The working class city of Riviera Beach, just north of West Palm Beach is looking to boost its tourist base and create more jobs. For other cities looking to do the same thing, such high hopes take time, but for Riviera Beach all it takes is $410 million and a marina overhaul.
Developers will come in front of the communities redevelopment agency to ask for additional funding of $35 million to support a six-story building that would serve the marina area with much desired commercial additions. This project is being added to the already massive $375 million marina overhaul that will include restaurants, shops, boat slips and a boardwalk. The proposed building will offer a rooftop pool, 66 hotel rooms, a 5,000 square foot restaurant, sky bar and over 20,000 square feet of retail space.
While a huge portion, roughly $15 million of the funds needed for the project will go to a parking deck able to hold 751 cars, it is the hopes of developers that after funding is approved, ownership of the parking deck gets transferred to the public. Their reasoning is that the parking deck will go to serve the entire marina area and not just the shopping center.
Members of the Riviera Beach community are hoping that the marina redevelopment project will provide the much-needed boost in tourism and job development. While projects as large as the marina redevelopment do often boost the economy and draw crowds, the project's success may hinge on the final product being as impressive as it is expensive. It is important for individuals looking to develop commercial space to have a team of experienced commercial real estate professionals by their side. If you are interested in commercial real estate, you may benefit by talking to a skilled real estate attorney.
Source: South Florida Business Journal, "Riviera Beach considers $35M hotel with mixed use at marina," Brian Bandell, Sept. 22, 2015