Like much of South Florida, Boynton Beach real estate values plummeted during the housing crisis and by the 2010-2011 budget year the city’s total property value was just 40 percent of what it was four years earlier.
But according to the Sun Sentinel, there are signs of life in Boynton Beach, particularly in the construction industry. In fact, construction value, measured by permit applications, is averaging $8 million per month, twice what it was in 2010. Through the first four months of the fiscal year, the city’s building division had already collected 64 percent of what it expected all year in permit fees.
“It looks as though people see Boynton Beach as a great place for investment and growth,” said Steven Holzman, a city commissioner.
Projects include the rebuilding of three Publix stores, the construction of the 308-unit Seabourn Cove on Federal Highway and Estates at Heritage Club on Gulfstream Boulevard, and the renovation of the JCPenney’s at the mall.
The news comes as some relief to city officials, whose budgets were battered by the sudden drop in tax revenue. [Sun Sentinel]