Image courtesy of The Architectural Team

Developers have acquired an Everett development site approved for a 21-story apartment tower and are targeting a 2023 groundbreaking.

Sky Everett Holding LLC paid $3.9 million for the industrial site near Revere Beach Parkway as it moves ahead with detailed engineering and architectural designs for the $215 million project.

Norwood Cooperative Bank provided $9 million in financing which was sourced by Cornerstone Capital Partners.

Developers now expect to break ground in 2023, following updated cost estimates, said John Tocco, a former Wynn Resorts executive who is partnering with Volnay Capital of Boston on the project.

In July, the Everett planning board approved the high-rise at 108-114 Spring St. The complex will include 366 apartments and a rooftop restaurant operated by the Varano Group.

Developers originally targeted a spring 2022 groundbreaking but are waiting for updated cost estimates amid the inflationary surge in building materials, Tocco said. Escalating costs have complicated recent construction financing deals for multifamily projects in Massachusetts and nationwide.

“We are feeling confident in how the discussions are going but we want to wait, especially with COVID and inflationary pricing, and get it close to shovel-ready before making a commitment,” Tocco said.

The nearly 1-acre development site contains a 1935 warehouse. The seller was NEAD Realty of Hingham.

“Taking ownership of the SKY Everett site and funding the continued design and engineering is a tremendous step toward fully capitalizing the project and breaking ground. It has been an honor and pleasure to work with Norwood Bank on the financing and Cornerstone Capital Partners in sourcing the debt,” developers said in a statement.

The property is located in Everett’s Commercial Triangle district, where thousands of apartment units are being developed following the city’s rezoning of the area and pending plans for the MBTA Silver Line Extension.