BD Hotels secured a construction loan of $75 million for The Nora Hotel, a boutique hotel in West Palm Beach featuring 201 units. This project is being developed in collaboration with NDT Development, Place Projects, and Wheelock Street Capital. The financing has been arranged through Metropolitan Commercial Bank, with Steven Klein and Mark Fisher of Jones Lang LaSalle facilitating the transaction.
The Nora Hotel represents BD Hotels’ inaugural project beyond New York City and signifies their second partnership with Wheelock Street Capital following the successful relaunch of Hotel Chelsea in 2023. BD Hotels boasts a collection of some of New York City’s most iconic establishments, such as The Greenwich, The Bowery, The Mercer and Hotel Chelsea.
“Securing financing from Metropolitan Commercial Bank is an incredibly important milestone in moving forward with the construction of The Nora Hotel,” says Richard Born, owner of BD Hotels. 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.”
In August, it was revealed that Pastis, the iconic New York City Parisian-style brasserie created by James Beard Award-winning restaurateur Stephen Starr (STARR Restaurants), will serve as the ground-floor restaurant for The Nora Hotel. Pastis West Palm Beach will be the second location of this beloved concept in South Florida. Spanning 13,300 square feet on the ground floor of The Nora Hotel, it will feature indoor and outdoor seating. Alongside Pastis, STARR Restaurants will also collaborate on the hotel’s rooftop restaurant and lounge and manage in-room dining services.
The Nora Hotel will occupy a central position in the Nora District, a vibrant area set to become a key asset for Downtown West Palm Beach and the Greater Palm Beach County community. Phase I of the Nora project, encompassing more than 150,000 square feet of adaptive reuse and new development, commenced construction in June 2023 and is expected to be completed by early 2025. Historic railway warehouses will be transformed into ground-floor retail spaces celebrating local and national talent, featuring innovative open areas and public art installations. Additionally, Phase I will offer over 55,000 square feet of Class-A office space on the second floor.
Nora’s comprehensive master plan was created in partnership with the City of West Palm Beach and nationally acclaimed urban planning firm PlusUrbia. For more information, visit norawpb.com and follow @norawestpalm.
Photo credit: ASD Sky
