Riviera Beach, September 26, 2025
News Summary
Related Group and partners secured a $100.3 million construction financing package to build the Residences at Marina Village, an eight‑story, 149‑unit workforce housing project on a 2.4‑acre site in Riviera Beach. The building will target households earning 30%–110% of area median income and was funded through a mix of public and private sources, including state housing finance, banks, county and CRA contributions. The project sits within the larger 90‑acre Marina Village redevelopment and complements adjacent proposals, while local county programs continue providing short‑term shelter and rehousing support for unhoused residents.
Related Group secures $100.3 million for Riviera Beach workforce apartments
Related Group has closed a construction financing package totaling $100.3 million for a planned workforce housing project in Riviera Beach known as Residences at Marina Village. The deal covers an eight‑story, 149‑unit apartment complex planned for a 2.4‑acre site at 57 East 12th Street, part of a larger effort to redevelop a 90‑acre area north of the Port of Palm Beach and opposite Peanut Island.
What the financing covers and who provided it
Public records show the financing package is made up of several sources that add up to the headline amount. The breakdown includes:
- $54 million from a state housing financing agency and a national trustee bank
- $38.6 million from a regional commercial lender
- $4.7 million from Palm Beach County
- $1.5 million from the Riviera Beach Community Redevelopment Agency
- $1.5 million from a private entity tied to the project’s principal family
The combined total of those sources equals the full $100.3 million construction package.
Project scope and affordability
The Residences at Marina Village received city approval in June and is aimed at households earning between 30 percent and 110 percent of area median income in Palm Beach County. The county’s area median income was $104,000 in 2024, which guides the income bands for rents and eligibility.
Partners and nearby development
The project pairs the Miami‑based developer with Tezral Partners, a development firm led by a former local redevelopment director and a partner. The same group, together with an Aventura‑based development partner, is also behind a larger, adjacent project called Gallery at Marina Village.
Gallery at Marina Village — the neighbor
The Gallery at Marina Village is planned on a 2.5‑acre parcel at 1300 Broadway and would be a 20‑story building with 418 units. Plans include 3,000 square feet of retail, 3,000 square feet of office space and a 648‑space parking garage. Local redevelopment officials recently reissued a bid because only one firm was deemed responsive to the first request for proposals.
Other proposals for Marina Village
Separately, a development executive from California has indicated plans to propose an eight‑story hotel branded to a national leisure name, with a larger master plan that could add residences, restaurants, another hotel and a large parking garage. That broader proposal remains a competing concept as the city and redevelopment agency review options for the overall site.
Local housing support: motel program helps more than 100 people
In a related local housing development, a Palm Beach County grant funded a short‑term motel placement program that provided temporary shelter for about 130 people, including at least 100 formerly homeless individuals. Since May, participants stayed at two motels while caseworkers connected them to long‑term housing options.
The program paid for motel stays of roughly two months, with a short extension window for families, and also covered first and last month’s rent plus security deposits when participants transitioned into permanent units. Case managers used the motel stays to help participants address health needs, secure income supports and move into independent housing.
Other regional development news
A joint venture in West Palm Beach recently closed a $285 million construction loan for a hotel and residences project. That development will bring about 146 luxury apartments and a hospitality component, with design and amenities aimed at an upscale market. The project team reported strong early sales for its residential portion and has retained a national firm to represent the financing transaction.
Why this matters
The Riviera Beach financing and the motel program illustrate two trends: public‑private capital is being deployed to build new housing stock while county dollars and nonprofit partners are funding immediate shelter and housing transitions for people in crisis. The combination of long‑term construction projects and short‑term supports is shaping near‑term neighborhood change along the Marina Village corridor.
FAQ
What is the Residences at Marina Village?
The Residences at Marina Village is a planned eight‑story, 149‑unit workforce housing complex to be built on 2.4 acres at 57 East 12th Street in Riviera Beach.
How much financing was secured for the project?
Developers secured a total of $100.3 million in construction financing from a mix of public and private sources.
Who is eligible to live in the Residences at Marina Village?
Units are expected to serve households earning between 30 percent and 110 percent of the area median income for Palm Beach County, using the county’s AMI as a guide.
What other projects are planned nearby?
An adjacent site is planned for a 20‑story, 418‑unit building called Gallery at Marina Village. There are also competing proposals for hotel and mixed‑use development in the larger Marina Village area.
How is the city addressing current homelessness?
Palm Beach County funds helped place about 130 people in two motels for short stays while caseworkers arranged long‑term housing and covered move‑in costs for many participants.
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Key project features
| Feature | Residences at Marina Village | Gallery at Marina Village |
|---|---|---|
| Site | 57 East 12th Street (2.4 acres) | 1300 Broadway (2.5 acres) |
| Height / Units | Eight stories / 149 units | 20 stories / 418 units |
| Affordability | 30%–110% of AMI | Market rate / mixed uses |
| Parking | Not specified in records | 648‑space garage planned |
| Ground financing | $100.3 million total (multiple sources) | Planned financing and development partnerships |
Deeper Dive: News & Info About This Topic
Additional Resources
- The Real Deal: Related lands $100M financing for Riviera Beach apartments
- Wikipedia: Residences at Marina Village Related Group Riviera Beach financing
- ConnectCRE: Related obtains $92.6M loan for Riviera Beach apartments
- Google Search: Residences at Marina Village construction loan
- WPTV: County-funded program secures homes for 100 in Riviera Beach facing homelessness
- Google Scholar: Riviera Beach homelessness motel program Palm Beach County
- Multi-Housing News: Terra JV breaks ground on mixed-use development in West Palm Beach
- Encyclopedia Britannica: West Palm Beach mixed-use development Terra JV
- The New York Times: Palm Beach billionaires battle for oceanfront land
- Google News: Palm Beach oceanfront land billionaires battle
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