landscaped, paved plaza, they have the ability."

Her example is a neighbor walking a dog, not a tenant. The Ocean Avenue frontage is where the project meets everyone who doesn't live there. That includes people who park in the public garage and walk east to the marina, and people coming down Federal from the neighborhoods to the north.

The Building Itself

The structure is eight stories, designed by the Miami firm Arquitectonica, with 371 rental residences and about 25,500 square feet of retail, according to Florida YIMBY. The development partners are Hyperion Group, Winter Properties, WREP and Silverstein Properties. Equity comes from affiliates of Cantor Fitzgerald and Silverstein Properties, and Madison Realty Capital is providing construction financing.

The retail is planned as shops, restaurants and commercial space. The Boynton Beach CRA's announcement says the goal is to bring new residents within walking distance of local businesses, restaurants, entertainment and the waterfront, and to encourage more private investment along the Federal Highway corridor. Those 371 households will be customers for whatever opens on Ocean Avenue, and for the businesses already there.

The Next Two Years at That Corner

The CRA puts completion in late 2028, about two years after this week. This schedule is very different from the 2023 version. That plan called for a 2024 groundbreaking, with leasing to start two years later. Construction instead began in August 2026.

Until the estimated completion in late 2028, the corner is a construction site. This time the project is a single build, so the plazas, public garage spaces and storefronts are being built alongside the apartments and are planned to arrive with them.

The CRA is working on street-level storefronts in another part of the city too. On East Martin Luther King Jr. Boulevard, the Heart of Boynton shops are preparing for their first tenants: Gillion & Co, JB Dental Care, The Old Testament Bakery, Xpedited Health, Diane Andre Mediation and Big John's Eatery, which the CRA says are expected "in the coming months."

For Chapel Hill homeowners, a block that sat empty for twenty years and is now slated for public parking and plazas, which is a real change to what's nearby. If you'd like to know what that could mean for your property's value, Cheran Marek can show you how East Boynton is pricing today. Request a personalized home valuation.