13th Floor JV Tops Out Second Phase of $79.2M Delray Beach Multifamily Project

• A joint venture led by 13th Floor Investments and Key International topped out Skye Apartments in Delray Beach.
• The 327-unit project is the second phase of the larger Parks at Delray mixed-use development.
• The full development will eventually deliver 747 residential units, including workforce housing.

What the Skye Apartments Project Includes

The joint venture between 13th Floor Investments, Key International, CDS International Holdings, and Wexford Capital has officially topped out construction on Skye Apartments, the second phase of the Parks at Delray development in Delray Beach. Located at 2350 South Congress Avenue, the project will deliver 327 residential units as part of the larger mixed-use community planned for the site.

MSA Architects designed the project, while ANF Group is serving as general contractor. Construction is expected to finish in 2027. Skye follows the completion of Savio, the first phase of Parks at Delray, which delivered 420 luxury apartments in May 2025. Once fully completed, the overall development will include 747 residential units, with 10 percent reserved for workforce housing.

What Residents Will Get at Skye Apartments

Developers broke ground on the project in November 2025 after securing a $79.2 million construction loan from CIBC Bank. The community will feature a mix of studio, one-bedroom, two-bedroom, and three-bedroom apartments ranging from 560 square feet to 1,427 square feet. Plans also include a collection of townhomes ranging between 1,670 and 1,770 square feet, giving the development a broader range of housing options than many traditional apartment communities.

Amenities are designed to compete with other high-end South Florida multifamily projects and will include a resort-style swimming pool with cabanas and bar areas, fitness center, coworking spaces, clubroom, playground, dog park, barbecue areas, jogging trails, and landscaped green spaces. The property’s location near Interstate 95 also gives residents direct access to downtown Boca Raton, Highland Beach, and surrounding Palm Beach County employment and retail corridors.

What the Project Signals for South Florida Multifamily

The topping out comes as South Florida’s multifamily market begins slowing from the record construction pace seen over the last several years. According to Yardi Matrix data, South Florida completed nearly 13,750 multifamily units in 2025, though deliveries declined more than 35 percent year over year.

Developers are still actively building in strong-growth markets like Palm Beach County, but higher financing costs and construction expenses are beginning to reduce the number of new projects breaking ground. Even with the slowdown, demand for luxury and workforce housing across South Florida remains elevated due to continued population growth and migration from higher-tax Northeastern states. For 13th Floor Investments, the Delray Beach project adds to a growing portfolio of multifamily and luxury mixed-use developments across Florida, including the upcoming Casa Cipriani condo and hotel project in Miami Beach.