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Hyperion, Winter advance Boynton Beach mixed-use project
City commission approved eight-story building with 371 apartments and 26K sf of commercial space
A joint venture between Hyperion Group and Winter Properties got the green light to develop a mixed-use project in Boynton Beach.
The city commission on Tuesday approved Ocean One, a proposed eight-story building with 371 apartments, 25,588 square feet of commercial space and 652 parking spaces, city records show.
Designed by Miami-based Arquitectonica, One Ocean will have 42 studios, 238 one-bedroom apartments and 91 two-bedroom apartments, Hyperion CEO Rob Vecsler said via text. “It’s too early to comment on rents,” he added.
With the city’s approval in hand, the joint venture expects to break down in the first quarter of next year, and anticipates a 24-month construction schedule, Vecsler said.
In 2021, an affiliate of Miami-based Hyperion and New York-based Winter paid $12 million for the 3.7-acre development site at 114-222 North Federal Highway, records show.
The Ocean One property is near the beach, about half a mile east of Boynton Beach Town Square, where New York-based Time Equities recently purchased 8.8 acres for $44 million. Time Equities is planning to build a mixed-use project on the Town Square site. The proposed development will have 933 apartments, 15,200 square feet of commercial space and 2,298 parking spaces.
Last month, the city commission also approved changes to the Pierce, another planned mixed-use project in Boynton Beach. Fort Lauderdale-based Affiliated Development is proposing 300 apartments, 17,015 square feet of restaurants and retail and 587 parking spaces, according to city records. The eight-story Pierce would also set aside 150 units for workforce housing.
Hyperion and Winter, led by co-CEOs David Millstone and David Winter, teamed up in 2020 to develop mixed-use projects valued at $100 million to $300 million. In 2021, Barry Sternlicht’s Starwood Capital joined Hyperion and Winter as co-developers of a 22-story building with 457 apartments, 7,000 square feet of ground-floor retail and a 628-space parking garage in downtown West Palm Beach. The project, at 201 Clearwater Drive, is currently under construction, and will be leasing up next year, Vecsler said.