Hyperion Group JV Starts Work on Miami-Area Luxury Project
A $108 million construction loan is financing this development.
Hyperion Group, Winter Properties, WREP and Silverstein Properties have started construction on Ocean One, a 371-unit luxury development in downtown Boynton Beach, Fla. Completion is estimated by late 2028.
Cantor Fitzgerald and Silverstein Properties provided equity capital, while Madison Realty Capital issued a $108 million construction loan for the project. Newmark arranged both deals in March 2026.
Ocean One is part of the city’s broader strategy to expand housing and retail options, as well as public infrastructure across the downtown area. Boynton Beach Community Redevelopment Agency approved up to $11.5 million in tax increment revenue funding over a 14-year term. Under that agreement, Ocean One will include 90 public parking spaces and 20 street-level parking spaces in perpetuity.
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Designed by Arquitectonica, the community will rise eight stories on 3.7 acres at 114 N. Federal Highway, in an area close to Boynton Beach Art District as well as multiple beaches and waterparks. The site is also close to Interstate 95, providing regional connections through the Miami metro. Downtown Boca Raton, Fla., is 12 miles away, while President Donald J. Trump International Airport is some 14 miles north.
Long-planned Ocean One takes shape
The Ocean One project has been in the making for several years. Initially, plans called for the development of a 231-unit community and a 100-key hotel, a version the city approved back in 2017. However, those schematics never reached construction phase. Hyperion bought the site for $12 million in 2022, and a year later advanced the current plan and received city approvals.
Under the current design, Ocean One is to comprise one- and two-bedroom residences ranging from 551 to 1,209 square feet. The property will also include 25,500 square feet of ground-floor retail space and a 633-space parking garage. Amenities will feature a resort-style swimming pool, a spa center, a fitness center, a pickleball court, coworking spaces, a lounge, a sports simulator and outdoor gathering areas.
Boynton Beach encourages new housing projects
Boynton Beach is experiencing a multifamily construction revival tied to rising demand, downtown transformation efforts and economic development. The city’s Community Redevelopment Agency seeks a higher quality of life for both residents and visitors, while also turning the downtown area and the city’s waterfront into tourist destinations.
The city’s redevelopment strategy dates back to 2016 and has been updated recently with a pipeline including several multifamily projects. One of them is OCTAVIA, where construction started in September. Developer Time Equities Inc. broke ground on the 465-unit first phase, which is estimated to come online in 2028. At full build-out, OCTAVIA will encompass 898 units and serve as the residential anchor of the master-planned Town Square government campus.
