BD Hotels' planned Nora Hotel, the New York group’s first project in Florida, has received a $75 million construction loan from Metropolitan Commercial Bank, with construction expected to start later this year.
The 201-key boutique hotel is the first project from BD Hotels outside of New York City. The new hotel will anchor the Nora District, an under-construction mixed-use district being developed by Wheelock Street Capital, NDT Development and Place Projects.
The construction loan was brokered by Steven Klein and Mark Fisher of JLL. A groundbreaking is expected in the fourth quarter with an anticipated completion 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. We are committed to creating a truly exceptional hospitality experience that will elevate West Palm Beach’s standing as a vibrant, world-class destination,” said Richard Born, owner of BD Hotels, in a press release.
BD Hotels' prior projects in New York include The Greenwich, The Bowery, The Mercer, and the relaunch of the Hotel Chelsea, the group’s first collaboration with Wheelock Street Capital, in 2023.
Pastis, a famous New York bistro, is expected to open its second Florida location at the Nora Hotel with 13,300 square feet of indoor and outdoor space anchoring the hotel's ground floor.
The Nora District is a mixed-use arts and culture district immediately north of downtown West Palm Beach. Phase one of the project broke ground in June 2023 with an expected completion in 2025. The project’s first phase, financed in part by an $84 million construction loan from Bank OZK, includes 150,000 square feet of adaptive reuse and new development of multiple warehouses along North Railroad Avenue. About 55,000 square feet of high-end offices are also planned.
Plans for the district were developed alongside the city of West Palm Beach and urban planning firm PlusUrbia. Both Fort Lauderdale and West Palm Beach have encouraged the development of mixed-use arts and culture districts after being inspired by the success of Miami’s Wynwood, about 65 miles south of West Palm Beach.
Tenants at the Nora District include a number of retailers and restaurants, many expanding into South Florida from New York such as De Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, and nearly a dozen others. Leasing at the district is handled by Francis Scire.