The Pérez family’s Related Group landed $100.3 million in construction financing for its planned Residences at Marina Village, a workforce housing project in Riviera Beach.
Records show the developer secured $54 million from the Florida Finance Housing Corporation and the Bank of New York Mellon, $1.5 million from Riviera Beach Community Redevelopment Agency (CRA), $4.7 million from Palm Beach County, and $38.6 million from M&T Bank. RUDG Investor LLC, a Florida entity registered to Jorge Pérez, also provided $1.5 million in financing.
Residences at Marina Village, planned for the 2.4 acres at 57 East 12th Street, is part of Riviera Beach’s redevelopment efforts for the 90-acre Marina Village site north of the Port of Palm Beach and opposite Peanut Island. The city approved Related’s proposal for the eight-story, 149-unit apartment complex in June. It is slated for households earning between 30 percent and 110 percent of Palm Beach County’s area median income, which was $104,000 in 2024.
Miami-based Related, led by billionaire Jorge Pérez and his sons Jon Paul and Nick, is teaming up on the project with Tezral Partners, a development firm led by former Riviera Beach CRA director Tony Brown and Ezra Saffold. Tezral, Related and its frequent collaborator, Aventura-based BH Group, are partners on another Riviera Beach apartment project, Gallery at Marina Village, which is planned for an adjacent site in Marina Village. The 20-story, 418-unit Gallery at Marina Village is to be built on 2.5 acres at 1300 Broadway, and will include 3,000 square feet of retail, 3,000 square feet of offices and a 648-space parking garage.
The CRA is inviting even more development into the area. In July, it voted to issue another bid for development after Related was the only firm deemed “responsive” to its first request. Robert Sonnenblick, who heads Pacific Palisades, California-based Sonnenblick Development, said he plans to propose an eight-story, 150-room Margaritaville hotel, in addition to a larger plan for condos, restaurants, another 150-key hotel and a 900-space parking garage.
