Hyperion affiliate buys Ocean One improvement website in Boynton Seashore – South Florida Enterprise Journal – South Florida Enterprise Journal

An affiliate of Hyperion Improvement acquired a improvement website 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 website 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 places of work in Miami and New York. Miami-based 114 North Federal Freeway awarded a $9.05 million mortgage to the client.
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 positioning final traded for $9 million in 2005.
In 2017, the town authorised the positioning for 358 residences, 12,075 sq. ft of retail and a 120-room lodge in eight tales. Nonetheless, building hasn’t moved ahead.
In keeping with a supply conversant in 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 residences 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 website at 115 N. Federal Freeway, but it surely got here up quick in November when one other developer was chosen. It seems that Hyperion Group grabbed a improvement website via a standard non-public buy.
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