Skye Apartments at Parks at Delray Reaches Major Construction Milestone

Published: May 16th, 2026

Phase one already proved the concept. Now the second residential building along Delray Beach's Congress Avenue corridor has reached its construction milestone, with delivery set for 2027.

Key Takeaways

Skye Apartments is the second phase of the 43-acre Parks at Delray mixed-use development near I-95.
The project includes 327 rental units, 10% of which are designated as workforce housing.
Phase one (Savio, 420 units) was completed in May 2025 and quickly secured a $139 million refinancing loan.

Construction has topped out on Skye Apartments, the second residential phase of the Parks at Delray master-planned development at 2350 South Congress Avenue in Delray Beach. According to Florida YIMBY, the milestone was recently commemorated on-site, with delivery targeted for 2027. The project is backed by a joint venture of 13th Floor Investments, Key International, CDS International Holdings, and Wexford Capital, with a $79.2 million construction loan from CIBC Bank USA.

What is Skye Apartments?

Skye Apartments will deliver 327 rental units ranging from studios to three-bedroom layouts (560 to 1,427 square feet), plus three-bedroom townhomes (1,670 to 1,770 square feet). 10% of units across the full Parks at Delray development are designated as workforce housing, which is part of a broader trend in Palm Beach County's rental pipeline.

MSA Architects designed the project, and ANF Group is handling general contracting. ANF Group CEO Al Fernandez said the topping out "is a testament to the dedication, expertise, and focus on safety demonstrated by every tradesperson on this project."

What is Parks at Delray?

Parks at Delray is a 43 to 50-acre master-planned development along the Congress Avenue and I-95 corridor. The full buildout includes 1,009 multifamily units, 70,000 square feet of office space, 250,000 square feet of retail, and 80,000 square feet of restaurants. The 25.1-acre Phase 1 land was acquired in 2019 for $20 million.

Phase 1 (Savio): 420 apartments completed in May 2025. The building quickly received a $139 million refinancing loan from CIBC Bank, arranged by Newmark, signaling strong lease-up performance.

Phase 2 (Skye): 327 apartments now topped out, with delivery expected in 2027.

13th Floor CFO Daryl Shevin said the financing "underscores the market's confidence in this project and in Delray Beach's long-term growth story."

Why is the Congress Avenue corridor attracting development?

Skye Apartments is not an isolated project. The Congress Avenue corridor in Delray Beach has become one of the most active rental development zones in Palm Beach County. Nearby projects include Alexan Delray (267 units, opening Summer 2026), Aura Delray Beach (292 units, now leasing), and Delray Central (277 units, approved).

The location works: minutes from Downtown Delray Beach and Atlantic Avenue, 7 miles north of Boca Raton, near Lynn University, and within 2 miles of Target, Whole Foods, and Home Depot. It's the kind of infill opportunity that rarely comes available in South Florida, and developers are moving on it.

As Larry Mastropieri explained on the Discover South Florida Podcast: "This proves there is more happening in Delray Beach than just what's right along Atlantic Avenue. Delray has other pockets where serious development is happening. This project is one of the better examples of that."

Looking for rentals or investment opportunities near Delray Beach? Talk to a real estate agent in Delray Beach who understands the rental pipeline and where new inventory is coming online. Reach out to The Mastropieri Group or call (561) 287-7000.

What does the workforce housing component mean?

Ten percent of units across Parks at Delray are designated workforce housing. This is becoming a standard component of large-scale multifamily developments in Palm Beach County, often tied to approvals, tax benefits, or financing incentives.

As Larry Mastropieri noted, "Ten percent of this project is designated workforce housing, which is worth mentioning. Developers usually do that for approval, tax, or financing purposes. It's typically part of the deal structure, not just a courtesy. Developers still need to make a return for their investors or stockholders. They're not usually cutting profit for no reason. If workforce housing is included, there is usually a reason tied to approvals, financing, or incentives."

What does this mean for Delray Beach buyers and renters?

For renters, the Congress Avenue corridor is delivering significant new inventory. Skye Apartments alone adds 327 units, and the broader Parks at Delray plan could eventually bring over 1,000 units to the area. More supply typically means more options and potentially more competitive pricing.

For buyers and investors, the pattern signals where Delray Beach is growing. Downtown Delray and Atlantic Avenue remain the center of gravity, but the Congress corridor is emerging as a secondary hub with serious developer interest. The strong lease-up at Savio (Phase 1) and the quick refinancing suggest the demand is real.

Frequently Asked Questions

What is Skye Apartments in Delray Beach?

Skye Apartments is a 327-unit rental development at 2350 South Congress Avenue in Delray Beach. It is the second residential phase of the Parks at Delray master-planned community. The project includes studios, one-, two-, and three-bedroom apartments, plus townhomes, with 10% designated as workforce housing.

When will Skye Apartments be completed?

Skye Apartments is targeted for delivery in 2027. Construction topped out in May 2026.

Who is developing Parks at Delray?

Parks at Delray is a joint venture between 13th Floor Investments, Key International, CDS International Holdings, and Wexford Capital. The project has a $79.2 million construction loan from CIBC Bank USA.

What is the full Parks at Delray master plan?

The full buildout includes 1,009 multifamily units, 70,000 square feet of office space, 250,000 square feet of retail, and 80,000 square feet of restaurants across 43 to 50 acres along the Congress Avenue and I-95 corridor.

What other apartment projects are near Skye Apartments?

Nearby projects include Alexan Delray (267 units, opening Summer 2026), Aura Delray Beach (292 units, now leasing), and Delray Central (277 units, approved). The Congress Avenue corridor has become one of the most active rental development zones in Palm Beach County.

Local help for buyers and renters in Delray Beach

If you are buying, selling, or renting in Delray Beach, understanding where new inventory is coming online matters. Whether you're evaluating rental investments or looking for a new place to live, reach out to The Mastropieri Group, Realtors®.

For practical, hands-on support across Delray Beach, call (561) 287-7000.