North American Development Group has broken ground on NUVO Delray Beach, a new multifamily community planned for the Agricultural Reserve area west of Delray Beach. The project advances with support from a $120 million construction loan provided by Wells Fargo Bank, according to reporting from the South Florida Business Journal. NADG assembled the site in 2022, paying $41.84 million for approximately 33 acres.
NUVO Delray Beach is planned as a four-story, garden-style rental community totaling 476 apartments. The development program includes a clubhouse, fitness center, swimming pool, and pickleball courts, underscoring an amenity package geared toward resident lifestyle and recreation. Verdex has been selected as the project builder.
The community will incorporate a significant workforce housing component. According to the developer, 25% of the 476 apartments are designated as workforce housing for residents earning between 60% and 120% of area median income. This mix is intended to broaden access to new rental housing for a wider income range while maintaining the project as a market-oriented community.
Residential construction is expected to progress over the next several years. The first apartments at NUVO Delray Beach are projected to be delivered in fall 2027, providing a phased entry of new units into the local rental market once initial buildings are completed and turned over. Verdex is responsible for delivering the project under the current construction timeline.
NADG continues to expand its multifamily footprint in the region. In May, the firm broke ground on another apartment community in Boca Raton, adding to its pipeline of rental projects in South Florida. Taken together, the new Delray Beach and Boca Raton developments highlight the company’s ongoing focus on institutional-scale multifamily projects.
The combination of sizable construction financing, a large development site, and a mix of market-rate and workforce housing units positions NUVO Delray Beach as a notable addition to the area’s planned rental inventory. As construction advances toward the initial 2027 unit deliveries, the project will add hundreds of new apartments to the fast-growing Agricultural Reserve corridor west of Delray Beach.
