The city of Riviera Beach executed a 99-year ground lease with the Related Group and BH Group for development of its marina property.

City officials selected the team of Miami-based Related Group, Aventura-based BH Group and West Palm Beach-based Tezral Partners to build a multifamily project at the city-owned marina in January. The property at 190 E. 13th St. is along the Intracoastal Waterway and already includes an event center, a tiki market and watersports facilities. That deal is now official with the lease approved.

“I am personally very excited about the development of Riviera Beach into a thriving waterfront community,” Related Group Chairman and CEO Jorge M. Pérez told the Business Journal. “We look forward to building beautiful market rate apartments that will attract people from inside the city and from neighboring West Palm Beach. We would love to see the city turn into a 24-hour center for all income groups where people can, live, shop and work.”

Designed by Cohen Freedman Encinosa & Associates Architects, the project would feature 424 apartments in 334,660 square feet, 8,000 square feet of retail, and a 517-space parking garage. Amenities would include a pool deck, a fitness center and a club room.

The apartments would range from 490 to 1,195 square feet. There would be 38 studio apartments, 152 one-bedroom units, 194 two-bedroom units and 40 three-bedroom units.

According to a city staff memo, Riviera Beach expects to receive $139.7 million from the project over the first 45 years of the lease, including $11.4 million in rent, with most of that from property taxes. JLL represented the city in the deal.

In addition, the ground lease permits the affordable housing arm of the Related Group to build 138 affordable units on the site.

Related Group recently completed the Icon Marina Village apartments not far from there in West Palm Beach, so it’s seen the demand for apartments on the water in Palm Beach County. Related Group and BH Group are also working together on the Transit Village project in West Palm Beach.

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