Development Group Starts Work on Delray Beach Apartments
13th Floor Investments and Key International, along with partners CDS International Holdings and Wexford Capital of West Palm Beach, broke ground on the second phase of their Parks at Delray project.
The South Florida Business Journal reports CIBC Bank USA provided a $79.2 million construction loan to the developers for Skye, which will feature 327 apartments. MSA Architects designed the project, and ANF Group is the general contractor. Skye should be completed in 2027.
It’s part of a 50-acre development site at 2350 S. Congress Ave, near the intersection of Old Germantown Road. The developers purchased it for $20 million in 2018. In May, they completed the 420-unit Savio, the first phase of the Parks at Delray. It was financed by a $102 million construction loan from CIBC Bank USA in 2022.
The full site plan approved by the city allows for 1,009 multifamily units, 70,000 square feet of office, 250,000 square feet of retail and 80,000 square feet of restaurants.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout