There are two parcels at 1205 and 1206 Hillsboro Mile, one on each side of A1A, almost directly across from Town Hall. On the ocean side stands Ocean Reef, a 12-unit condominium whose association was terminated in early 2025. On the Intracoastal side is a vacant lot of 1.09 acres. New York-based Elad Group bought both for $16 million, according to Florida Trend, which also reported that the condo association had already been terminated before the sale.
On October 22, 2026, the developer told the Hillsboro Beach Town Commission what it plans to build there: 13 residences in two three-story buildings, with boat slips. So a 12-unit building is giving way to 13 units.
Twelve units out, thirteen in
A developer that pays $16 million for an ocean-to-Intracoastal site and then plans close to the same number of homes the old building held is betting on the value of each individual home. On this stretch of A1A, the value comes from a home's size, its frontage on either the ocean or the Intracoastal, and a slip at the dock.
| Ocean Reef, before | Elad Group plan, as presented Oct. 22, 2026 | |
|---|---|---|
| Residences | 12 | 13 |
| Buildings | One, at 1205 Hillsboro Mile | Two, one on each side of A1A |
| Split | Ocean side only | 6 ocean side, 7 Intracoastal side |
| Height | Existing structure | Three stories |
| Water access | Oceanfront | Ocean and Intracoastal, with boat slips |
Including the lot at 1206 is what makes the plan work. With it, an old ocean-only condo becomes an ocean-to-Intracoastal site, and most of the new homes sit on the side of the road that has docks.
What the town approved, and what comes next
The October 22 vote did not cover the residences. It approved a temporary sales center on the ocean side at 1205, and the commission passed it 4-0. According to the meeting minutes, development planner Graham Long said the site plan for the main project is still under review. David Milledge of Miskel Backman, who represents the owner, said he expects to bring the full site plan to the commission before the end of the calendar year.
The order of work, as the applicant described it:
- Build a sales center of about 3,200 square feet on the east side of A1A, with 10 parking spaces and a maximum occupancy of 24, set back 150 feet from the main structure.
- Start the residential construction on the west, Intracoastal side, at 1206. Milledge said he expects to break ground there by summer 2027.
- Remove the sales center once construction of the oceanfront building begins. He estimated about two years of construction across both sides.
The approval came with two conditions. The sales office can stay for two years from the date the town issues its certificate of occupancy, and any extension requires a site-plan amendment. The owner must also take security measures, approved by the Town Manager, to prevent loitering, trespassing, unauthorized parking and unlawful beach access. Kirk Weng of Kirk Weng Architecture and Interior Design is the principal architect. Erez Barr of Landscape Design Workshop presented a planting plan that is more than 95% native, with coastal strand and dune species on the beach side.
The minutes also show what neighboring owners asked about: beach access, events, hours, security when the sales center is empty, the Australian pines along the property line, and a pre-construction inspection of A1A. The applicant said the site will not provide public beach access, limited events may be held, hours will likely run about 10 a.m. to 7 p.m. seven days a week, and the Australian pines will come out because they are an invasive species.
Down the road, Rosewood made the same bet at a larger scale
Rosewood Residences Hillsboro Beach, by Related Group and Dezer Development, is the other new building on the Mile. It has 92 residences at 1174 and 1185 Hillsboro Mile: 70 on the beach side and 22 on the Intracoastal, with homes from 2,800 to 6,400 square feet, according to The Real Deal. Arquitectonica designed the building and Studio Piet Boon did the interiors. Florida YIMBY's February 2026 report describes a private marina with 14 vessel slips.
Rosewood's approval history shows how tightly the town controls height. The developers won variances in 2022 for a 10-story, 130-foot building on the east parcel. A court quashed the height variance in 2023, as The Real Deal reported, and the project won town approval again in December 2024 under the Coastal Dune Conservation District.
Florida YIMBY reported in February 2026 that the 10-story building had topped out on its 12-acre ocean-to-Intracoastal site. Coastal Construction Group is the general contractor, and full completion was then targeted for early 2027. The same report put prices for available residences at $5.95 million and up. Both projects follow the same pattern. Height on the Mile is hard to win, so each building holds a limited number of homes, and each home is large and has water on at least one side.
Why the condo numbers you have seen leave both buildings out
The figures most buyers check before calling an agent come from MLS resale data. The MIAMI REALTORS September 2026 Broward release says its sales totals do not include new construction, pre-construction or condo conversion sales, because those mostly are not reported in the MLS. For September 2026, it reported 824 existing-condo transactions in Broward, a $235,000 median sale price, and 10.2 months of supply.
The town-level numbers follow the same pattern. In Hillsboro Beach, condo and townhouse resales from August through October 2026 numbered 11 closings, with a median price of $515,000, a median of $387 per square foot, and a median of 103 days on market. As of November 1, 2026, 79 were for sale and 5 were under contract, about 13.2 months of supply at the trailing 12-month pace.
A $515,000 resale median and a $5.95 million starting price describe two different kinds of property on the same road. The resale figure reflects the older buildings that trade on the MLS. The new buildings sell outside that data, by contract, and they are priced on the size and frontage that the Ocean Reef plan and Rosewood both offer.
The financing gap in older buildings
The resale market on the Mile also has a lending problem. The MIAMI REALTORS release says only 21 of 2,397 condominium buildings in Miami-Dade, Broward and Palm Beach counties are approved for FHA loans. It also says Fannie Mae and Freddie Mac eliminated the limited review option for many condo loans on August 3, 2026. WLRN reported in March 2026 that post-Surfside inspection and reserve requirements have led to special assessments and higher fees in some South Florida buildings.
For a buyer, this adds steps to an older-building purchase. You have to check the building's loan eligibility, its reserves and its inspection status before the price can be fully judged. This is general information, not legal or financial advice, so confirm your own loan and building questions with your lender and attorney.
A few direct questions
Is the Ocean Reef site's sales center open? The commission approved its site plan on October 22, 2026. The applicant said the contractor would be on site once permits are issued and that the structure would go up quickly, with more time needed for the interior. The two-year limit starts when the town issues the certificate of occupancy.
Will the 1205 site provide a path to the beach? No. The applicant said no public beach access will be provided because of liability concerns and limited parking.
What happens to the existing pool at Ocean Reef? It will remain and will be fenced to meet the Florida Building Code.
If you are deciding between an older building on Hillsboro Mile and one of the new projects, the useful comparison is unit size, frontage, dockage and loan eligibility, building by building. Tim Singer and our team can go through those details with you as the Ocean Reef site plan returns to the commission this winter.