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Time Equities pays $44M for Boynton Beach Town Square assemblage
New York-based firm proposes mixed-use project with 933 apartments and 15K sf of commercial space
A new developer is taking over the buildout of the commercial portions of Boynton Beach Town Square.
Affiliates of New York-based Time Equities paid a combined $44 million for 8.8 acres at 117 Northeast First Avenue, 120 Southeast First Avenue, 125 Southeast Second Avenue and 130 East Boynton Beach Boulevard, according to records and Vizzda. The buyer obtained a $40 million mortgage from Deutsche Bank.
Time Equities immediately flipped 1.3 acres to the city of Boynton Beach for $2.7 million, records show.
Affiliates of Boca Raton-based JKM Developers sold the assemblage to Time Equities, records show. Time is proposing to build 933 apartments, 15,200 square feet of commercial space and 2,298 parking spaces, with 671 spaces set aside for Boynton Beach employees, according to a site plan submitted to the city in January.
In 2018, JKM and Boynton Beach entered into a public-private partnership to develop 15 acres of city-owned land. The previous developer built a new city hall, police and fire department buildings, an amphitheater, a park and a playground. But the commercial components of the Town Square project stalled as JKM and the city got entangled in a legal fight.
In 2020, Boynton Beach sued JKM in Palm Beach County Circuit Court, alleging the developer failed to meet its obligation to build two parking garages on time. The city and JKM agreed to settle the litigation in January with the developer paying Boynton Beach $4.5 million and agreeing to sell the mixed-use portion of the site to another builder, city records show.
Founded in 1966 by CEO Francis Greenberger, Time Equities is a real estate investment, development, asset and property management firm. The company’s portfolio spans 38.9 million square feet of residential, industrial, office and retail properties across 33 states and seven countries, according to Time’s LinkedIn profile.
Time developed 1000M, a 74-story condominium with 738 units in Chicago. In South Florida, the company owns five commercial properties, including CasaMara Luxury Apartments in West Palm Beach, which Time developed.