JV Breaks Ground on Delray Beach Community
Migration from the Northeast has meant increased demand for multifamily living in the Miami-Fort Lauderdale area.
Rendering of Parks at Delray. Image courtesy of 13th Floor Investments and Key International
Developers 13th Floor Investments and Key International, in partnership with CDS International Holdings and Wexford Capital, have formed a joint venture to develop the first phase of a multifamily community.
Parks at Delray, in Delray Beach, Fla., will be a sprawling mixed-use development set on nearly 50 acres. The property will feature residential, retail and office space along Delray Beach’s Congress Ave. ANF Group is general contractor for the residential portion of the project.
The 747-unit multifamily development will offer townhouses, along with three- and five-story buildings. Phase One will provide 420 residences, with Phase Two supplying another 327. About 10 percent of the residential units will be earmarked for workforce housing. Phase One’s first units are slated for delivery in 2024, with full completion in 2025.
The residential portion of Parks at Delray will offer a blend of one-, two- and three-bedroom apartments, varying in size from 580 to 1,400 square feet. Three-bedroom townhouses will range from 1,670 to 1,770 square feet. Amenities will include a variety of parks and green spaces.
Commercial space at Parks at Delray will be developed by CDS International Holdings. An estimated 40,000 square feet of grocery-anchored retail space will be featured. Also part of the project is an existing, 68,000-square-foot office building.
Located in Florida’s Palm Beach County, Delray Beach is situated between Boynton Beach and Boca Raton, close to Interstate 95. The town is known for its vibrant art scene. The property is located near downtown Delray Beach and Atlantic Avenue, which bisects the town as its main east-west thoroughfare. Among the nearby attractions are Lake Ida Park, Delray Beach Playhouse, Delray Beach Golf Club and Sherwood Park Golf Course.
Earlier this month, El-Ad National Properties topped off Alina 210 in Boca Raton, Fla.
