Consideration of the Purchase and Sale Agreement for 318, 336 and 404 E. Martin Luther King Jr. Boulevard

The Board has actively pursued land assemblage along E. Martin Luther King Jr. Boulevard in order to continue the redevelopment of the corridor east of the new mixed-used project, Heart of Boynton Village Apartments and Shops. This continues to be one of the main goals for the BBCRA in accordance with the 2016 Redevelopment Plan. The objectives are to diversify the uses, provide wealth building and ownership opportunities, and reactivate the commercial corridor (see Attachment I).

The following properties are located adjacent to several BBCRA owned properties on the south side of the E. MLK corridor (see Attachment II).

• 318 E. Martin Luther King Jr. Blvd. - 0.18 acres/7840.8 sq. ft. - Appraised Value $550,000.00

• 336 E. Martin Luther King Jr. Blvd. - 0.18 acres/7840.8 sq. ft. - Appraised Value $415,000.00
• 404 E. Martin Luther King Jr. Blvd. & N.E. 10^th Avenue - .36 acres/15,681.6 sq. ft. - Appraised Value $2,140,000.00

The properties are a combined total of .72 acres (31,363.2 sq. ft.) with an appraised value of $3,105,000.00  The appraisals were performed on January 15, 2026 and are provided as Attachments III. The Seller has executed a Purchase and Sale Agreement at a negotiated sales price of $3,590,000.00 for all properties which is 15.6% above the appraised value (see Attachment IV).

The closing date will be held on or before November 15, 2026 and the properties will be handed over to the CRA vacant.  The Seller has other rental properties in which to relocate the remaining tenants. 

A comparable worksheet, with key property information, has been provided as Attachment V. The comparison includes these properties, current BBCRA owned properties on E. Martin Luther King Jr. Boulevard and miscellaneous BBCRA owned lots within the Heart of Boynton.

The purchase of these properties is key to advancing redevelopment along the corridor. If acquired, the BBCRA will own a total of  3.67 acres on the south side of E. Martin Luther King Jr. Boulevard and NE 9th Avenue. Future purchases will allow the consolidation of parcels into a larger site creating a more desirable and viable redevelopment opportunity, providing the BBCRA with greater flexibility to attract private investment and advance the long-term redevelopment goals for the corridor.

FY 2026-2027 Budget, Project Fund, Line Item 02-58200-401 - $3,590,000.00

2016 Boynton Beach Community Redevelopment Plan - Heart of Boynton District

1. Approve the purchase of 318, 336 & 404 E. Martin Luther King Jr. Blvd. in the amount of $3,590,000.00 and allow the Chair to execute the Purchase and Sale Agreement.
2. Do not approve the purchase of 318, 336 & 404 E. Martin Luther King Jr. Blvd.
3. Alternative direction as provided by the BBCRA Board.