Time Equities Breaks Ground on 465-Unit Octavia in Boynton Beach

• Time Equities has started construction on Octavia, an eight-story, 465-unit Class A multifamily project at 120 SE 1st Avenue in downtown Boynton Beach.
• The first phase has secured a $160 million construction loan from M&T Bank, City National Bank and Valley National Bank, plus $20 million in tax increment financing.
• The larger 898-unit Town Square residential plan will be built in two phases, with the first phase expected to deliver in fall 2028.

What Time Equities Is Building

Time Equities has kicked off construction on Octavia, a major new rental development that will anchor the residential component of Boynton Beach's broader Town Square redevelopment.

The first phase will rise eight stories on roughly four acres at 120 SE 1st Avenue, near City Hall, the Intracoastal Waterway and Interstate 95. The building will include 465 apartments, 6,300 square feet of ground-floor retail, roughly 50,000 square feet of amenities and a 1,005-space parking garage.

Time Equities Director of Development Robert Singer previously described the location as strategic, saying, “We think coastal Palm Beach County and Boynton is strategic, and this is right in the middle of everything.”

What The $160M Financing Says

The project is backed by a $160 million construction loan from M&T Bank, City National Bank and Valley National Bank. Boynton Beach is also supporting the first phase through a $20 million tax increment financing agreement, helping make the large-scale downtown redevelopment financially viable.

Time Equities has separately launched a $95.3 million tenant-in-common investment offering for the property through Time Equities Securities. The offering is limited to verified accredited investors and is structured for investors seeking replacement properties through 1031 and 1033 exchanges.

For CRE investors, the combination of institutional construction financing, public incentives and private investment capital shows how Boynton Beach is using multiple sources of capital to accelerate its downtown transformation.

What Residents Will Get

Octavia will offer studios and one- through three-bedroom apartments, supported by approximately 50,000 square feet of indoor and outdoor amenities. The indoor program includes coworking space, a clubroom, sports lounge, game room, spa, fitness center, private dining room, children's playroom and pet spa.

Outdoor features will include a swimming pool, lounges, firepits, terraces, two courtyards and a rooftop dog park. Smart-home technology, package delivery and a lobby-level sundry shop are also planned.

The project is being designed by MSA Architects, with ID & Design International handling interiors and KAST Construction serving as general contractor. Kimley-Horn and Willow Bridge Property are also part of the development team.

What The Full Town Square Plan Means

Octavia is only the first piece of Time Equities' larger residential strategy. The second phase is planned at 100 E. Boynton Beach Boulevard and would add another 433 apartments, bringing the total residential program to approximately 898 units.

The broader Town Square redevelopment is a public-private effort centered around Boynton Beach's civic district. The plan includes a new City Hall, library, children's museum, outdoor amphitheater and cultural center, positioning Octavia as the residential component of a much larger downtown transformation.

Time Equities Chairman Francis Greenburger said the company sees an opportunity in Boynton Beach's growth, stating, “Palm Beach County is growing through an enormous growth spurt. We want to join the new vision for Boynton Beach, which could be more of a center for the county.”

What Investors Should Watch

The timing is notable. Cushman & Wakefield reported 6,424 multifamily units under construction in Palm Beach County in the second quarter, while year-to-date absorption had reached more than 680 units. Boynton Beach and Delray Beach remain among the county's most active development areas.

For landlords and investors, Octavia reinforces Boynton Beach's emergence as a serious multifamily growth market between West Palm Beach and Boca Raton. With 465 units moving into construction and another 433 planned, Time Equities is betting that downtown Boynton Beach can support institutional-scale rental housing and become a more important residential hub in Palm Beach County.