The Real Deal Miami

Riviera Beach Marina redevelopment gets public market

Development agency seeking $30M in tax credits
May 21, 2015 01:00PM

A rendering of the public market section of the Riviera Beach Marina

A rendering of the public market section of the Riviera Beach Marina

The $375 million Riviera Beach Marina redevelopment project has grown to include a three-story public market for local farmers, food vendors and artisans.

The Riviera Beach Community Redevelopment Agency announced plans for the 50,000-square-foot market on Thursday. It would open six to seven days a week, host locally sourced produce and fresh catches from fisherman, and include small retail spaces for artisans.

The agency has requested $250,000 from Palm Beach County to finish its design of the market, on top of the $150,000 already provided.

Though plans are tentative, construction of the market could begin as early as mid-2016.

What the site looks like currently

Current site

To fund the market’s construction, the agency is seeking $30 million in federal new market tax credits, which exchange capital from private investors for federal income tax breaks.

The Riviera Beach Marina project is primarily funded by Viking Developers, which pitched in $339 million to build the 26-acre community in exchange for a 50-year lease to manage the development. The city put up the remaining $39 million.

The first phase, which broke ground last year, includes a two-story convention center, upgrades to the marina facilities and Bicentennial park, along with new commercial and retail space.

The second phase is slated to start in 2016 — composed of the community’s residential, hotel and office spaces —  and the entire project will be built out over 10 years. — Sean Stewart-Muniz