13th Floor & Key International Break Ground on Skye, a Rental Community in Delray Beach

Key Points

• $79.2M construction loan from CIBC Bank USA backs the new Skye development.

• 327 units underway as part of the larger 50-acre Parks at Delray master plan.

• Completion expected in 2027, following the successful lease-up of Savio, phase one.

Developers 13th Floor Investments and Key International have broken ground on Skye, a 327-unit rental community in Delray Beach, Florida. Backed by a $79.2 million loan and designed by MSA Architects, this project represents the second phase of the broader Parks at Delray master development.

Big Moves at Parks at Delray

• Location: Skye is part of the 50-acre Parks at Delray just off I-95 and near Downtown Delray Beach and Atlantic Avenue.

• Developers: 13th Floor Investments and Key International, in partnership with CDS International Holdings and Wexford Capital.

• Units: Mix of studios to three-bedroom apartments (560–1,410 SF) and larger townhomes (1,670–1,770 SF).

• Design: Developed by MSA Architects, with a focus on high-end finishes and amenitized living.

Robust Amenity Package

• Lifestyle-Focused: Beach-entry pool, pool bar, cabanas, parks, jogging trails, and yoga room.

• Family-Friendly: Children’s playroom, tot lot, and BBQ areas.

• Pet and Remote Work Ready: Dog park, coworking spaces, business center, and Wi-Fi in common areas.

• Extra Touches: Select garages, covered parking, package rooms, and a preserved oak hammock space.

Why It Matters for CRE Investors

• Strong Market Signal: CIBC Bank USA's financing shows institutional confidence in Delray Beach’s growth.

• Track Record: 13th Floor has delivered over 4,700 units since 2008 with another 4,000 in the pipeline.

• Demand Drivers: Skye capitalizes on demand for luxury rentals near high-employment zones like Boca Raton and Lynn University.

• Nearby Assets: The firm's other multifamily projects include Cadence at Link at Douglas (Miami), Parks at Hallandale, and Parks at Davie.

Delray Continues Growth

Skye marks another vote of confidence in Delray Beach’s future as a premium rental submarket. With phase one (Savio) fully leased and robust capital backing, this second phase reaffirms 13th Floor’s multifamily playbook in South Florida.