500 Ocean developer signs deal for land, $51M in financing

Downtown Boynton Beach project will include retail, restaurants and apartments

May.May 28, 2015 01:30 PM

The LeCesse Development Corp., a multifamily builder based out of Altamonte Springs, just picked up a chunk of vacant land it was eyeing to build a 4.7-acre mixed-use development in downtown Boynton Beach.

The developer also took out $51 million in financing from SunTrust for the property at 101 South Federal Highway, according to Broward County records.

LeCesse had proposed plans to city officials last year for 500 Ocean, a massive mixed-use development that aimed to breathe life into the downtown area, the Palm Beach Post previously reported.

The city commission approved site plans last year, and the Community Redevelopment Agency approved a $4.4 million incentive package to be dispersed over the next decade.

The project will include 341 rental units, offices, retail space and restaurants. Most of the rentals, which average 972 square feet, will be housed in a six-story building. The office and retail space will be located in a separate building, along with a seven-story parking garage with up to 700 spaces.

The Palm Beach Post reported in April that a groundbreaking would happen in May, but it is unclear when construction will begin on the project.

The site itself has a history of failed developments. It was the former home of The Arches, a planned $105 million mixed-use project that fell through after spending years in limbo. The developer, Boynton Ventures I, first purchased the 4.7-acre plot in 2004 for $650,000, according to Broward County property records. The property ended up in foreclosure in 2011 after PNC Bank won a $20 million foreclosure judgment, after which it picked up the lot for only $6,600.

Now, in a deed filed Thursday, an affiliate of LeCesse paid $4.7 million for the property.

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