BD Hotels Nabs $75M Construction Loan For West Palm Beach Hotel
BD Hotels has landed a $75M construction loan for The Nora Hotel in West Palm Beach, the firm's first venture beyond its New York City stomping grounds.
The hotelier, in partnership with NDT Development, Place Projects and Wheelock Street Capital, secured the loan from Metropolitan Commercial Bank, according to a press release.
BD Hotels is known for Big Apple boutique hotels The Greenwich, The Bowery, The Mercer and Hotel Chelsea. The 201-room Nora Hotel will rise at 1021 North Railroad Ave., the first vertical building in the upcoming Nora District mixed-use development from the NDT, Place and Wheelock Street team.
Key amenities include a rooftop pool, bar and a restaurant on the ground floor. The loan was arranged by Steven Klein and Mark Fisher of JLL.
The first phase of Nora District spans 150K SF of adaptive reuse and redevelopments in progress for the up-and-coming Nora District. The developers started construction in 2023 and procured an $84M construction loan in June. The $1B project is planned to consist of a dining, business and residential district.
The first phase, which includes the redevelopment of railway warehouses into hospitality, retail and wellness uses as well as 55K SF of Class-A office space, is projected to deliver in 2025.
Confirmed retail tenants include a plethora of restaurants and retail options like Loco Taqueria & Oyster bar and clothing boutique Mint, Bisnow previously reported.
BD Hotels joined the development in late 2022 and initially planned a hotel with 175 keys, but a spokesperson for BD Hotels said the plan was expanded to 201 rooms after the developers received more development rights. No other changes to the concept were made.
The hotel announced in August that it will also feature the New York City-based brasserie Pastis in 13K SF on the ground floor. It would be the second location of restaurateur Stephen Starr's critically acclaimed restaurant in South Florida, with the initial opening in Miami’s Wynwood Arts District in 2023. Starr Restaurants is also creating a rooftop restaurant and lounge at the Nora Hotel.
The hotel is the first vertical development in the Nora District project and is expected to break ground by the end of this year and finish in 2026.
“As an anchor of the Nora District, The Nora Hotel will offer a level of style and sophistication that is unmatched in the area,” BD Hotels owner Richard Born said in a statement. “We are committed to creating a truly exceptional hospitality experience that will elevate West Palm Beach’s standing as a vibrant, world-class destination.”
