Riviera Beach is poised to see a major development in its housing landscape with the recent groundbreaking of a new mixed-use building. The project, known as the Residences at Marina Village, is expected to inject new life into the broadway corridor and is part of a larger $150 million Marina Village master plan aimed at revitalizing the area. As reported by CBS12, the city's Redevelopment Agency is spearheading the project which will feature 149 workforce housing units and 5,000 square feet of retail and commercial space.
According to WPBF, Palm Beach County is supporting the initiative with a $4.7 million contribution from a workforce housing bond. The total development cost for the Residences at Marina Village amounts to $48 million. Jonathan Brown, Housing and Economic Development Director for Palm Beach County, emphasized the community-supported nature of the funding, "This money is from the county and specifically for this one here, this is the housing bond that the voters voted on. The residents of Palm Beach County agreed to tax themselves to create this $200 million housing bond. And so, if I can break it down even further, this is the resident's money." Brown further clarified the affordability aspect, stating, "If you are living in a or rent one of the one-bedroom units, then the max rental rate that you will be looking at will be $656-$658, depending on what your actual income is.”
The development aims to cater to a broad range of incomes, providing housing for families earning between 30% and 110% of the area median income. This initiative comes at a time when the housing crisis has become a pressing issue for the county. The Residences at Marina Village is slated to provide not only a place to live for those who qualify but also bring about jobs during its construction phase and, as city leaders point out, permanent employment opportunities once the project is complete. The groundbreaking took place today, with the project anticipated to open by mid-2028.
The impact of this project on the local community extends beyond the provision of housing; it also promotes job growth within Palm Beach County. Tenants eligible to rent these units must work for a company that is located in the county. Jonathan Brown further explained to WPBF, “And what we mean by located in Palm Beach County is you're not working virtually, but there is an office that you're assigned to that's here in Palm Beach County.” County officials are actively working to continuously partner with developers and create funding mechanisms to ensure affordable housing remains attainable for residents in the face of escalating rent and home purchasing prices.
Construction of the Residences at Marina Village is expected to last approximately two years.
