Forest Development has been selected by the Riviera Beach Community Redevelopment Agency (CRA) to develop a $325 million mixed-use project near the city’s waterfront. The CRA board, composed of city council members, voted 3-2 in favor of Forest Development, led by Peter Baytarian, following presentations from five development teams.
The proposed project at 1851 Broadway will include between 350 and 450 apartments, with 20 units designated as workforce housing, and approximately 17,000 square feet of retail space. Construction is expected to begin within 18 months of site plan approval.
Wayne Richards, attorney for Forest Development, told the council that Baytarian is ready to move quickly on the project. “When I asked him about timing, he said ‘full speed ahead.’ He wants to hit this market while it’s hot,” Richards said.
Baytarian also expressed willingness to increase his bid from $3.78 million for the city- and CRA-owned land. If the deal proceeds, it would be Baytarian’s third development along the Broadway/U.S. 1 corridor. Forest Development is nearing completion of Nautilus 220—a pair of condo towers in Lake Park—and is preparing for another dual tower project called Oculina at 3700 Broadway.
Forest Development originally made an unsolicited offer for the Riviera Beach parcel over two years ago. The city subsequently invited proposals from other developers for the site.
Despite submitting the lowest cash bid among finalists, Forest Development received top marks from a selection committee based on factors such as design quality, community benefits, and developer reputation—criteria that each accounted for more weight than purchase price in the scoring process.
If negotiations with Forest Development do not succeed, Riviera Beach may enter talks with Frontier Development & Hospitality Group and Gedeon Financial. Their proposal included building 300 apartments—75 percent set aside for workforce housing—and offering $4 million for the land. Woody Victor of Frontier indicated potential use of Florida’s Live Local Act to achieve greater density or tax incentives.
Kenco Communities offered the highest cash bid at more than $4.55 million and proposed an eight-story building with up to 22 workforce housing units among its 219 residences. Coltown Properties suggested a larger residential component and was willing to outbid competitors by at least $100,000 according to founding principal Steven Neuman.
Elysium Land Development presented a partnership model rather than a purchase arrangement and planned a “community incubator” featuring affordable housing units.
Initially only top three proposals were scheduled for presentations but all five were considered after an error regarding bid rankings was acknowledged by CRA Executive Director Gedel Merzius.
Riviera Beach officials have sought new developments like this one in order to expand their tax base and support major infrastructure projects including reconstruction of its water plant. Nearly 2,000 condos and apartments are currently planned or under construction in Riviera Beach according to analysis by The Real Deal.
