A joint venture led by 13th Floor Investments and Key International has celebrated a significant construction milestone, topping out the second phase of the Parks at Delray mixed-use project. The Skye Apartments development in Delray Beach, Florida, is on track for completion in 2027, adding 327 units to the growing community.
Key Takeaways
- The Skye Apartments project, the second phase of Parks at Delray, has reached its topping-out point.
- The development will feature 327 units and is expected to be completed in 2027.
- The broader Parks at Delray project will ultimately comprise 747 units, including 10% designated for workforce housing.
Skye Apartments Progresses
The topping out of Skye Apartments marks a crucial step in the development of the Parks at Delray, a comprehensive mixed-use community. This second phase, Skye, will introduce 327 apartment units to the area. The entire Parks at Delray project, once fully delivered, will boast a total of 747 residential units, with a commitment to including 10 percent of these units as affordable workforce housing.
The first phase of the project, known as Savio, was completed and opened in May 2025, offering 420 luxury apartments. Construction on Skye Apartments commenced in November 2025, supported by a $79.2 million construction loan from CIBC Bank. The development is strategically located at 2350 S. Congress Ave., providing convenient access to Interstate 95 and proximity to various country clubs and retail centers. Highland Beach is just 5 miles away, and downtown Boca Raton is within an 8-mile radius.
Unit Offerings and Amenities
Skye Apartments will offer a diverse range of living options, including studio, one-, two-, and three-bedroom apartments. These units will span from 560 to 1,427 square feet. Additionally, the development will feature a collection of townhomes, with sizes ranging from 1,670 to 1,770 square feet.
Residents will benefit from a wide array of community amenities designed for comfort and recreation. These include a beach-entry swimming pool with cabanas and a bar, a modern fitness center, a clubroom, a children’s playground, and a dedicated dog park. For those seeking professional or social spaces, coworking areas and barbecue zones will also be available, complemented by expansive green spaces and jogging trails.
South Florida Multifamily Market
Recent data indicates that South Florida developers delivered 13,749 multifamily units in 2025, accounting for 3.5 percent of the region’s existing housing stock. While this represents a 35.5 percent decrease in completions compared to the previous year and the lowest number in five years, the majority of these deliveries were concentrated in the Miami metro area. A slowdown in new multifamily supply is anticipated for South Florida in 2026, with approximately 10,000 new units expected to come online, mirroring national trends.
In related news, 13th Floor Investments is also involved in another significant Miami development, Casa Cipriani, a luxury condominium and hotel project in Miami Beach. In April, the partners secured $105 million in construction financing for this 19-story endeavor.