13th Floor JV Tops Out 2nd Phase of Miami-Area Project
This component will add 327 units to the mixed-use development.
The joint venture between 13th Floor Investments and Key International, along with partners CDS International Holdings and Wexford Capital, has topped out Skye Apartments, a 327-unit development in Delray Beach, Fla.
MSA Architects designed the project, while ANF Group serves as general contractor. Completion is estimated for 2027.
Skye is the second phase of Parks at Delray, a mixed-use development that will include 747 units upon delivery, with 10 percent dedicated to workforce housing. The first phase, dubbed Savio, came online in May 2025 comprising 420 luxury apartments.
Skye Apartments, up close
Developers broke ground on Skye in November 2025, with the support of a $79.2 million construction loan from CIBC Bank. The site is at 2350 S. Congress Ave., close to Interstate 95, in an area with multiple country clubs and retail options. Highland Beach, Fla., is 5 miles away while downtown Boca Raton, Fla., is within 8 miles of the property.
Apartments will have studio, one- to three-bedroom layouts ranging from 560 to 1,427 square feet. The community will also comprise a townhome collection ranging from 1,670 to 1,770 square feet.
Common-area amenities will feature a swimming pool with cabanas and a bar, a fitness center, a clubroom, a playground, a dog park, coworking spaces, barbecue areas and green spaces with jogging trails.
Construction activity to cool off in the metro
South Florida developers completed 13,749 units in 2025, representing 3.5 percent of the region’s existing stock, a recent Yardi Matrix report shows. The majority of last year’s multifamily deliveries was concentrated in the Miami metro area.
The amount of new supply marks a 35.5 percent year-over-year decline in completions and the lowest number over the past five years. Mirroring national trends, a slowdown in deliveries is expected for South Florida, as there are roughly 10,000 new units expected to come online in 2026.
One of Miami’s upcoming developments is also a 13th Floor endeavor: Casa Cipriani, a luxury condo and hotel to rise 19 stories in Miami Beach, Fla. In April, the development partners received $105 million in construction financing for the project.
