BD Hotels has secured a $75 million construction loan to develop a 201-room hotel, the Nora Hotel, in the emerging NORA District of West Palm Beach. Metropolitan Commercial Bank provided the loan, which JLL’s Steven Klein and Mark Fisher arranged for financing. BD Hotels is working with NORA District master developers NDT Development, Place Projects, and Wheelock Street Capital.
The five-story Nora Hotel, located at 1021 North Railroad Avenue, is designed by Stantec with interiors by Gachot Studios. The hotel will feature a 13,300-square-foot ground-floor restaurant and is slated for completion by late 2026. This project marks BD Hotels’ first venture outside of New York City, where the company is known for high-profile properties such as the Greenwich Hotel, the Bowery, the Mercer, and Hotel Chelsea.
Credit: Stantec.
Richard Born, owner of BD Hotels, emphasized that securing the loan was a significant milestone, allowing construction of The Nora Hotel to move forward. Positioned as a key feature of the NORA District, the hotel is designed to bring an unmatched level of style and sophistication to the area.
The hotel’s ground-floor restaurant will be Pastis, a Parisian-style brasserie by James Beard Award-winning restaurateur Stephen Starr, who will also manage the rooftop restaurant, lounge, and room service for guests.
The NORA District, covering approximately 15 acres, began its first development phase in 2023. This phase includes new construction, adaptive reuse of existing buildings, and redesigned streetscapes. JLL also arranged a $84.2 million construction loan for the first phase in June. The first phase will deliver 150,000 square feet of commercial and office space by early 2025.
Credit: ASD | SKY.
Credit: ASD | SKY.
Credit: ASD | SKY.
Credit: ASD | SKY.
Current tenants announced for the NORA District include Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, the Garret Group, Juliana’s Pizza, Celis Juice Bar and Café, Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, and the Spot Barbershop.
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