JBL pitches 736-unit redevelopment at Deerfield Beach retail site

Last updated: October 14, 2026

JBL Asset Management is asking Deerfield Beach to rezone a 13-acre retail site on South Federal Highway into a 736-unit apartment project with retained retail, according to Connect CRE and The Real Deal. The developer paid $18.85 million for Rivertowne Square, a 144,000-square-foot shopping center built in 1980, and is now seeking approval to build two eight-story residential towers and 1,232 parking spaces.

The plan is one of several large multifamily proposals advancing in the Deerfield Beach and Boca Raton submarkets as South Florida's apartment pipeline extends up the coast.

• Site: Rivertowne Square, 13 acres on S. Federal Highway, Deerfield Beach.
• Acquisition price: $18.85 million, acquired in 2022.
• Proposed: 736 apartments across two eight-story buildings, 1,232 parking spaces.
• Retail to remain: 75,527 square feet, with 24,000 square feet new ground-floor space.

The deal mechanics

JBL's plan is a textbook retail-to-residential redevelopment. The existing center is anchored by a Winn-Dixie and runs roughly half occupied. The proposed scheme keeps Winn-Dixie and a couple of outparcel tenants in place, demolishes the rest, and wraps two residential towers and structured garages around the retained retail boxes.

The unit mix skews toward smaller formats: 116 studios, 379 one-bedrooms and 241 two-bedrooms. That is a tell on the target renter. Studios and one-bedrooms dominate South Florida's suburban build-to-rent pipeline because they match demand from young professionals and seasonal residents along the commuter corridor between Miami and Palm Beach.

The affordable component is the political and financial hinge of the deal. By reserving a share of units for households earning up to the income cap set under Florida's live-local-style frameworks, the project earns density bonuses and zoning flexibility while keeping the affordable mix from gouging the project's revenue.

Our analysis

For investors, the headline is the basis math. JBL paid $18.85 million for 13 acres, or roughly $30 per land square foot including existing improvements. A stabilized 736-unit project at rents common for suburban Broward could support a finished value well above acquisition cost, which puts the implied land basis at a meaningful discount to typical infill prices. That is the kind of math that justifies paying full retail prices for obsolete centers.

The risk is execution. A 736-unit project is not a small infill play. It requires a phasing plan, a sizeable construction loan, and a permanent takeout at stabilization. JBL's track record matters here, as does the lease-up pace of comparable Class A product in Deerfield Beach and Boca Raton. The fact that Winn-Dixie and the outparcels stay reduces retail leasing risk during construction but creates a multi-phase sequence that complicates the schedule.

The bigger picture: this is one more data point in South Florida's conversion of suburban retail into mid-rise apartments. That trend is strongest in counties with tight housing supply and active entitlement pipelines, and Broward fits that profile.

A worked example

Say you are a private equity sponsor underwriting a similar suburban retail-to-residential conversion in Broward or Palm Beach County. You acquire an underperforming grocery-anchored center at a healthy cap on in-place NOI. You estimate roughly a year or more for rezoning, site plan approval, and permitting. You underwrite stabilized rents in line with current Class A comparables, with conservative vacancy and modest annual rent growth. A large project at those assumptions might trade at a tighter cap on Year 3 NOI, generating developer profit in the high single digits to low teens on total project cost, plus a residual land play. The inclusion of a meaningful affordable share is often the difference between a project that pencils and one that does not, particularly in jurisdictions offering density bonuses.

What to watch next

The Deerfield Beach planning and zoning board is set to consider JBL's rezoning, plat and site plan applications, with city commission approval still required. Watch whether the affordable unit count is negotiated higher in exchange for density approvals. Also watch the nearby Boca Raton proposal from MBA Development Partners — three 14-story buildings, 150 units, plus office and a hotel — for signs of how aggressive South Florida municipalities will be on height and density this cycle.

Key takeaways

• JBL is seeking to rezone a 13-acre retail site into 736 apartments across two towers.
• Acquisition basis: $18.85M for 13 acres; proposed stabilized value likely several times that.
• A share of units would be restricted to households earning up to 120% of AMI.
• Watch the Deerfield Beach planning and zoning board decision and comparable Boca Raton proposals.