In 2017, Edgewater Capital Investments secured approval for the Villages at East Ocean, a mixed-use complex in Boynton Beach. Now, seven years later, the Miami-based firm is seeking $12.5 million in city incentives to move the project forward.
Developers originally secured approval for an eight-story building with 371 apartments and 15,757 square feet of retail. Current plans call for 337 residences and 8,000 square feet of commercial space.
The venture would offer more than 300 homes and commercial space. Image by Edgewater Capital Investments
Construction has yet to start, and the venture will reach completion in phases. The South Florida Business Journal notes that in exchange for the financial incentives, Edgewater Capital Investments will dedicate 120 out of the 668 parking spots as public parking. It will also charge 50 percent of the current market rate for a 1,000-square-foot coffee shop on the premises.
Our sources report that the developer purchased the 5.1-acre parcel for $12 million in 2022. The first phase of the Villages at East Ocean will occupy the 3.37-acre northern part of the build site. Boynton Beach’s Community Redevelopment Agency (CRA) is set to review the application for tax increment financing (TIF) on August 13th.
If the venture gets funding approval, the Villages at East Ocean could soon start construction at 405 E. Ocean Ave., Boynton Beach, FL, 33435, in Palm Beach County.
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