Ocean One has officially broken ground in downtown Boynton Beach, marking the start of one of the city’s largest mixed-use residential projects to advance to construction. The eight-story development rises at 114-222 North Federal Highway and will deliver 371 rental units alongside ground-floor retail space.
The project is being developed by Hyperion Group, Winter Properties, WREP, and Silverstein Properties, with Miami-based Arquitectonica serving as the architect. City officials, project sponsors, and community leaders attended a groundbreaking ceremony on October 6, although construction had already begun in August, according to the Boynton Beach Community Redevelopment Agency.
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Ocean One is part of the broader push to add new housing and street-level activity to Boynton Beach’s central corridor. In addition to the apartments and retail space, the project is tied to a public parking agreement and a redevelopment funding package that helped move the development forward.
Key Facts at a Glance
| Project Detail | Information |
|---|---|
| Project Name | Ocean One |
| Address | 114-222 North Federal Highway, Boynton Beach |
| Type | Eight-story mixed-use development |
| Residential Units | 371 rental apartments |
| Retail Space | 25,500 square feet |
| Developer | Hyperion Group, Winter Properties, WREP, and Silverstein Properties |
| Architect | Arquitectonica |
| Construction Financing | $108 million construction loan arranged by Newmark and provided by Madison Realty Capital |
| Public Incentives | Up to $11.5 million in Tax Increment Revenue Funding over 14 years |
| Expected Completion | Late 2028 |
What Ocean One Will Bring to Downtown Boynton Beach
Ocean One is planned as a multifamily project with ground-floor commercial space, a format increasingly common in downtown redevelopment districts across South Florida. The building will include 371 rental residences and 25,500 square feet of retail space, giving the project a mixed-use profile designed to add both housing supply and neighborhood-serving storefronts.
While the developer has not publicly detailed unit mix, floor plans, or pricing in the available reporting, the project’s scale alone places it among the more significant residential additions in Boynton Beach’s urban core. The site sits along North Federal Highway, a major north-south corridor that has become a focal point for redevelopment activity in Palm Beach County municipalities seeking denser, walkable growth.
According to the project team, the building will also provide amenities aimed at renters seeking a more traditional urban apartment environment. Those features include a pool deck, fitness center, resident lounge, coworking areas, outdoor recreation space, communal gathering space, secure package and mail facilities, and on-site management.
Who Is Developing Ocean One
The project is being led by a partnership that includes Hyperion Group, Winter Properties, WREP, and Silverstein Properties. In a statement shared at the groundbreaking, Robert Vecsler, chief executive officer of Hyperion Group, described Ocean One as an investment in Boynton Beach’s future and said the project would bring new housing, jobs, and energy to the city.
Silverstein Properties’ involvement is notable because the New York-based firm has participated in a range of major real estate investments across the country. For Ocean One, the development structure also includes equity support from affiliates of Cantor Fitzgerald and Silverstein Properties, according to the project announcement.
Newmark arranged the joint venture equity placement and secured a $108 million construction loan from Madison Realty Capital, helping move the project from approvals into active site work. Financing details are often a key indicator of whether a large multifamily project is progressing from planning to execution, especially in a financing environment where lenders have become more selective.
Approvals, Incentives, and Public Parking Commitment
Ocean One received site plan approval in March 2023, according to the reporting. The Boynton Beach Community Redevelopment Agency later approved up to $11.5 million in Tax Increment Revenue Funding over a 14-year term to support the project.
The funding package was paired with a public parking commitment that requires the development to provide 90 public parking spaces and 20 on-street public parking spaces in perpetuity. In redevelopment districts, parking agreements can be as important as building design because they affect traffic circulation, access, and how a project integrates with surrounding uses.
These public-sector incentives and obligations suggest the city views Ocean One as more than a private apartment project. It is also part of a broader effort to support downtown reinvestment, improve street activity, and add housing near existing infrastructure.
Construction Status and Project Timeline
Although the ceremonial groundbreaking took place on October 6, construction had already started in August 2026, according to the Boynton Beach Community Redevelopment Agency. That means site work was underway before the public celebration, a common sequence for larger developments once financing and contractor mobilization are in place.
The project is currently expected to be completed in late 2028. For a development of this size, the timeline reflects the amount of work required for excavation, structural construction, interior buildout, and the integration of retail and parking components.
Ocean One’s progress comes after years of planning and approvals, underscoring how long the path can be from municipal review to active construction in South Florida. Projects of this type often move in stages, with entitlements, financing, and contractor mobilization each serving as separate hurdles before vertical construction begins.
Why the Project Matters for Boynton Beach
Boynton Beach has been working to strengthen its downtown while adding more housing options near major roadways and civic infrastructure. Ocean One adds to that effort by combining a sizable rental component with commercial frontage, which can help bring daily use and foot traffic to the corridor.
For the local market, the project adds to the ongoing expansion of multifamily development in Palm Beach County, where cities have increasingly encouraged mixed-use residential projects in central districts. That trend reflects both demand for rental housing and the desire to create more walkable, activity-rich urban centers.
Ocean One’s location on North Federal Highway also places it in a corridor where redevelopment can influence the feel of adjacent blocks over time. Even without a full buildout of surrounding parcels, a project of this scale can change how a city center functions by adding residents, retail activity, and more frequent weekday and evening use.
Project Design and Amenities
Arquitectonica is designing the eight-story building, continuing the firm’s long track record of work in South Florida. Based on the available information, the design includes a mix of apartment homes and street-level retail, along with resident amenities concentrated around shared indoor and outdoor spaces.
The amenity package includes a pool deck, fitness center, lounge spaces, coworking areas, and outdoor recreation areas. Those features are now standard in many new rental buildings, but they remain important in a market where developers compete for residents seeking more than basic apartment offerings.
In addition to lifestyle amenities, the project will include secure package and mail facilities and on-site management. Those operational features are especially relevant in larger multifamily communities, where building management and delivery handling can affect day-to-day resident experience.
What Comes Next
With construction underway, the next milestones will likely involve continued site preparation, foundation work, and eventually structural vertical progress. Any future leasing or marketing announcements will also be closely watched, especially if the developer releases more detailed information about unit mix, pricing, or pre-leasing timing.
For now, Ocean One stands as a major new addition to Boynton Beach’s development pipeline, with financing secured, approvals in hand, and a formal groundbreaking completed. The project’s eventual delivery in late 2028 will add a significant block of rental housing and retail space to the city’s downtown edge.
Frequently Asked Questions
Where is Ocean One located?
Ocean One is being built at 114-222 North Federal Highway in downtown Boynton Beach.
How many units are planned?
The project is planned for 371 rental apartments.
Who is developing the project?
The development team includes Hyperion Group, Winter Properties, WREP, and Silverstein Properties.
Who designed Ocean One?
Arquitectonica, the Miami-based architecture firm, is the project architect.
When is Ocean One expected to be completed?
According to the available reporting, the project is expected to be completed in late 2028.
