The North American Development Group (NADG) has secured construction financing totalling US$120 million for the development of a multi-family residential property on former agricultural land near Delray Beach, Florida. Wells Fargo provided the financing for the project, named NUVO Delray Beach, which will comprise 476 residential units.
The undertaking is located at 9494 Ilumina Way, south of Atlantic Avenue and approximately one and a half miles west of Florida’s Turnpike. The garden-style project will be realised on a 33-hectare plot, of which 12 hectares are designated for recreational facilities, including a bird sanctuary.
Construction began this week and is expected to be completed by the end of 2028. The West Palm Beach-based developer acquired the land four years ago for just under US$42 million, according to reports from the South Florida Business Journal.
The development is situated within Palm Beach County's 22,000-hectare Agricultural Reserve, a protected agricultural region. In recent years, public officials have approved housing projects on this land, although these have mostly been single-family or multi-family developments.
Some of these developments have met with criticism. For instance, the Palm Beach Post reported that last year, farmer Richard Bowman proposed building townhouses and affordable housing on an adjacent plot of approximately 75 hectares. However, this proposal faced opposition from environmentalists and some district commissioners. According to land registry records, no construction work has taken place there to date.
A representative for NADG did not immediately respond to a request for comment.
