Time Equities broke ground on 465 apartments in downtown Boynton Beach after securing a $160 million construction loan from M&T Bank. The project sat stalled for years until $35 million in TIF subsidies made the numbers work.
Key Takeaways
- Phase 1 of Town Square includes 465 apartments, 6,300 sq ft of retail, and a 1,055-space parking garage.
- The Boynton Beach CRA approved up to $35 million in tax increment financing in a 4-1 vote.
- Time Equities operates under a land lease since the city owns the 3.77-acre site.
Time Equities, a New York-based developer, broke ground on the first phase of Town Square in Boynton Beach after securing a $160 million construction loan from M&T Bank. The eight-story project at 120 SE First Avenue will include 465 apartments, 6,300 square feet of retail, 50,000 square feet of amenities, and a 1,055-space parking garage. The project sits on a leasehold, meaning the city owns the land. The Boynton Beach Community Redevelopment Agency approved up to $35 million in tax increment financing (TIF) in 2025 after rising costs stalled the project for years.
How did this deal come together?
The public-private partnership was established in 2018 on 15 acres of municipal land. The original developer completed City Hall, an amphitheater, a park, and a playground, then sold two apartment sites to Time Equities for $44 million in 2023. Time Equities was approved for development on both the south and north parcels in 2024.
As Larry Mastropieri noted on the Discover South Florida Podcast: "This is the play you usually see between developers and local governments when they're trying to get big things done. The city owns the land, the developer operates under a long-term lease, and the project becomes possible in a way it might not have otherwise. That's how these public-private partnerships work."
Time Equities does not own the 3.77-acre site. M&T Bank's $160 million loan is a leasehold mortgage, meaning the collateral is the lease, not the land. Kast Construction, based in West Palm Beach, is the general contractor. In April 2026, Kast filed the notice of construction start after the loan closed.
Why was the $35 million TIF controversial?
The CRA approved up to $35 million in tax increment financing in a 4-1 vote with significant resident pushback. TIF is a rebate of increased property tax revenue generated by the development itself, not a direct cash grant. The tax revenue would not exist without the project, but residents questioned why public dollars were supporting market-rate units when the city has unmet affordable housing needs.
The 4-1 vote means one commissioner voted against the subsidy. This was not a comfortable decision. Without the $35 million TIF, the project's math does not work at current construction costs and interest rates. Palm Beach County has proposed $12 million for affordable housing projects, but the tension between market-rate density and affordable housing remains a live issue across the region.
Interested in Boynton Beach? Talk to a Delray Beach area real estate agent who understands how downtown development affects property values. Reach out to The Mastropieri Group or call (561) 287-7000.
What else is the Boynton Beach CRA building?
Town Square is the anchor of the Boynton Beach CRA's effort to create a walkable downtown core where none has historically existed. The CRA is managing multiple housing tracks simultaneously:
Market-rate density: Ocean One (371 units, 25,000 sq ft commercial) and The Pierce (300 units, 50% workforce housing) are both active projects on Federal Highway. The Villages (336 units) broke ground in May 2025.
Homeownership: Cottage District includes 41 workforce homeownership units, all under contract as of March 2026. The intense demand for sub-$300,000 housing is real.
100% affordable: Wells Landing/Heart of Boynton will deliver 124 units on MLK Jr. Boulevard, the first major investment in District 2 in over 20 years.
The parallel tracks signal a CRA that is more sophisticated than most comparable cities. Seacrest Sound Apartments is also moving forward under the Live Local Act, which allows developers to bypass local height and density limits if affordable units are included.
What about Phase 2?
Phase 2 on the north parcel includes 433 additional apartments, 16,809 square feet of retail, and 1,049 parking spaces. This phase is not yet financed, and the groundbreaking announcement does not emphasize it. Time Equities paid $44 million for both development sites in 2023, so the land cost is already absorbed. But securing another construction loan in the current interest rate environment is a separate challenge.
If Phase 1 leases are successful and interest rates stabilize, Phase 2 becomes more likely. If not, the north parcel could remain a surface lot for years. Palm Beach County has seen several phased projects stall after initial groundbreakings.
FAQs about Town Square in Boynton Beach
How many apartments will Town Square have?
Phase 1 includes 465 apartments in an eight-story building at 120 SE First Avenue. Phase 2 would add 433 apartments on the north parcel, for a total of 898 units across both phases.
Who is developing Town Square in Boynton Beach?
Time Equities, a New York-based developer, is building Town Square through affiliates Boynton South Parcel Development and Boynton South Parcel Equities. M&T Bank provided the $160 million construction loan. Kast Construction is the general contractor.
Does Time Equities own the land?
No. The city of Boynton Beach owns the 3.77-acre site. Time Equities operates under a long-term land lease. M&T Bank's loan is a leasehold mortgage.
What is tax increment financing (TIF)?
TIF is a rebate of increased property tax revenue generated by a development. The Boynton Beach CRA approved up to $35 million in TIF for Town Square in a 4-1 vote. Without the TIF, the project would not be financially viable.
When will Town Square Phase 1 be completed?
Construction started in April 2026. Typical delivery timelines for projects this size are 24 to 30 months, suggesting a late 2028 or early 2029 completion, though no official date has been announced.
Local help for buyers in Boynton Beach and Delray Beach
If you are buying, selling, or investing in Boynton Beach, Delray Beach, or anywhere in southern Palm Beach County, understanding how downtown development affects property values matters. Reach out to The Mastropieri Group, Realtors®.
For practical, hands-on support across the region, call (561) 287-7000.
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