A city redevelopment agency accepted a letter of intent from a developer to acquire agency-owned land in downtown Boynton Beach for $10 for construction of rental apartments and a parking garage.
The agency’s board members voted 4-1 to accept the letter of intent from Ocean One Boynton LLC. Board member Mike Fitzpatrick dissented, arguing that the agency should not sell the vacant parcel at 222 North Federal Highway for just $10.
The land has been vacant since a motel and a Bank of America office there were demolished several years ago.
The city’s redevelopment agency bought the land in 2002 for $900,000. A current appraisal values the land at $460,000.
Ocean One Boynton LLC would build an eight-story apartment building and a six-story parking garage on the land, at the corner of Boynton Beach Boulevard and Federal Highway.
Bill Morris of Ocean One Boynton LLC told the Sun-Sentinel his firm envisions a two-part development that would include a hotel: “I think this is going to help make downtown Boynton Beach a more significant draw.”