The Riviera Beach Community Redevelopment Agency (CRA) has chosen Forest Development, led by Peter Baytarian, to negotiate the purchase of a 2.2-acre site near the waterfront for a mixed-use development project valued at $325 million. The decision was made during a city council meeting on Wednesday, where council members voted 3-2 in favor of Forest Development after reviewing proposals from five different development teams.
Forest Development’s attorney, Wayne Richards, addressed the council and conveyed Baytarian’s commitment to move quickly with the project at 1851 Broadway. “When I asked him about timing, he said ‘full speed ahead.’ He wants to hit this market while it’s hot,” Richards said. The proposed development would feature between 350 and 450 apartments—including 20 designated as workforce housing—alongside 17,000 square feet of retail space. Construction is expected to begin within 18 months following site plan approval.
Baytarian also indicated his willingness to increase his current offer of $3.78 million for the land owned by both the city and CRA. This would mark Forest Development’s third project along the Broadway/U.S. 1 corridor. According to Richards, the company is close to obtaining a certificate of occupancy for Nautilus 220—a pair of condo towers in Lake Park—and anticipates significant progress soon on Oculina, another planned condo tower project at 3700 Broadway.
Forest Development originally submitted an unsolicited offer for the parcel over two years ago, prompting Riviera Beach officials to open a formal request for proposals from other interested developers.
Despite offering the lowest cash bid among contenders, Forest Development’s proposal received top marks from a selection committee composed of city administrators. Purchase price accounted for only 15 percent of scoring criteria; greater weight was given to design quality, community benefits, and developer reputation—each making up 20 percent.
If negotiations with Forest Development do not succeed, officials may turn to second-place bidder Frontier Development & Hospitality Group (Washington D.C.) and Gedeon Financial (Deerfield Beach). Their joint proposal included building 300 apartments—75 percent reserved as workforce housing—and offering $4 million for the land. Woody Victor of Frontier noted that they might leverage Florida’s Live Local Act for increased density or potential tax breaks.
Other proposals included Kenco Communities’ eight-story building with 219 residential units and Coltown Properties’ offer that matched or exceeded other bids with additional funds earmarked for community enhancements. Elysium Land Development proposed forming partnerships rather than purchasing land outright in order to develop affordable housing units within a “community incubator.”
Initially planning to review only three top-ranked submissions, council members later decided by majority vote to hear all five presentations after it was clarified that Forest Development did not have the highest cash bid as previously reported during an October meeting.
City leaders hope new developments will broaden Riviera Beach’s tax base and help fund major infrastructure projects such as reconstructing its water plant—a $400 million undertaking. Analysis by The Real Deal indicates that nearly 2,000 condos and apartments are currently planned or under construction in Riviera Beach’s residential pipeline.
