Three Developers Battle for $100M+ Marina Village Project
Related Urban leads the competition for Riviera Beach's massive Marina Village redevelopment after FBI investigation delayed the selection process. Three firms will present proposals for the 12-acre mixed-use project next month.
Three major development firms are competing to transform a 12-acre waterfront site at Marina Village in Riviera Beach, with proposals totaling hundreds of millions in construction value along the Intracoastal Waterway.
Miami-based Related Urban Development Group holds the top position after receiving the highest score from the city's evaluation committee, according to LaTonya Ammons, Riviera Beach's procurement director. North Palm Beach-based Forest Development and California-based Sonnenblick Development ranked second and third respectively in the scoring process.
The selection process faced significant delays earlier this year when the FBI issued subpoenas for communications from Council Chairperson Shirley Lanier, Council Member Bruce Guyton, and Mayor Douglas Lawson related to Marina Village. This investigation prompted the cancellation of a February 25 vote on the development applications.
Related Urban's proposal features a two-phase approach beginning with 10 townhomes, three retail buildings totaling 18,000 square feet, and a 578-space parking garage with rooftop recreational amenities including soccer, padel, and basketball facilities. The second phase adds a 120-room hotel and 224-unit condo-hotel with additional parking and retail space, plus enhancements to the waterfront Bicentennial Park.
The Related Urban team includes Aventura-based BH Group, Boca Raton's PEBB Enterprises, West Palm Beach's Tezral Partners, and Miami architecture firm Arquitectonica. Their financial offer includes $3.75 million at closing plus 12.5 percent of the project's cash flow under a 99-year lease agreement.
Forest Development's Peter Baytarian has proposed a four-phase development starting with a 39,400-square-foot restaurant and 66,000-square-foot office building. Subsequent phases would add a 326,900-square-foot convention center, 164 residential units, and a 20-story hotel with 270 rooms. The proposal includes annual base rent starting at $370,000 and escalating to $1.48 million once fully built out, plus percentage payments on various revenue streams.
Sonnenblick Development, partnering with West Palm Beach-based Island Hospitality and Orlando's Margaritaville Hotel & Resorts, plans a 150-room Margaritaville Hotel and 13-story residential building in phase one. Their second phase envisions two additional residential towers and unique amenities including a 20,000-square-foot FlowRider surf complex and aquarium.
The Sonnenblick team's lease proposal begins at $250,000 annually for five years, increasing to $312,500 for the following five years, with 25 percent increases every decade thereafter under their 99-year lease structure.
All three development teams will present their proposals to the Riviera Beach City Council next month, with each group allocated 20 minutes for their presentations. The Marina Village site spans 90 acres near the Port of Palm Beach, representing one of the most significant development opportunities in northern Palm Beach County's waterfront corridor.
