A joint venture led by 13th Floor Investments has commenced construction on Skye, a new 327-unit apartment community in Delray Beach, Florida. This marks the second residential phase of the expansive 50-acre Parks at Delray mixed-use development. The project has secured a $79.2 million construction loan from CIBC Bank, signaling significant investment in the South Florida real estate market.
Key Takeaways
- Groundbreaking for Skye, a 327-unit apartment community, has commenced.
- Skye is the second residential phase of the 50-acre Parks at Delray development.
- The project received a $79.2 million construction loan from CIBC Bank.
- Delivery of Skye is anticipated by 2027.
Skye Community Details
The Skye community will offer a variety of living options, including studio, one-, two-, and three-bedroom apartments, as well as three-bedroom townhomes. Apartment sizes will range from 560 to 1,410 square feet, while townhomes will span 1,670 to 1,770 square feet. Residents can look forward to a range of amenities designed for comfort and convenience. These include a beach-entry pool, outdoor barbecue areas, and dedicated children’s play zones. Additionally, the pet-friendly community will feature a fitness center, yoga studio, package room, co-working spaces, and a communal lounge.
Parks at Delray Development Overview
Skye is part of the larger Parks at Delray master-planned community, with MSA Architects handling the overall design. The first phase, Savio, a 420-unit luxury apartment complex, recently completed construction in May 2025. Savio was built on 25.1 acres acquired by the developer in 2019. The entire Parks at Delray development, upon full build-out, will comprise 675 apartments and 54 townhomes. Notably, approximately 10 percent of the units across the development are designated for workforce housing.
Strategic Location and Developer Activity
Located along South Congress Avenue, Skye benefits from its proximity to Interstate 95, placing it within easy reach of major transportation routes. The Palm Beach International Airport is approximately 21 miles to the north, and Boca Raton is just seven miles south. Retailers such as Target, Whole Foods, and Home Depot are situated within a two-mile radius, enhancing the convenience for future residents. This project follows recent activity from 13th Floor Investments, including plans for the Link at Boca transit-oriented development and the delivery of two single-family rental communities in Port St. Lucie.