NADG Lands $120M to Build Rental on Farmland in Palm Beach County
Construction started this week and is expected to be completed by late 2028
By Julia Echikson June 26, 2026 12:55 pm
reprints
North American Development Group (NADG) has secured a $120 million construction loan for a multifamily development on agricultural land near Delray Beach, Fla.
Wells Fargo provided the financing for a 476-unit development, called NUVO Delray Beach, at 9494 Ilumina Way, located just south of Atlantic Avenue, about a mile and a half west of Florida’s Turnpike. The garden-style project will rise on 33 acres, 12 acres of which will be reserved for outdoor recreation, including a bird sanctuary.
Construction got underway this week and is expected to be completed by late 2028. Four years ago, the West Palm Beach-based developer paid just under $42 million for the parcel, The South Florida Business Journal reported.
The development sits within Palm Beach County’s 22,000-acre Agricultural Reserve, a protected farming region. In recent years, public officials have approved residential projects on the land, though mostly single-family homes developments.
Some developments have been met with criticism. Last year, farmer Richard Bowman proposed building townhomes and workforce housing on nearby land, spanning about 75 acres, which environmentalists and some county commissioners opposed, the Palm Beach Post reported. So far, no construction has occurred, per property records.
A representative for NADG did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
