Mixed-use Delray Beach development on former Office Depot HQ site advances

Project’s JV bought the land for $33M at the end of 2018

Miami /
Nov.November 19, 2020 03:30 PM
Rendering of the Parks at Delray with Key International founder Jose Ardid and 13th Floor managing principal Arnaud Karsent (S+A via Key International)

Rendering of the Parks at Delray with Key International founder Jose Ardid and 13th Floor managing principal Arnaud Karsent (S+A via Key International)

Delray Beach board members gave partial initial approval to a proposed mixed-use development with about 600 residential units on the site of Office Depot’s former headquarters.

The Delray Beach Site Plan Review and Appearance Board unanimously approved changes to a site plan, landscape plan and architectural elevation for the residential half of the planned Parks at Delray development at Old Germantown Road and Congress Avenue.

Board member John Brewer recused himself from the vote, saying that his brokerage, Atlantic Commercial Group, might work with the developers.

The plan calls for 76 townhouses and 524 apartments with two swimming pools, two dog parks, a playground and a clubhouse. The project could also feature up to 70,000 square feet of offices; 250,000 square feet of retail and 80,000 square feet of restaurant space.

The joint venture developing the project includes 13th Floor Investments, Key International, CDS International Holdings and Wexford Capital.

13th Floor, led by managing principal Arnaud Karsenti, is based in Miami. Key is also based in Miami and led by the Ardid family. CDS International is led by Bill Milmoe. And Wexford, which has offices in West Palm Beach and Stamford, Connecticut, was co-founded by Chairman and Chief Investment Officer Charles Davidson and President Joseph Jacobs.

The joint venture bought the former Office Depot headquarters for $33 million at the end of 2018, with plans to redevelop the property into one of the biggest projects in the city’s history.

Other proposed multifamily developments in Delray Beach include Echelon, a three-story, 14-unit condominium on Ocean Boulevard, and a 292-unit apartment complex with 73 workforce housing units just west of I-95 in Delray Beach.


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