After years of big plans and not a lot of visible action, heavy equipment has finally rolled onto the south parcel of Boynton Beach’s Town Square. New York-based Time Equities has closed a $160 million construction loan and started site work on what is shaping up to be one of downtown’s defining projects, with hundreds of new apartments, ground-floor shops and a massive parking garage on the way.
According to The Real Deal, the loan from M&T Bank covers construction on the 3.8-acre south parcel at 120 Southeast First Avenue. Current plans call for 465 apartments, roughly 6,300 square feet of ground-floor retail, a 1,055-space parking garage and about 50,000 square feet of resident amenities. Time Equities is also lining up a second phase that would bring another 433 apartments and around 17,000 square feet of additional retail space.
Per the Boynton Beach CRA, Town Square sits within a 15-acre redevelopment area the city kicked off in 2018. The broader plan has been rolling out in pieces, including the new City Hall, library and amphitheater. CRA records show the agency signed off in May 2025 on two tax-increment revenue finance agreements totaling $35.2 million to help the private components pencil out: $20 million earmarked for the south parcel and $15.2 million for the north parcel. The CRA schedule requires construction on the south site to start by October 1, 2026, and on the north site by December 31, 2031.
Project scope and timeline
West Palm Beach-based Kast Construction is serving as general contractor, and Time Equities controls the land through a ground lease, the developer told reporters. The company assembled roughly 8.8 acres in 2023, paying about $44 million for two apartment development sites. Deutsche Bank provided a $40 million loan tied to those acquisitions, per earlier coverage by The Real Deal.
With crews now mobilized for site work, vertical construction is expected to follow once foundations and utilities are in place. For locals who have been staring at renderings for years, the shift from paperwork to piling work is the clearest signal yet that Town Square’s big residential pieces are finally moving.
Public financing and community commitments
Those CRA agreements do not come free. In exchange for the public dollars, Time Equities agreed to a slate of community-oriented conditions, according to agency documents. The deal reserves specific space for local retailers at discounted rents and sets aside a $200,000 tenant-buildout allowance for the first local vendor to sign on.
The redevelopment framework also preserves a share of the parking garage for public use and links certain city approvals to performance milestones for the developer. On paper, the structure is designed to make the numbers work for a large private project while still delivering visible neighborhood benefits after years of delays and frustration.
What to watch next
In the near term, neighbors can expect the usual construction headaches: more trucks on the roads, staged material deliveries and occasional lane closures as work ramps up. Longer term, the market will be watching how quickly the 465 apartments lease up, a key test of demand for new housing in downtown Boynton Beach.
Town Square is not the only player in town either. Nearby, the separate Ocean One multifamily development recently secured a joint-venture equity partner and a construction loan from Madison Realty Capital, according to a Newmark release, adding to the sense that downtown’s long-promised reboot is finally gaining traction.
As Town Square moves toward full-scale construction, expect more public hearing dates, fresh permit filings and periodic updates from Time Equities and the CRA. For now, though, the most telling sign is simple: there is dust in the air and steel on the way.
