Riviera Beach Approves Exact Capital’s $280 Million Apartment Project: A Boost to Affordable Housing in the City: Mistakes to Avoid

Exact Capital’s Riviera Gateway Project: A Game-Changer for Affordable Housing in Miami

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var(–wp–preset–gradient–midnight) !important;}.has-small-font-size{font-size: var(–wp–preset–font-size–small) !important;}.has-medium-font-size{font-size: var(–wp–preset–font-size–medium) !important;}.has-large-font-size{font-size: var(–wp–preset–font-size–large) !important;}.has-x-large-font-size{font-size: var(–wp–preset–font-size–x-large) !important;}”,”type”:”list”,”__typename”:”StyleItem”}],”post”:{“id”:”cG9zdDoxMDAxMDkx”,”databaseId”:1001091,”title”:”Riviera Beach approves Exact Capital’s 280-unit apartment project”,”status”:”publish”,”slug”:”riviera-beach-approves-exact-capitals-apartment-project”,”uri”:”/miami/2025/11/17/riviera-beach-approves-exact-capitals-apartment-project/”,”link”:”https://therealdeal.com/miami/2025/11/17/riviera-beach-approves-exact-capitals-apartment-project/”,”dateGmt”:”2025-11-17T22:00:00″,”contentTypeName”:”post”,”contentFiltered”:”u003cpu003eRiviera Beach approved a deal with New York-based Exact Capital to enable it to build 280 apartments in the city, most of which will be workforce and affordable housing.u003c/pu003enu003cpu003eThe development agreement, which includes the sale of a half-acre property owned by the Riviera Beach Community Redevelopment Agency for $2 million, was approved by a vote of 4 to 1 during the CRA’s meeting last week. Vice Council Chairperson KaShamba Miller-Anderson was the lone dissenting vote.u003c/pu003enu003cpu003eAccording to the agreement, an affiliate of Exact Capital plans to build an 18-story, 192-unit mixed-income building with 7,000 square feet of commercial space at 2600 Broadway, and an eight-story, 88-unit affordable housing building for senior citizens, plus 2,000 square feet of commercial space, across the street at 2601 Broadway. Both projects would be managed by the Riviera Beach Housing Authority, a partner in the project.u003c/pu003enu003cpu003eExact Capital’s project, called The Riviera Gateway, will be built on properties that Riviera Beach’s CRA paid nearly $2.8 million to acquire. Records show the CRA bought the 2600 Broadway parcel from Broadway u0026amp; Blue Heron Realty LLC, managed by Robert Sullivan, for nearly $2.3 million in 2018, and it bought the 2601 Broadway property for $500,000 in 2013.u003c/pu003enu003cpu003eExact Capital will get the property at 2601 Broadway property for no cost, and will get a 100 percent property tax exemption in exchange for building affordable housing for seniors.u003c/pu003enu003cpu003eThe developer will pay $500,000 upfront for the property at 2600 Broadway, and will pay $1.5 million once the project receives financing, including a $250,000 contribution to North Technical Education Center to support vocational training, Craig Livingston, managing partner of Exact Capital, told council members. There would also be a 50 percent tax exemption on the land for the first five years, which would decrease by 2.5 percent each for the next 30 years.u003c/pu003enu003cpu003eThe terms of the deal initially concerned some council members. Council Chairperson Shirley Lanier said she didn’t like the idea of the developer gaining control of the property before gaining financing, while council member Bruce Guyton wanted to make sure the city would get a return on the land.u003c/pu003enu003cpu003e“We are not in the business of giving away properties to developers, even in P3s. We need something coming back to us,” Guyton said.u003c/pu003enu003cpu003eLivingston replied that even with the tax abatement, Riviera Gateway would pay $5 million in property taxes in the first years and a total of $25 million over 30 years. “We’re going to produce affordable housing. We are creating a tremendous [number] of jobs. We are going to invest almost $200 million in this location that will, particularly on the east side, be generating a tremendous amount of tax revenue for the city,” Livingston added.u003c/pu003enu003cpu003eWorkforce housing developer Terry Booty, who called himself an unpaid consultant for Exact Capital and the Housing Authority, said that if they don’t go forward with the project as promised, the CRA can take back the land through the agreement’s “call back provisions.”u003c/pu003enu003cpu003eRiviera Beach has attracted increased attention from developers in recent months. An analysis by u003cemu003eThe Real Deal u003c/emu003erevealed nearly 2,000 condos and apartments are in Riviera