Hyperion affiliate buys Ocean One growth web site in Boynton Seashore – South Florida Enterprise Journal – South Florida Enterprise Journal

An affiliate of Hyperion Improvement acquired a growth web site alongside Federal Freeway in Boynton Seashore for $12 million.
Ocean One Boynton LLC, in care of Washington, D.C.-based Washington Actual Property Companions and managed by Davis Camalier, offered the three.48-acre vacant web site at 114 and 222 N. Federal Freeway.
The customer was BB1 Improvement LLC, managed by Robert Vecsler, the CEO of Hyperion Improvement Group, which has workplaces in Miami and New York. Miami-based 114 North Federal Freeway awarded a $9.05 million mortgage to the customer.
A 0.47-acre portion of the property was bought from the Boynton Seashore Neighborhood Redevelopment Company for $900,000 in 2002. The remainder of the location final traded for $9 million in 2005.
In 2017, the town authorized the location for 358 flats, 12,075 sq. ft of retail and a 120-room resort in eight tales. Nevertheless, development hasn’t moved ahead.
In keeping with a supply aware of the deal, Hyperion is engaged on plans for a mixed-use mission that would come with multifamily and retail.
Different builders have began constructing extra flats in Boynton Seashore. Town is positioned between the employment facilities of Boca Raton and West Palm Seashore, however land costs are a lot inexpensive in Boynton Seashore.
Hyperion Group was among the many bidders for a CRA-owned web site at 115 N. Federal Freeway, nevertheless it got here up brief in November when one other developer was chosen. It seems that Hyperion Group grabbed a growth web site by a standard personal buy.
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