Forest Development has been selected to negotiate the purchase of a 2.2-acre site near Riviera Beach’s waterfront for a mixed-use project valued at $325 million. The decision was made by the Riviera Beach Community Redevelopment Agency (CRA) board, which is composed of city council members, in a 3-2 vote after reviewing proposals from five development teams.
The proposed project, led by Peter Baytarian’s Forest Development, would be located at 1851 Broadway and include between 350 and 450 apartments—20 of which are designated as workforce housing—and 17,000 square feet of retail space. According to Wayne Richards, attorney for Forest Development, construction could begin within 18 months of site plan approval.
“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.
Baytarian also indicated willingness to increase his current bid of $3.78 million for the land owned by the city and CRA.
If completed, this would mark Baytarian’s third development along the Broadway/U.S. 1 corridor. Forest Development is nearing completion on Nautilus 220—a pair of condo towers in Lake Park—and is preparing for progress on Oculina, a planned dual tower project at 3700 Broadway.
Forest Development initially made an unsolicited offer for the Riviera Beach parcel over two years ago. In response, the city issued a request for proposals to other interested developers. Although Forest Development submitted the lowest cash bid among finalists, its proposal received the highest score from a selection committee due to factors such as design quality, community benefits, and developer reputation; purchase price accounted for only 15 percent of total scoring.
LaTonya Ammons, director of purchasing for Riviera Beach, stated that if negotiations with Forest Development do not succeed, talks could proceed with Frontier Development & Hospitality Group and Gedeon Financial—the second-place team—which offered $4 million for the land and proposed reserving most apartment units as workforce housing.
Other contenders included Kenco Communities with a bid exceeding $4.55 million and plans for an eight-story building with up to 22 workforce housing units; Coltown Properties offering at least $4 million plus additional funds for community enhancements; and Elysium Land Development proposing a partnership model focused on affordable housing rather than direct purchase.
Council members decided to hear all five presentations after learning there had been confusion regarding which bidder had offered the highest amount during previous discussions.
Riviera Beach officials are seeking new developments in order to grow their tax base and fund infrastructure projects such as reconstructing the city’s water plant. An analysis by The Real Deal found that nearly 2,000 condos and apartments are currently planned or under construction in Riviera Beach’s residential pipeline.
