Riviera Beach CRA approves nonbinding term sheet with Forest Development for 1851 Broadway in 3–2 vote

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 preserving local benefits; some speakers urged lease options rather than a sale and expressed concern about traffic and water-system capacity.

Developer details and entitlements Forest Development representative Peter Baterian told the board the site’s zoning under the IHCPUD could allow up to 20 stories. Baterian said the developer expects to propose some workforce housing but that “I think the percent being proposed is 5%.” He also said the developer would consider contributing to programs to help residents with rising water costs.

Appraisals and price adjustments Staff summarized prior appraisals that ranged from roughly $3.0 million (as‑is) to as much as $6.5 million when fully entitled. Executive Director (speaker 3) and other staff emphasized that the $4.5 million baseline reflects the board’s prior direction and provides a starting point for the development agreement. Staff explained that any higher purchase price tied to additional units or entitlements would be negotiated through the development agreement and site‑plan review.

Residents’ objections and legal question Multiple residents urged the board to get the highest feasible price or to lease the land so the city could reclaim a parcel if development failed. Nakasha Wells, a resident who addressed the board during public comment, argued the term sheet improperly links governmental approvals to purchase price and cited Hartnett v. Austin, saying the structure risked “a direct and illegal financial link between governmental approvals and the purchase price.” General counsel later responded that staff believes the term sheet is appropriate and provides flexibility to move to a development agreement.

Vote and next steps On roll call the board recorded Commissioner Davis Paneer—Yes; Commissioner Guyton—Yes; Vice Chair Miller Anderson—No; Commissioner Spiritis—Yes; Chair Lanier—No. The motion passed 3–2. Passing the term sheet authorizes staff to proceed to negotiate a development agreement; any entitlement, site‑plan review and final sale would be completed later and involve separate approvals.

Community concerns raised included traffic impacts along Broadway, parking capacity at the marina, the adequacy of workforce/affordable housing commitments and whether proceeds would be earmarked to address rising water rates. Staff committed to returning with a development agreement and said discussions around local participation, community benefits and how sale proceeds would be split between the city and CRA will occur during negotiations.