At its Jan. 22 meeting, the City of Riviera Beach Community Redevelopment Agency voted to enter exclusive negotiations with Exact Capital Group to develop the CRA’s Broadway signature project on the 26‑100/26‑01 parcels.

The CRA’s procurement director, Latanya Evans, told the board the Invitation to Negotiate (ITN 1136‑24‑3) produced three proposals; the evaluation committee ranked 262601 Broadway Partners highest overall (96.8 points), Exact Capital Group second (88.40), and Capodagli Property Company third (86). Board members heard 15‑minute oral presentations from Exact Capital and 262601 Broadway Partners and then each commissioner ranked the two finalists. Exact Capital received the majority ranking (4–1) and staff was directed to begin negotiations with that team.

The board’s discussion focused on traffic and site geometry at the Broadway/Blue Heron intersection, the project’s unit mix and parking, and how the development would balance market‑rate and workforce/affordable housing. Craig Livingston, managing partner of Exact Capital Group, described Exact’s proposal as a two‑building mixed‑use scheme that pairs an 18‑story market building with an 8‑story workforce/affordable building and emphasized a partnership with the Riviera Beach Housing Authority. John Hurd, executive director of the Riviera Beach Housing Authority, said the housing authority would “be responsible for the occupancy and marketing of the affordable housing building and participating throughout the general process.”

Several commissioners pressed the teams on local hiring and subcontractor participation. Exact’s team said it plans to use a national construction partner (Penta) in joint venture with a local minority contractor (Randolph Construction Group) and to include local subcontractors and apprenticeship pathways. Exact also proposed quarterly reporting to the CRA on community benefits and local hiring commitments.

Board members asked how the project would be funded. Exact said it expects to use a mix of private equity, tax credit investors and bank financing; the team also described possible mechanisms to cover “gap” funding, including private financing supported by a public PILOT or TIF structure. Exact stated it aims to complete design, entitlement and construction in roughly 36 months, contingent on final approvals and site acquisition discussions. Exact acknowledged the larger market building would generate the bulk of tax revenue while the smaller building would target workforce housing.

Commissioners requested that negotiations include traffic mitigation and turning‑lane geometry, clearer community‑benefit commitments, firm timelines for securing state and federal housing financing, and clarity on any proposed city subsidy or property conveyance. The CRA will return to the board with a negotiated term sheet for approval.

Votes and next steps: after each presentation commissioners ranked the two finalists; staff tallied four first‑place rankings for Exact Capital Group and one for 262601 Broadway Partners. The board asked staff to begin negotiated terms with Exact Capital and report back to the CRA for an up‑or‑down vote on any agreement.

Background: The ITN sought a signature mixed‑use residential and commercial development to activate the Broadway corridor. The solicitation identified evaluation criteria including developer team capability, alignment with CRA goals, leasing and operating experience, financial return to the CRA, and equal business opportunity/commercial nondiscrimination compliance.

Board members and staff said the presentations and the scoring materials are public record and available through open‑records requests.