Miami-based Related Group has secured funding for Residences at Marina Village, an affordable housing development in Riviera Beach. The $92.6 million in financing came from three entities: Manufacturers and Trusters Trust Co., the Florida Housing Finance Corp, and Bank of New York Mellon Corp.
Residences at Marina Village is slated to measure eight stories above grade and comprise 149 units. Residency will be reserved for tenants earning 30 to 110 percent of the area median income. Palm Beach County’s area median income (AMI) was $104,000 as of 2024.
Our sources report that this will be the first Class-A mixed-income development in Riviera Beach. Residences at Marina Village LLC (an affiliate of Related Urban Development Group) is the developer. Related, along with BH Group and Tezral Partners, controls the build site through a land lease with the City.
Residences at Marina Village isn’t the only workforce housing development unfolding in Riviera Beach. Recently, Florida YIMBY reported on Marina Annex, a 175-unit community intended for residents earning 60 to 140 percent of the AMI. The development will also feature retail space and an expansive community center…