Beach’su003ca href=”/miami/2025/11/06/here-is-riviera-beachs-residential-development-pipeline/”u003e residential development pipelineu003c/au003e.u003c/pu003enu003cpu003eSeveral of these future developments are slated to be built on or near the U.S. 1/Broadway corridor, such as Boca Raton-basedu003ca href=”/miami/2025/07/25/508-unit-condo-project-moves-forward-in-riviera-beach/”u003e SobelCo’s 508-unit, 1.2 million-square-foot 1117 Broadwayu003c/au003e project, and North Palm Beach-based Forest Development’s twou003ca href=”/miami/2025/05/08/riviera-beach-approves-25-story-waterfront-condo-towers/”u003e 25-story Oculina condo towersu003c/au003e at 3700 Broadway. Forest Development, headed by Peter Baytarian, has also recently inked a deal to acquire 2.2 acres of Riviera Beach-owned property at 1851 Broadway for au003ca href=”/miami/2025/11/14/forest-development-wins-right-to-build-in-riviera-beach/”u003e $325 million project near Riveria Beach’s waterfrontu003c/au003e.u0026nbsp;u0026nbsp;u003c/pu003enu003cpu003eAnd the Related Group recently obtained $100 million in financing to build a 149-unit workforce housing development calledu003ca href=”/miami/2025/09/25/related-lands-100m-financing-for-riviera-beach-apartments/”u003e Residences at Riviera Beachu003c/au003e at 57 East 12th Street, which will be built next dooru003ca href=”/miami/2024/07/22/related-group-partners-plan-marina-village-apartments/”u003e to Related’s joint venture 20-story developmentu003c/au003e, Gallery at Riviera Beach, at 1300 Broadway.u003c/pu003en”,”noAds”:false,”alternativeHeadline”:{“subheadline”:”Plans include an 18-story mixed-income tower and an eight-story senior housing building”,”__typename”:”AlternativeHeadline”},”updatedPost”:{“updated”:false,”date”:”2025-11-17T22:12:00+00:00″,”__typename”:”UpdatedPost”},”aiSummary”:{“summary”:”u003cpu003eu003c!– wp:list –u003eu003c/pu003ernu003cul class=”wp-block-list”u003eu003c!– wp:list-item –u003ernu003cliu003eRiviera Beach officials approved a development agreement with New York-based Exact Capital for “The Riviera Gateway,” a 280-unit apartment project featuring mostly workforce and affordable housing.u003c/liu003ernu003c!– /wp:list-item –u003ernrnu003c!– wp:list-item –u003ernu003cliu003eThe project includes an 18-story building with 192 mixed-income units and an eight-story building with 88 affordable housing units for seniors, at 2600 and 2601 Broadway, respectively.u003c/liu003ernu003c!– /wp:list-item –u003ernrnu003c!– wp:list-item –u003ernu003cliu003eThe deal involved selling a half-acre of CRA-owned property for $2 million (with one parcel at no cost for the senior housing) and includes a 50 percent tax exemption on the land for the first five years of the mixed-income building; the developer committed to investing nearly $200 million and generating significant tax revenue over 30 years.u003c/liu003ernu003c!– /wp:list-item –u003eu003c/ulu003ernu003cpu003eu003c!– /wp:list –u003eu003c/pu003e”,”reviewed”:true,”disabled”:false,”autoGenerate”:false,”__typename”:”AISummary”},”audioArticleSettings”:{“audioUrl”:”https://eleven-public-cdn.elevenlabs.io/audio-native/a24c95b71e45d877e2798ceb32ef0ff8b1d79dced18bffc58f5b3a0c6e8468ac/lOKz9rRZEZ2uxfY1ddrD/lOKz9rRZEZ2uxfY1ddrD.mp3″,”__typename”:”AudioArticleSettings”},”mainArt”:{“mediaType”:”image”,”image”:{“node”:{“sourceUrl”:”/wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18-1400×933.jpg”,”srcSet”:”/wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18-1400×933.jpg 1400w, /wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18-300×200.jpg 300w, /wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18-700×467.jpg 700w, /wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18-200×133.jpg 200w, /wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18-768×512.jpg 768w, /wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18-1024×683.jpg 1024w, /wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18-50×33.jpg 50w, /wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003eExact Capital managing partner Craig Livingston with a rendering of The Riviera Gateway at 2600 and u0026#8230;u003c/pu003en”,”altText”:”Exact Capital managing partner Craig Livingston with a rendering of The Riviera Gateway at 2600 and 2601 Broadway”,”__typename”:”MediaItem”},”__typename”:”AcfMediaItemConnectionEdge”},”video”:null,”caption”:”Exact Capital managing partner Craig Livingston with a rendering of The Riviera Gateway at 2600 and 2601 Broadway (Getty, REG Architects, Exact Capital, City of Riviera Beach/YouTube)”,”__typename”:”MainArt”},”featuredImage”:{“node”:{“sourceUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18-1400×933.jpg”,”srcSet”:”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18-50×33.jpg 