The Related Group, led by the Pérez family, has secured $100.3 million in construction financing for the Residences at Marina Village, a workforce housing project planned for Riviera Beach. According to official records, the funding package includes $54 million from the Florida Finance Housing Corporation and Bank of New York Mellon, $1.5 million from the Riviera Beach Community Redevelopment Agency (CRA), $4.7 million from Palm Beach County, and $38.6 million from M&T Bank. An additional $1.5 million was provided by RUDG Investor LLC, an entity registered to Jorge Pérez.
The development will be located on 2.4 acres at 57 East 12th Street as part of ongoing redevelopment efforts in Riviera Beach’s 90-acre Marina Village site, situated north of the Port of Palm Beach and across from Peanut Island. The city approved Related’s proposal for an eight-story building with 149 apartments in June. The units are intended for households earning between 30 percent and 110 percent of Palm Beach County’s area median income; in 2024, this figure was reported as $104,000.
Miami-based Related is collaborating with Tezral Partners on this project. Tezral is led by former Riviera Beach CRA director Tony Brown and Ezra Saffold. Additionally, Related and its frequent partner BH Group are working with Tezral on another nearby apartment complex called Gallery at Marina Village. This second project will be a 20-story building with 418 units on a neighboring parcel at 1300 Broadway; it will also include retail space, offices, and a parking garage.
The CRA continues to encourage further development in the area. In July, it decided to issue another request for proposals after only Related responded to its initial solicitation deemed “responsive.” Robert Sonnenblick of Sonnenblick Development stated he intends to propose an eight-story Margaritaville hotel with 150 rooms as part of a broader plan that would add condos, restaurants, another hotel with 150 keys, and a parking structure accommodating up to 900 vehicles.
