Developer Gets $98 Million Construction Loan for Ocean One in Boynton Beach

Published: March 6th, 2026 | Updated: May 14th, 2026

Hyperion Development just locked in financing to build Ocean One, a 371-unit mixed-use project on Federal Highway. The city is backing it with $11.5 million in tax incentives. After years of planning, downtown Boynton Beach is finally about to change.

Key Takeaways

Madison Realty Capital provided a $98 million construction loan for Ocean One, an eight-story project at 114-222 N. Federal Highway.
The project will deliver 371 rental units, over 25,000 square feet of retail, and a 633-space parking garage.
Boynton Beach's CRA is backing the project with $11.5 million in tax financing over 14 years.

Ocean One has been in the works since 2018. It got site plan approval in 2023. Now, with construction financing locked in, the project can finally break ground.

This is one of the largest mixed-use builds in Boynton Beach history. It's a big signal that the city's downtown corridor is pulling in real capital.

What is Ocean One bringing to downtown Boynton Beach?

Ocean One is an eight-story mixed-use project. Miami-based Arquitectonica designed it. Here's what's coming:

371 rental units. Studios to two-bedrooms.
Over 25,000 square feet of retail along Federal Highway.
A 633-space parking garage. That includes 90 public spaces and 20 on-street spots for the city.
Amenities: pool, pickleball court, fitness center.

As Larry Mastropieri explained on the Discover South Florida Podcast, "This one's on its way. There's like five other big ones that need to get done to really make this downtown a spot. But what I do like about this is 25,000 square feet of retail. To make the downtown interesting, you need some retail on the first floor. You need that to make sense. You're going to have restaurants in there, bars in there. This is going to transform downtown Boynton Beach."

The project is now in permit review with the city's Building Department.

Looking to buy or invest in Boynton Beach? Understanding where downtown is heading matters. Talk to a real estate agent in Boynton Beach who tracks these projects. Reach out to The Mastropieri Group or call (561) 287-7000.

How did the financing come together?

New York-based Madison Realty Capital provided the loan. They worked through an affiliate called Ocean One Boynton Lender. The borrower is BB1 Owner LLC, run by Hyperion's Robert Vecsler.

The 3.71-acre site at 114-222 N. Federal Highway recently sold for $12 million. That was an internal deal between Vecsler-managed entities.

The Boynton Beach CRA also stepped up. They approved $9 million in tax financing in May 2024. Then, in December 2025, they added $2.5 million more. Total public backing: $11.5 million over 14 years.

Why the help? The developer told city officials that rising costs made the CRA support necessary. Without it, the numbers didn't work.

Where should investors focus in Boynton Beach?

Larry broke it down on the podcast: "On the north side of Boynton Beach Boulevard, a little rougher. Maybe not as interesting. A little more time to go before that becomes a good place to invest. Maybe you invest now, but it's a little rougher."

He continued: "On the south side of Boynton Beach Boulevard, between 95 and Federal Highway, this is where you start to see things really change. Short term, it's good. It's just not great. You got to ride that wave."

Ocean One sits on the south side. It's part of the corridor Larry thinks will move first.

What other projects are changing downtown Boynton Beach?

Ocean One isn't alone. The downtown district has several projects in the works:

As we covered in our piece on The Pierce, another mixed-use project is adding density nearby.
Kolter and Perko are building Maison d'Or, a 39-unit luxury project just north in West Palm Beach.
The city's CRA has been assembling land and offering deals to bring in developers.

The pattern is clear. Cities across Palm Beach County are pushing mixed-use in their downtown cores. Boynton Beach is joining Delray Beach and West Palm Beach in this wave.

For homeowners near downtown, this is good news. New retail brings foot traffic. New apartments bring residents who spend locally. The CRA's $11.5 million bet signals confidence in the corridor's future. But change takes time. As Larry said, "Short term, it's good. It's just not great. You got to ride that wave."

Frequently Asked Questions About Ocean One in Boynton Beach

How many units will Ocean One have in Boynton Beach?

Ocean One will have 371 rental units. They range from studios to two-bedrooms. The project also has over 25,000 square feet of retail and a 633-space garage.

Who is developing Ocean One in Boynton Beach?

Hyperion Development Group, led by Robert Vecsler. Miami-based Arquitectonica designed it. Madison Realty Capital provided the construction loan.

Where is Ocean One located in Boynton Beach?

Ocean One is at 114-222 N. Federal Highway. That's in the Downtown District, south of Boynton Beach Boulevard, between I-95 and Federal Highway.

Why is the city backing Ocean One with tax incentives?

Boynton Beach's CRA committed $11.5 million over 14 years. In return, the project gives the city 90 public parking spaces plus 20 on-street spots. The developer said rising costs made the help necessary.

When will Ocean One be completed?

Ocean One is in permit review now. Planning started in 2018. Site plan approval came in 2023. The build timeline depends on when permits clear.

Local help for buyers and investors in Boynton Beach

Buying, selling, or investing in Boynton Beach, Delray Beach, or Lake Worth Beach? Understanding how downtown projects affect values matters. Reach out to The Mastropieri Group, Realtors®.

For help across Palm Beach County, call (561) 287-7000.