Boynton's half-finished Town Square project gets $35 million from city to finish work

Yahoo

16-05-2025

BOYNTON BEACH — After weeks of deliberation and nearly eight years for it to come to fruition, the Boynton Beach Community Redevelopment Agency approved Time Equities' request for a $35 million tax-increment financing plan to complete the city's long-delayed Town Square Project.
'We're here to do our best,' said Francis Greenburger, owner of Time Equities, who was seated in the front row at the May 13 board meeting. 'We're committed to realizing what we hope will be a high-quality project consistent with the vision that Boynton had for itself. … Give us the tools and we'll go to work.'
Following lengthy discussions with the New York-based development company and much input from the public the past several weeks, the CRA voted to approve the $35 million request, passing it 4-1.
The vote came after an attorney-client closed-door session, also known as a shade meeting, between city commissioners that lasted about an hour. A shade meeting is a session that allows a city's board or commission members to meet privately with an attorney to discuss public matters in accordance with Florida's Sunshine Law.
Boynton Beach Mayor Rebecca Shelton, along with commissioners Thomas Turkin, Aimee Kelley, and Woodrow Hay, all voted in favor of the TIF request. Commissioner Angela Cruz was the sole vote against the deal.
'Metrics don't lie,' Turkin said. 'This isn't a perfect situation. This isn't a perfect project. You know how I feel about the project in its entirety. You know how split and divided residents are. But, I think if you look at this economically and you look at the metrics … they don't pick sides.'
'I'm not going to let perfect be the enemy of good,' he added.
Despite formerly expressing disapproval, Turkin believes that the project will positively stimulate the city's economy, creating what he calls an 'economic boom.'
'I think it's in our best interest to move forward with this,' he said.
Cruz said she felt the tax-increment finance request, or TIF, was too high and expressed discomfort with placing such a hefty investment in just one project.
'I don't feel comfortable with providing 95% of our TIF,' Cruz said. 'We have multiple things that we're going to have to pay for as we grow as a city … (and) 95% is too much in my view. However, I do understand the reason for needing the tool.'
The Town Square project began development in 2018. It started as a 16.5-acre mixed-use redevelopment project that included a city hall, library, fire station and an amphitheater in the heart of Boynton Beach.
This portion of the project, the public sector, was completed in October 2020. However, the second half of the project, a private development in partnership with Boca Raton-based JKM Developers, sat idle for nearly seven years.
After a lengthy standstill, Times Equities reimagined The Square and proposed a new plan — two eight-story complexes, hosting close to 900 apartments that stretch from Boynton Beach to Seacrest boulevards. The project was approved in April 2024.
However, with a funding gap bringing the proposed eight-story complexes to a halt, developers turned to the city for money. The amount — a $35 million TIF, a price that had many residents up in arms and the CRA board divided.
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A TIF is a public financing plan intended to help community redevelopment projects and stimulate private investment in areas that need economic revitalization.
Yet on May 13, the CRA voted to move forward with the project, approving the developer's expensive request.
Robert Singer, Time Equities' director of development, assured the board their vote will not be in vain, maintaining his stance that the new development will create economic growth in Boynton Beach once completed.
'This is what drives jobs,' Singer said. 'What this is speaking to is permanent spending, permanent jobs, good jobs and businesses opening.'
'This is capturing the new people that come in, but then you have also the people that are living here who are going to have an opportunity to spend money. … It's a massive impact.'
This vote may come as a surprise to some, as both residents and select board members — Turkin included — were initially against the request, stating that $35 million was an egregious ask from developers. In a previous CRA meeting, Turkin called the TIF request a 'bad deal' and said he could not agree to the developers' terms, nor the high amount.
Local residents also expressed concerns regarding the height and density of the project, as well as the traffic and safety concerns that such a large development would welcome.
'I'm totally against this,' said Susan Oyer, Boynton Beach local and Realtor.
Yet, with a sort of change in tune, she urged the board to approve the TIF request in hopes that developers would work with area residents to meet the needs of the community.
'There's no way to turn down this project,' she said. 'It's not a change of heart. It's acknowledging the reality of the situation, and if you play nice, hopefully you can get some accommodations … ways to make a project that no one's happy with a little bit better.'
TE developers hope to begin the project by spring of 2026. They rejected the board's request to accelerate the projected start date.
Yet, after nearly eight years of a vacant and 'blighted' lot surrounding Boynton's city hall, other residents are excited for the new development to take shape.
'I think the project is well designed. I think it's going to be impactful on our community in a very positive way,' said Anthony Barber, a resident of Boynton Beach.
'These are the kind of people we want to be in partnership with. … They're not here to just take,' he said regarding TE developers. 'The train is at the station. We need to be sure that we're on it for the benefit of our community.'
This article originally appeared on Palm Beach Post: Boynton Beach votes to complete Town Square project