405  E. Ocean Avenue Mixed-Use Redevelopment Project

• PROJECT LOCATION: 405 E. Ocean Avenue
• BBCRA DISTRICT: Cultural
• COMMENCEMENT: May 2025
• COMPLETION: Anticipated 2027
• DEVELOPER(s): Edgewater Capital Investments
• BBCRA FUNDING:
  • TIRFA: $9.1 million

PROJECT DESCRIPTION:

BB North LLC is the owner of the approximately 3.37 acre site known as The Villages located at 405 E. Ocean Avenue. The mixed-use project includes 336 residential rental apartments, 668 parking spaces, 8,000 square feet of retail and restaurant space, two plazas and a linear park along the railroad right of way that acts as a pedestrian connection between Boynton Beach Boulevard and Ocean Avenue. 

On November 21, 2024, the CRA approved a Tax Increment Revenue Financing Agreement in the amount of $9.1 million. As part of the TIRFA, the developer will rent a 1,000 square foot neighborhood coffee shop at 50% market rental rate for 15 years as well as provide 120 metered public parking spaces restricted for use by the public. The BBCRA would receive 30% of the parking revenue generated from the public parking spaces.  

The Villages received site plan approval in September 2023 and permit approval from the City's Building Department on April 28, 2025.

The project commencement was celebrated with a Groundbreaking Ceremony on May 9, 2025 and it is anticipated construction will take two years to complete the project. Once completed, according to the County's 2025 Economic Impact Study, it is estimated to have a five-year economic impact totaling $325.41 million and with 1,123 temporary construction jobs and 40 permanent jobs.