Yet another long dormant project is being revived, this time in Boynton Beach. There is an enormous tract of land behind the Boynton Town Center on Congress Ave, widely considered to the center of the city. Back in 2005 1,120 town homes, apartments and single family homes were approved behind the retail shopping center. The retail center was built and the residential was not. Now it is back, reborn as 1,108 residences and a 24,000 square foot sober home facility. It will have a 3 acre park, with 1 acre dedicated to dog parks. The new found population behind the retail should bolster the retail stores and add needed population to downtown Boynton. Given the long time to complete this project, this is a good time to talk about development. The cycle typically takes between 3 and 5 years to build something, depending on what type of project and what city it will be built in. That timeframe could change either way if there are problematic issues with zoning, environmental, traffic, etc. There is a degree of risk in any development since you cannot control the market, which could go for or against you during this time. All the while you are spending money preparing a site plan and trying to get it approved by the city. Once you have that you are in a position to get real construction estimates and begin marketing. Before you can receive financing you must have a certain percentage of space leased in a commercial development or a certain amount of apartments sold, unless it self-financed which is rare. And you thought you wanted to be a developer? Not so easy, and large risks. But large rewards are possible as well as many multifamily developers could tell you these days. Will this one work with a sober home attached to it? Time will tell, since other than that this sounds like it has all the makings of a successful mixed use project. As always thanks for reading and have a great day.
Boynton approves 1,108-residence Cortina development [The Palm Beach Post, Fla.]