The Riviera Beach Community Redevelopment Agency (CRA) has chosen Forest Development, led by Peter Baytarian, to negotiate the purchase and development of a 2.2-acre site near the waterfront. The North Palm Beach-based company plans to build a $325 million mixed-use project at 1851 Broadway that will include between 350 and 450 apartments—20 of which will be designated as workforce housing—and 17,000 square feet of retail space. Construction is expected to begin within 18 months after receiving site plan approval.
Wayne Richards, attorney for Forest Development, told council members that Baytarian was eager to move forward quickly with the project. “When I asked him about timing, he said ‘full speed ahead.’ He wants to hit this market while it’s hot,” Richards said.
Baytarian indicated his willingness to increase his initial bid of $3.78 million for the land owned by the city and CRA.
This would be Baytarian’s third project along the Broadway/U.S. 1 corridor if it proceeds. Richards noted that Forest Development is close to obtaining a certificate of occupancy for Nautilus 220—a pair of 24-story condo towers in Lake Park—and expects progress soon on Oculina, a planned dual-tower condo development at 3700 Broadway.
Forest Development initially made an unsolicited offer for the Riviera Beach parcel more than two years ago, prompting the city to request proposals from other developers interested in acquiring and developing the property.
Despite having the lowest cash bid among five contenders, Forest Development received the highest score from a selection committee composed of city administrators. According to CRA documents, only 15 percent of scoring was based on purchase price; other criteria included design quality, community benefits, and developer reputation.
If negotiations with Forest Development do not succeed, Riviera Beach may turn to Frontier Development & Hospitality Group (Washington D.C.) and Gedeon Financial (Deerfield Beach), who proposed paying $4 million for the land and building 300 apartments—75 percent set aside as workforce housing—along with 12,500 square feet of retail space. Woody Victor from Frontier said they might use Florida’s Live Local Act for extra density or tax abatements.
Kenco Communities from West Palm Beach offered over $4.55 million—the highest cash bid—for an eight-story building with up to 22 workforce housing units out of a total of 219 residences.
Coltown Properties (New York) proposed a project with 450 apartments and offered $4 million plus an additional $400,000 for community enhancements; founding principal Steven Neuman stated Coltown was willing to exceed any competing offer by at least $100,000.
Elysium Land Development (Palm Beach Gardens), led by Eliott Johnson, suggested partnering with local organizations instead of purchasing the land outright in order to develop a “community incubator” featuring 106 affordable housing units.
Council members had originally planned only to hear presentations from three top-ranked teams but ultimately heard all five proposals after CRA Executive Director Gedel Merzius acknowledged giving incorrect information regarding bids at an earlier meeting.
Riviera Beach officials are working to expand their tax base through new development projects in order to fund major infrastructure improvements such as reconstructing their water plant—a project estimated at $400 million. An analysis by The Real Deal shows that nearly 2,000 condos and apartments are currently planned or under construction in Riviera Beach’s residential pipeline.
