Time Equities Inc. has begun construction on a 465-unit luxury multifamily community in downtown Boynton Beach, Florida. The upcoming rental property, known as OCTAVIA, represents the first phase of a larger 898-unit project. Completion of the first phase is estimated for the fall of 2028.
Towering Over the Intracoastal Waterway
The first phase of OCTAVIA is an eight-story building rising on roughly four acres at 120 SE 1st Ave., close to the Intracoastal Waterway and the Atlantic Ocean. It is taking shape near Interstate 95, which provides regional connections through the West Palm Beach-Boca Raton, Florida area. The highway historically divided Boynton Beach into eastern and western sections, reshaping its downtown business core.
When completed, the first phase will include a mix of studio apartments, as well as one- to three-bedroom floorplans. The residential building will have 50,000 square feet of multifamily amenities spread across indoor and outdoor spaces. Indoor amenities will include a coworking space, a clubroom, a sports lounge, a game room, a spa and a fitness center, a private dining room, a children’s playroom and a pet spa. Other interior amenities will include art installations, smart-home technology, a sundry shop at the lobby level and in-unit package delivery services.
Outdoor amenities at OCTAVIA’s first phase will include a swimming pool, lounges, firepits, terraces, two courtyards and a rooftop-level dog park. The building will have 6,500 square feet of ground-level retail space and 1,005 parking spots. The development team includes MSA Architects as architect of record and ID & Design International in charge of interior design. KAST Construction is the general contractor. Kimley-Horn and Willow Bridge Property are also involved.
Funding the OCTAVIA Project
M&T Bank, together with City National Bank and Valley National Bank, originated a $160 million construction loan for the project’s first phase. OCTAVIA’s first phase is also supported by a $20 million tax increment financing agreement. Time Equities also launched a $95.3 million tenant-in-common investment offering for the project available through the company’s affiliated broker-dealer, Time Equities Securities LLC. The offering is structured for verified accredited investors seeking a replacement property for Section 1031 and 1033 exchanges.
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OCTAVIA will be a two-phase multifamily project serving as the residential cornerstone of Town Square, a 16.5-acre master-planned, mixed-use government complex. The developer acquired two vacant parcels for OCTAVIA and received city approvals for the project in 2024. The second phase of OCTAVIA will be at 100 E. Boynton Beach Blvd., next to the new city hall. It will consist of a residential building totaling 433 units on a nearly five-acre lot. The second phase is supported by a $15.2 million tax increment financing agreement and is expected to break ground in late 2031.
A $250 Million Public-Private Partnership
Town Square is a $250 million public-private partnership intended for the redevelopment and revitalization of the Boynton Beach Boulevard and cultural districts on a four-block area. To date, the plan includes a new city hall, a library, a children’s museum, an outdoor amphitheater and a cultural center. The Town Square mixed-use project is part of a six-district special government territory covering 1,650 acres in eastern Boynton Beach.
The artery is undergoing a $64 million improvement project at the interchange with Boynton Beach Boulevard, aimed at relieving heavy daily commuter traffic. Downtown West Palm Beach and its international airport are both within 15 miles of OCTAVIA’s first phase. Upon delivery, the larger OCTAVIA community will have 23,500 square feet of retail space and 2,054 parking spots in total.
Within the broader West Palm Beach metro, the construction pipeline of Palm Beach County surpassed 6,400 units at the second half of 2026, following an 18-month streak of record construction starts, according to data from a report by Cushman & Wakefield. The pipeline exceeded that of Broward County for the first time in 20 years, while Boynton Beach and Delray Beach emerged as construction hotspots. The two submarkets accounted for 40 percent of all units underway in Palm Beach County, the report shows. Vacancy fell to 6.7 percent as of June, as the area absorbed recently delivered supply.
Recent multifamily projects include The Sutton, a 432-unit community in Palm Beach Gardens, Florida. In July, Rockpoint and The Kolter Group teamed up for the development and received construction funds from PNC Bank. The project will come online in 2028. Later that same month, a partnership between LD&D and IGEQ broke ground on Alida Residences, a 181-unit project in West Palm Beach’s downtown. The development is the first high-rise to start construction in the area in nearly five years.