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Riviera Beach CRA approves nonbinding term sheet with Forest Development for 1851 Broadway in 3–2 vote
Summary
The Riviera Beach Community Redevelopment Agency approved a nonbinding term sheet with Forest Development Acquisitions LLC for the 1851 Broadway parcel, setting a $4.5 million baseline tied to a 335-unit scenario and leaving price adjustments linked to final unit counts; residents raised legal, traffic and water-rate concerns during public comment.
The Riviera Beach Community Redevelopment Agency voted 3–2 to approve a nonbinding term sheet with Forest Development Acquisitions LLC for redevelopment of the 1851 Broadway parcel after a lengthy discussion about appraisals, unit counts and community impacts.
The approved term sheet sets a baseline purchase price of $4,500,000 tied to a baseline of 335 residential dwelling units (RDUs) and establishes a $20,000 per-unit adjustment for each unit above or below that threshold. Staff said the structure is intended to balance as‑is appraisal values and potential entitled value if the developer secures higher density through the planning and zoning process.
Why it matters: The parcel is roughly 2.2 acres and is among the CRA’s remaining redevelopment sites. Commissioners and residents pushed staff to maximize the city’s return while…
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