Boynton Beach Approves $80M Development Deal with Affiliated
The Boynton Beach City Commission approved a development deal with Affiliated Development for an $80 million mixed-use project.
The July 6 vote was the culmination of a request for proposals for the 2.28-acre site at 115 N. Federal Highway. The city’s Community Redevelopment Agency selected Affiliated Development in December after multiple bids were considered. Now, the contract has been ratified, with a few changes. Originally, Affiliated was to pay the CRA $5.52 million for the land, and then sell the parking garage to the CRA and lease the parking spaces back from the CRA. However, the approved contract states the CRA will sell the land to the developer for $100 and it will receive 150 spaces in the parking garage at no cost. The CRA is free to monetize those parking spaces as it sees fit.
Jeff Burns, CEO of Fort Lauderdale-based Affiliated, said the CRA decided it didn’t want to purchase the parking garage because that would have required issuing a bond to pay for it, so it would rather receive the 150 parking spaces in lieu of the cash payment for the land.
Called the Pierce, the project will have 236 apartments and 16,800 square feet of restaurant and retail space in eight stories. Half of the apartments must be income-restricted workforce housing, according to the agreement.