Forest Development has been selected to negotiate the purchase of a 2.2-acre site near Riviera Beach’s waterfront, where it plans to build a $325 million mixed-use project. The decision was made by the Riviera Beach Community Redevelopment Agency (CRA) board, which consists of city council members. The board approved Forest Development’s proposal in a 3-2 vote after reviewing submissions from five development teams.
Wayne Richards, attorney for Forest Development, said that Peter Baytarian, the company’s principal, is ready to move forward quickly with the project at 1851 Broadway. “When I asked him about timing, he said ‘full speed ahead.’ He wants to hit this market while it’s hot,” Richards told council members.
The planned development would include between 350 and 450 apartments—20 of which would be designated as workforce housing—and 17,000 square feet of retail space. Construction is expected to begin within 18 months following site plan approval. Baytarian also indicated he is willing to increase his initial $3.78 million bid for the land.
If completed, this would be Baytarian’s third project along the Broadway/U.S. 1 corridor. Forest Development is close to obtaining a certificate of occupancy for Nautilus 220, two condo towers in nearby Lake Park, and expects progress soon on Oculina, another dual tower project at 3700 Broadway.
Forest Development originally submitted an unsolicited offer for the parcel over two years ago. In response, Riviera Beach issued a request for proposals from other interested developers.
Despite submitting the lowest cash bid among finalists, Forest Development received the highest score from a selection committee made up of city administrators. According to CRA documents, only 15 percent of scoring was based on purchase price; design quality, community benefits, and developer reputation each accounted for 20 percent.
LaTonya Ammons, director of purchasing for Riviera Beach, stated that if negotiations with Forest Development do not succeed, talks could begin with Frontier Development & Hospitality Group and Gedeon Financial—the second-place team—which proposed paying $4 million for the land and building 300 apartments with most units reserved as workforce housing. Woody Victor of Frontier said his group might use Florida’s Live Local Act to seek higher density or property tax relief.
Kenco Communities placed third with a proposal including an eight-story building with 219 residential units and more than $4.55 million offered for the site—the highest cash bid received.
Coltown Properties from New York ranked fourth and proposed constructing 450 apartments while offering $4 million plus an additional $400,000 earmarked for community improvements through the CRA; its principal Steven Neuman said they were willing to increase their offer further if needed.
Elysium Land Development finished last in ranking but suggested forming a partnership rather than purchasing the land outright in order to create a “community incubator” featuring affordable housing units.
Initially scheduled to hear only three presentations based on rankings, council members decided by majority vote to allow all five contenders an opportunity after CRA Executive Director Gedel Merzius acknowledged providing incorrect information regarding bid rankings at an earlier meeting.
Riviera Beach officials are seeking new developments as part of efforts to grow their tax base and fund major infrastructure projects such as a planned $400 million overhaul of the city’s water plant. Nearly 2,000 condos and apartments are currently in Riviera Beach’s residential development pipeline according to an analysis by The Real Deal.
