Forest Development has been selected by the Riviera Beach Community Redevelopment Agency (CRA) to develop a $325 million mixed-use project near the city’s waterfront. The decision was made by a 3-2 vote from council members acting as the CRA board of commissioners, following presentations from five different development teams.
The proposed site is a 2.2-acre parcel at 1851 Broadway. Wayne Richards, attorney for Forest Development, stated that Peter Baytarian, head of Forest Development, intends to move quickly on the project, which will include between 350 and 450 apartments—20 of which are designated as workforce housing—and 17,000 square feet of retail space. Construction is expected to begin within 18 months after site plan approval.
“When I asked him about timing, he said ‘full speed ahead.’ He wants to hit this market while it’s hot,” Richards told council members.
Baytarian also indicated his willingness to increase his initial bid of $3.78 million for the land owned by both the city and CRA.
This would be Baytarian’s third development along the Broadway/U.S. 1 corridor. Forest Development is close to receiving a certificate of occupancy for Nautilus 220—a pair of condo towers in Lake Park—and expects progress soon on Oculina, another dual tower project planned at 3700 Broadway.
Forest Development originally submitted an unsolicited offer for the property over two years ago. The city then issued a request for proposals from other interested developers. Despite submitting the lowest cash bid among finalists, Forest Development received top marks from a selection committee based on criteria such as design quality, community benefits, and developer reputation; purchase price accounted for only 15 percent of scoring.
If negotiations with Forest Development do not succeed, Riviera Beach may negotiate with Frontier Development & Hospitality Group and Gedeon Financial—the second-place team—which offered $4 million for the land and proposed building 300 apartments with most units reserved for workforce housing. Their proposal included possible use of Florida’s Live Local Act to allow greater density and potential tax incentives.
Kenco Communities placed third with a cash bid exceeding $4.55 million and plans for an eight-story building with up to 22 workforce housing units among its total of 219 residences.
Coltown Properties ranked fourth but was willing to raise its offer above competitors if necessary; its plan called for 450 apartments plus additional funds directed toward community enhancements.
Elysium Land Development came last in rankings with a proposal focused on creating a “community incubator” featuring affordable housing through partnership rather than outright purchase.
Initially set to hear only three presentations, council members decided—by majority vote—to consider all five proposals after learning there had been confusion regarding which bidder had offered the highest amount during prior discussions.
Riviera Beach officials are seeking new development projects in order to expand their tax base and help fund major infrastructure improvements such as rebuilding their water plant—a project estimated at $400 million. According to analysis by The Real Deal, nearly 2,000 residential units are currently planned or under construction in Riviera Beach’s development pipeline.
