NDT Development, Place Projects and Wheelock Street Capital today announce they have secured $84 million in construction financing for Phase I of The Nora District, a dynamic 40-acre hospitality destination in Downtown West Palm Beach. Named after North Railroad Avenue, Nora is a vibrant pedestrian-friendly district curated with best-in-class food and beverage establishments, boutique fitness and wellness, lifestyle retail and creative office experiences.
Bank OZK provided the financing with the transaction brokered by Steven Klein, Brian Gaswirth and Mateo Bolivar of Jones Lang LaSalle.
Image: The Nora District, NDT Development
“The financial support of a top lender like Bank OZK is instrumental in achieving our vision of a world-class development for Downtown West Palm Beach and the greater Palm Beach County community,” said Ned Grace, Co-Founder and Managing Partner at NDT Development. “As West Palm Beach locals ourselves, we are incredibly invested in curating an engaging and activated hospitality destination that will serve as a community hub. We look forward to opening the first phase of Nora in early 2025.”
Phase I of Nora, which will include over 150,000 square feet of adaptive reuse and new development, broke ground in June 2023 and is slated for completion in early 2025. Turn-of-the-century railway warehouses will be reimagined into ground-floor retail celebrating local and national talent with innovative open spaces and art in public places. Phase I will also include over 55,000 square feet of second-floor showroom and creative Class-A office space.
“Bank OZK is pleased to provide construction financing for Nora,” stated Greg Newman, Senior Managing Director of Originations at Bank OZK. “This premier mixed-use development with its top-tier sponsorship and dominant location aligns well with our commercial real estate lending strategy.”
As Downtown West Palm Beach rapidly evolves, Nora is set to become the epicenter of dining, arts and culture. “In collaboration with NDT Development, Wheelock Street Capital and local city officials, Place Projects remains bullish on the transformation of the Downtown West Palm Beach area while honoring architectural preservation and exceeding the demands for best-in-class dining, lifestyle and office experiences of the rapidly growing area,” said Joe Furst, Founder and Managing Principal of Place Projects.
Confirmed retailers in Phase I include Loco Taqueria & Oyster Bar, New York City’s H&H Bagels, Van Leeuwen Ice Cream, New York City’s The Garret Group, Juliana’s Pizza, West Palm Beach’s Celis Juice Bar and Café, Del Mar Mediterranean Restaurant as well as Sana Skin Studio, Hamptons-based clothing boutique Mint, The Spot Barbershop and boutique fitness brands Rumble and [solidcore], with more to be announced.
The development’s future phases will include additional retail and office as well as multifamily residential offerings that will complement the existing neighborhood to support the rapidly expanding downtown core and The Nora Hotel, a brand new 201-key boutique hotel developed in partnership with BD Hotels and Sean MacPherson, behind some of New York City’s most iconic hotels like The Bowery, Mercer, Chelsea Hotel and others.
Nora’s comprehensive master plan is led by the City of West Palm Beach and nationally acclaimed urban planning firm PlusUrbia. For more information about Nora, visit norawpb.com and follow @norawestpalm
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