An official groundbreaking ceremony was held October 6 for Ocean One, an eight-story, 371-unit mixed-use development at 114-222 North Federal Highway in downtown Boynton Beach. Developed by Hyperion Group, Winter Properties, WREP, and Silverstein Properties and designed by Miami-based Arquitectonica, the project will include rental residences and 25,500 square feet of retail space. City officials, project partners, and community leaders attended the ceremony.
The development is supported by equity funding from affiliates of Cantor Fitzgerald and Silverstein Properties, with construction financing provided by Madison Realty Capital. Newmark arranged the joint venture equity placement and a $108 million construction loan for the project.
Credit: Tyler Benson, TB Creative.
Residential amenities will include a pool deck, fitness center, resident lounge, coworking spaces, outdoor recreation areas, and communal gathering spaces. The property will also provide secure package and mail facilities and on-site management services.
Credit: Tyler Benson, TB Creative.
The Boynton Beach Community Redevelopment Agency approved up to $11.5 million in Tax Increment Revenue Funding over a 14-year term. Under the agreement, Ocean One will provide 90 public parking spaces and 20 on-street public parking spaces in perpetuity.
Credit: Tyler Benson, TB Creative.
“Ocean One is more than a development—it’s a commitment to Boynton Beach’s future,” said Robert Vecsler, CEO of Hyperion Group. “Today’s groundbreaking marks the beginning of a project that will bring new housing, new jobs, and new energy to the city. We are grateful for the City’s partnership and shared vision.”
The project received site plan approval in March 2023. According to the Boynton Beach Community Redevelopment Agency, construction began in August 2026, ahead of the ceremonial groundbreaking, with completion estimated for late 2028.
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Compared to surrounding developments, very lackluster. Frankly, the land should have been used to align Boynton Beach Boulevard with Ocean Avenue instead.