Fort Lauderdale, Fla. – May 3, 2023 – Greenspoon Marder client Time Equities Inc. recently closed on the acquisition of two four-acre residential/mixed-use development sites within a Town Square project in Boynton Beach, Fla. for $44 million. The total permitted residential density is 898 units, built in two phases. Upon completion, the project will be among the largest in Boynton Beach’s history.
The project involves a mix of apartments, restaurants, and retail space, as well as two parking garages. Town Square lies at the intersection of Boynton Beach Boulevard and Seacrest Boulevard, extending east to 1st Street and south to SE 2nd Avenue. The project complements a series of new public facilities in Town Square, including a new City Hall, public library and park, museum, amphitheater, and fire station.
Greenspoon Marder Real Estate partners Mark Lynn and Mark Grant worked with the client and their in-house counsel to negotiate the purchase contract with the previous owner. The deal was complex, involving simultaneous negotiations with both the previous owner and the City of Boynton Beach.
Among the documents negotiated by the firm, or prepared with the firm’s assistance, were:
- A Master Plan for the development of two buildings containing approximately 900 residential rental units, 24,000 square feet of retail and restaurant space, and a parking garage providing approximately 2000 parking spaces, with about 500 of the spaces for the City’s use.
- A Development Agreement between Time Equities and the City providing key requirements, obligations of the parties, and time frames for project approvals and permitting.
- 100-year parking lease agreement with the City.
- Purchase and sale agreement between Time Equities and the land seller.
- A land swap agreement between Time Equities and the City, where the City conveyed Time Equities a parcel it owned at the intersection of Boynton Beach Boulevard and Seacrest Boulevard, and in exchange Time Equities conveyed a vacant parcel it had acquired from the land seller.
- Negotiation of documentation for a $40 million land acquisition loan from Deutsche Bank.
- Various amendments to the Boynton Beach City Code.
- Temporary parking agreements provide parking for City staff during the development of the site.
- Various utility and service agreements.
After requiring over a year to obtain all necessary governmental approvals, on February 21, 2023, the agreements and master plan were approved by the City Commission.
“We are thrilled to be working with Robert Singer and the team at Time Equities to bring this incredible project to life. The Town Square will not only elevate the civil services provided in the City of Boynton Beach but also establish a communal environment for residents and visitors to enjoy,” said Mr. Lynn.
