Developer still must come up with funding for large mixed-use complex.
A large mixed-use development in Boynton Beach was approved by city commissioners, but the developer still needs to come up with money to make the project happen.
The commission gave the developers of 500 Ocean the go-ahead to start working on the development, which is planned for 4.7 acres at Ocean Avenue and Federal Highway. Altamonte Springs-based LeCesse Development Corp. is behind the project. The company and its partner are in talks with the Boynton Beach Community Redevelopment Agency about possibly obtaining funding for 500 Ocean.
Mayor Jerry Taylor asked if the financing questions should be addressed before the site plan was approved, according to the Palm Beach Post. The city attorney and city manager told Taylor the project’s financing is a separate issue from the site plan, and the commission proceeded with its vote.
Plans for 500 Ocean include 341 apartments, a pool, parking garage and commercial space. The site plan approval lasts for months before expiring.
Fonte: The Real Deal