- Time Equities landed a $160M construction loan from M&T Bank for a Boynton Beach project.
- The current phase includes 465 apartments and 6,300 SF of retail on 3.8 acres.
- Boynton Beach CRA approved $20M in tax increment financing tied to discounted retail rents.
- An additional multifamily building with 433 units is planned, beginning construction in 2031.
Financing Fuels Multifamily Development
The Commercial Observer reports that Time Equities is advancing a major multifamily project in Boynton Beach. It secured a $160M construction loan from M&T Bank. The funding supports an eight-story building with 465 apartments. It also includes 50,000 SF of amenities. In addition, plans feature 6,300 SF of retail space. The project includes a 1,005-space parking garage.
Public-Private Partnership Details
The 3.8-acre site sits at 120 Southeast First Avenue. Developers are building it within the 16.5-acre Town Square public-private partnership. In May, city leaders approved a $20M tax increment financing deal. In return, the project will provide 1,000 SF of retail at half-market rents. Meanwhile, Time Equities will invest up to $200,000 in build-out costs. The initial retail tenant will pay $50 PSF. This type of structured financing also mirrors recent lending activity supporting large-scale residential projects in dense urban neighborhoods.
Town Square Expansion Plans
Time Equities acquired nearly 9 acres of the Town Square site for $44M in 2023. This followed JKM Developers completing earlier phases. Looking ahead, plans include another multifamily building with 433 apartments. The expansion will add 16,809 SF of retail space. It will also include 1,049 parking spaces. Developers expect to break ground in 2031 as the project expands in Boynton Beach.
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