50w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003eExact Capital managing partner Craig Livingston with a rendering of The Riviera Gateway at 2600 and u0026#8230;u003c/pu003en”,”altText”:”Exact Capital managing partner Craig Livingston with a rendering of The Riviera Gateway at 2600 and 2601 Broadway”,”mediaDetails”:{“sizes”:[{“width”:”1400″,”height”:”933″,”__typename”:”MediaSize”}],”__typename”:”MediaDetails”},”__typename”:”MediaItem”},”__typename”:”NodeWithFeaturedImageToMediaItemConnectionEdge”},”__typename”:”Post”,”template”:{“templateValue”:”right-rail”,”__typename”:”DefaultTemplate”},”seo”:{“title”:”Riviera Beach Approves Exact Capital’s Apartment Project”,”fullHead”:”u003c!– This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v26.1.1) – https://yoast.com/wordpress/plugins/seo/ –u003enu003cmeta name=”description” content=”Plans include an 18-story building with 192 workforce and market-rate apartments and an eight-story building with 88 affordable units for seniors.” /u003enu003cmeta name=”robots” content=”index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1″ /u003enu003clink rel=”canonical” href=”https://therealdeal.com/miami/2025/11/17/riviera-beach-approves-exact-capitals-apartment-project/” /u003enu003cmeta property=”og:locale” content=”en_US” /u003enu003cmeta property=”og:type” content=”article” /u003enu003cmeta property=”og:title” content=”Riviera Beach approves Exact Capital’s 280-unit apartment project” /u003enu003cmeta property=”og:description” content=”Plans include an 18-story building with 192 workforce and market-rate apartments and an eight-story building with 88 affordable units for seniors.” /u003enu003cmeta property=”og:url” content=”https://therealdeal.com/miami/2025/11/17/riviera-beach-approves-exact-capitals-apartment-project/” /u003enu003cmeta property=”og:site_name” content=”The Real Deal” /u003enu003cmeta property=”article:publisher” content=”https://www.facebook.com/therealdealmedia/” /u003enu003cmeta property=”article:published_time” content=”2025-11-17T22:00:00+00:00″ /u003enu003cmeta property=”og:image” content=”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Other-Riviera-Beach-Story-11.18.jpg” /u003entu003cmeta property=”og:image:width” content=”1500″ /u003entu003cmeta property=”og:image:height” content=”1000″ /u003entu003cmeta property=”og:image:type” content=”image/jpeg” /u003enu003cmeta name=”author” content=”Erik Bojnansky” /u003enu003cmeta name=”twitter:card” content=”summary_large_image” /u003enu003cmeta name=”twitter:description” content=”Riviera Beach approved a deal with New York-based Exact Capital to enable it to build 280 apartments in the city, most of which will be workforce and affordable housing. The development agreement, which includes the sale of a half-acre property owned by the Riviera Beach Community Redevelopment Agency for $2 million, was approved by a vote of 4 to 1 during the CRA’s meeting last week. Vice Council Chairperson KaShamba Miller-Anderson was the lone dissenting vote. According to the agreement, an affiliate of Exact Capital plans to build an 18-story, 192-unit mixed-income building with 7,000 square feet of commercial space [u0026hellip;]” /u003enu003cmeta name=”twitter:creator” content=”@trdny” /u003enu003cmeta name=”twitter:site” content=”@trdny” /u003enu003cmeta name=”twitter:label1″ content=”Written by” /u003entu003cmeta name=”twitter:data1″ content=”Steven Dilakian” /u003entu003cmeta name=”twitter:label2″ content=”Est. reading time” /u003entu003cmeta name=”twitter:data2″ content=”4 minutes” /u003enu003cscript type=”application/ld+json” 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Exact Capital to enable it to build 280 apartments in the city, most of which will be workforce and affordable housing. The development agreement, which includes the sale of a half-acre property owned by the Riviera Beach Community Redevelopment Agency for $2 million, was approved by a vote of 4 to 1 during the CRA’s meeting last week. Vice Council Chairperson KaShamba Miller-Anderson was the lone dissenting vote. 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According to the agreement, an affiliate of Exact Capital plans to build an 18-story, 192-unit mixed-income building with 7,000 square feet of commercial space at 2600 Broadway, and an eight-story, 88-unit affordable housing building for senior citizens, plus 2,000 square feet of commercial space, across the street at 2601 Broadway.

FAQ: Riviera Beach Approves Exact

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