A group of developers have partnered to build phase I of the mixed-use Parks at Delray project in Florida. The joint venture partners include 13th Floor Investments, Key International, CDS International Holdings and Wexford Capital.
The developers intend to build Parks at Delray on 50 acre property situated between Boynton Beach and Boca Raton. Therefore, the project’s location is close to Interstate 95 and also in close proximity to Delray Beach and Atlantic Avenue. Residents at the property will have access to the town’s vibrant art scene as well as the nearby attractions. A few of these attractions include Delray Beach Playhouse, the beach Golf Club, Sherwood Park Golf Course and Lake Ida Park.
Development plans for the Parks at Delray project
The Parks at Delray was designed as a 50 acre multifamily community which will include residential, retail and office spaces. However, it will be a two phased development, which will have some of the residential units completed in the first phase. The property will have 747 market-rate apartments and townhomes in total. The developers expect the first units to be ready for occupancy by 2024, while the rest will be delivered by 2025.
Phase I of Parks at Delray has 420 units currently under construction and 10% will be reserved for workforce housing. The Delray residential units will consist of one, two and three-bedroom apartments, ranging from 580 to 1,400 square feet. Additionally, the property also features three-bedroom townhouses which will range from 1,670 to 1,770 square feet.
Parks at Delray provides shared amenities for the residential units such as gym, pool, social room, clubhouse. On top of that the property also offers access to various parks and green spaces for outdoor activities. The general contractor for the residential portion of the project is ANF Group while MKS Architects is serving as the designer.
CDS International Holdings will build the Commercial component of the Parks at Delray. The developer will be a 40,000 square foot grocery-anchored retail space on the property. In addition, an existing building on the property will also be converted into a 68,000-square-foot office building.
