Ocean One has been a plan, a rendering, and years of city meetings. Now it’s a construction project – and it’s changing the calculus for investors along Federal Highway.
BOYNTON BEACH, FL – After years of approvals, delays, and planning sessions, Ocean One has the one thing it was missing: money to build. Miami-based Hyperion Development Group has secured a $98 million construction loan from New York-based Madison Realty Capital, clearing the final hurdle for one of the most significant mixed-use projects in Boynton Beach’s downtown history.
The eight-story development at 114-222 N. Federal Highway will bring 371 rental units ranging from studios to two-bedrooms, more than 25,000 square feet of ground-floor retail, and a 633-space parking garage – including 90 public spaces committed to the city. Arquitectonica, the Miami-based firm known for landmark South Florida design, is behind the project’s architecture.
The Boynton Beach Community Redevelopment Agency has committed $11.5 million in tax financing over 14 years. That support wasn’t optional. The developer told city officials that rising construction costs made public backing a necessity for the project to work financially.
Larry Mastropieri, broker and founder of The Mastropieri Group, has tracked the project closely and sees it as a meaningful signal for the corridor – with important caveats about timing. “This one’s on its way,” Mastropieri said on the Discover South Florida podcast. “There’s like five other big ones that need to get done to really make this downtown a spot. But what I do like about this is 25,000 square feet of retail. To make the downtown interesting, you need some retail on the first floor. This is going to transform downtown Boynton Beach.”
His advice for investors is geographically specific. The area north of Boynton Beach Boulevard remains rougher, with more time needed before it becomes a compelling investment. The south side of Boynton Beach Boulevard – between I-95 and Federal Highway, precisely where Ocean One sits – is where Mastropieri sees movement happening first. “Short term, it’s good. It’s just not great. You got to ride that wave.”
Ocean One is currently in permit review with the city’s Building Department. The project’s long timeline – site plan approval came in 2023, with roots going back to 2018 – reflects the complexity of downtown development in a city still defining what it wants its core to look like.
For investors and residents watching the Federal Highway corridor, that definition is starting to take shape.
Larry Mastropieri is the founder and broker of The Mastropieri Group, serving Palm Beach and Broward Counties. He hosts the Discover South Florida podcast at discoversouthflorida.com.