Affiliated Development Acquires 4.3-Acre Site In Boynton Beach From Alan Rutner

The property involved in the transaction is a 4.3-acre mixed-use assemblage located at 2703 & 2755 Federal Highway in Boynton Beach. The sale price for this asset was $12,000,000.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $12,000,000
• Buyer: Jeffrey Burns & Nicholas Rojo - Affiliated Development
• Seller: Alan Rutner
• Market: Boynton Beach
• Acres: 4.3

Affiliated Development, led by CEO Jeffrey Burns and President Nicholas Rojo, acquired the property for their development plans. They intend to construct 38 townhomes, an eight-story apartment building with 336 units, and retail space. Half of the apartment units will be designated as workforce housing. The company is also currently dealing with delays in their ongoing project, The Pierce, due to a lawsuit from an existing tenant. Recently, they also purchased a development site in Fort Lauderdale for a new project named The Era, which will offer 400 units along with tax incentives for workforce housing.