Published: May 11th, 2026 | Updated: May 14th, 2026

The Riviera Beach CRA approved a non-binding term sheet for a 335-unit apartment project on Broadway near the waterfront. The deal includes workforce housing, ground-floor retail, and a sliding price tied to density. Here's how the public land sale is structured and what's still unresolved.

Key Takeaways

Forest Development signed a non-binding term sheet to acquire a 2.2-acre city-owned site at 1851 Broadway for $4.5 million.
The project would include 335 apartments with at least 5% workforce housing, 17,000 square feet of retail, and up to 20 stories.
The city approved the deal 3-2, but a formal CRA board vote and City Council approval are still required.

Peter Baytarian's Forest Development and the Riviera Beach Community Redevelopment Agency signed a non-binding term sheet on April 23, 2026, for Forest to acquire a 2.2-acre city-owned parcel at 1851 Broadway. The site sits south of Blue Heron Boulevard at the southwest corner of Broadway and West 19th Street, across from Jim Barry Light Harbor Park. The CRA acquired the core parcel for $1.2 million in January 2021. Nearly one acre of the site previously housed a Miami Subs restaurant, which the CRA demolished in 2022.

How is the land deal structured?

The purchase price is tied to the final unit count:

300 units: $3.8 million
335 units (CRA target): $4.5 million
Above 335 units: $20,000 per additional unit
500 units (maximum): $7.8 million

Forest's proposed project includes 335 apartments (at least 5% of which are set aside as workforce housing), 17,000 square feet of ground-floor retail, and a building up to 20 stories. The developer is also required to escrow $100,000 for off-site improvements. Public parking for the retail component is still under negotiation.

Forest scored highest among competing developers in a city administrator review. The purchase price accounted for only 15% of the total score, while design, community benefit, and developer reputation each accounted for 20%.

What is the water bill controversy?

Riviera Beach broke ground in February 2026 on a $400 million water treatment plant after decades of contamination complaints. In 2023, the city paid $1.2 million in state and federal fines for failing to report positive test results to the Florida Department of Health and for keeping the public in the dark for 7 months.

The cost of the plant will be borne by ratepayers. Water bills are expected to increase 30 to 40 percent annually. Riviera Beach's poverty rate was 18.4% in 2024, higher than the national average. Council Member Bruce Guyton suggested that Forest Development contribute to a fund to help residents pay their higher water bills. Baytarian said his firm was willing to consider this.

As Larry Mastropieri explained on the Discover South Florida Podcast: "Developers often offer contributions or community benefits to help smooth things over. In this case, offering to contribute to a fund for residents' water bills is part of that strategy. It doesn't solve the whole issue, but it helps address one of the political concerns."

The city already charges a $10,000 per-unit hook-up fee for development projects as part of a "community benefits package."

Interested in Riviera Beach or West Palm Beach real estate? Talk to a local real estate agent who understands how CRA activity and development projects affect property values. Reach out to The Mastropieri Group or call (561) 556-9853.

What else has Forest Development built in Riviera Beach?

Forest Development has an established presence in the area:

Nautilus 220 (Lake Park): A 330-unit condo high-rise adjacent to Riviera Beach, completed in March 2026.
Oculina (3700 Broadway, Riviera Beach): Twin 25-story condo towers with 399 units, approved.
Marina Village (Riviera Beach waterfront): Forest is one of three finalists competing for development rights on a 12-acre waterfront site alongside Related Urban and Sonnenblick Development.

The Marina Village vote was previously canceled after FBI subpoenas related to the project were served to Council Chairperson Shirley Lanier, Council Member Bruce Guyton, and Mayor Douglas Lawson. The 1851 Broadway deal is a separate transaction from the Marina Village process.

How does this compare to other CRA land deals?

CRA-led land sales are becoming a common tool for South Florida cities looking to control redevelopment. Boynton Beach recently completed a $15.4 million land assemblage near I-95 for a similar gateway redevelopment strategy.

Here's how the deals compare:

Riviera Beach (1851 Broadway): $4.5 million for 2.2 acres, 335 units proposed.
Boynton Beach (CRA assemblage): $15.4 million for 5.4 acres, developer TBD via RFP.
Riviera Beach (Gallery at Marina Village): City-owned land via lease, 418 units with Related Urban + BH Group + Tezral.

Riviera Beach has major long-term upside because of its location just north of West Palm Beach. But the city also has real infrastructure and affordability challenges. That tension is exactly what makes this project interesting and complicated at the same time. The opportunity is there, but execution and public approval are going to matter.

FAQs about the Riviera Beach Forest Development project

How much is Forest Development paying for the Riviera Beach land?

Forest Development agreed to pay $4.5 million for the 2.2-acre site at 335 units. The price increases by $20,000 per additional unit up to a cap of $7.8 million at 500 units.

Where is the Riviera Beach Broadway development located?

The 2.2-acre site is at 1851 Broadway (US 1), at the southwest corner of Broadway and West 19th Street, south of Blue Heron Boulevard and across from Jim Barry Light Harbor Park.

What will be built at 1851 Broadway in Riviera Beach?

Forest Development proposes 335 apartments (with at least 5% workforce housing), 17,000 square feet of ground-floor retail, and a building up to 20 stories tall.

Is the Riviera Beach land sale finalized?

No. The city approved a non-binding term sheet by a 3-2 vote on April 23, 2026. A formal CRA board vote and City Council approval are still required before the sale closes.

What is a CRA land sale in Florida?

A Community Redevelopment Agency can acquire and sell land to private developers as part of a strategy to encourage redevelopment in designated areas. CRAs use Tax Increment Financing to fund these activities.

Local help for buyers and investors in Riviera Beach

If you are buying, selling, or investing in Riviera Beach, West Palm Beach, or anywhere in Palm Beach County, understanding how CRA activity affects neighborhoods and property values matters. Reach out to The Mastropieri Group, Realtors®.

For practical, hands-on support across the region, call (561) 556-9853.