Construction is underway on Ocean One, a planned 371-unit luxury development in downtown Boynton Beach, Florida. The eight-story project is being developed by a joint venture involving Hyperion Group, Winter Properties, WREP and Silverstein Properties, with completion expected in late 2028. Plans include new residences, retail space and public parking.
Key takeaways
Ocean One is designed to add housing and retail to Boynton Beach’s downtown while contributing parking and other amenities. The project’s financing includes a $108 million construction loan and equity from Cantor Fitzgerald and Silverstein Properties.
- The development will include 371 apartments and about 25,500 square feet of ground-floor retail.
- Madison Realty Capital provided a $108 million construction loan; Newmark arranged the financing deals in March 2026.
- The city’s redevelopment agency approved up to $11.5 million in tax increment revenue funding over 14 years.
- Completion is estimated for late 2028.
A downtown site with regional connections
Designed by Arquitectonica, Ocean One will rise on 3.7 acres at 114 N. Federal Highway. The site is near the Boynton Beach Art District, beaches and waterparks, with access to Interstate 95. Downtown Boca Raton is about 12 miles away, and the airport identified in project materials is roughly 14 miles north.
The plans call for one- and two-bedroom apartments ranging from 551 to 1,209 square feet. A 633-space garage will serve the development, while the public-private funding agreement requires 90 public parking spaces and 20 street-level spaces to remain available in perpetuity.
Amenities and project history
Residents are expected to have access to a resort-style pool, spa, fitness center, pickleball court, coworking areas, lounge, sports simulator and outdoor gathering spaces. The mix of housing, retail and recreation is intended to support activity in the downtown core.
Ocean One has gone through several iterations. A city-approved 2017 proposal envisioned 231 apartments and a 100-room hotel, but it did not proceed to construction. Hyperion acquired the site for $12 million in 2022, then advanced the current plan and received city approvals the following year.
Part of Boynton Beach’s redevelopment push
The project is part of Boynton Beach’s broader effort to expand housing and retail and improve public infrastructure downtown. The city’s redevelopment strategy, dating to 2016, aims to strengthen quality of life and make downtown and the waterfront more appealing to residents and visitors.
Another major project in the city is OCTAVIA, where Time Equities began construction on a 465-unit first phase in September. That phase is projected to open in 2028; the full development is planned for 898 homes and is intended to anchor the Town Square government campus.