North American Development Group (NADG) broke ground on NUVO Delray Beach, an apartment complex in the Agricultural Reserve west of Delray Beach. The South Florida Business Journal reports Wells Fargo Bank was the lender of the $120 million construction loan. NADG acquired the 33-acre site for $41.84 million in 2022.
Nuvo Delray Beach will be a four-story, garden-style community with a clubhouse, fitness center, pool, and pickleball courts. Verdex is the builder. 25% of the 476 apartments at Nuvo Delray Beach will be workforce housing for residents making 60% to 120% of area median income.
The first apartments should be available in fall 2027. Verdex is the builder.
In May, NADG broke ground on an apartment complex in Boca Raton.
The post Developer Begins Work on 476-Unit Delray Beach Rental Community appeared first on Connect CRE.
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