Astros owner scores construction loan for West Palm hotel

190-key hotel will be used by the Astros during spring training

Dec.December 11, 2017 05:41 PM

With a swing and a loan, interior demolition is now underway at a new hotel in West Palm Beach.

Property records show Houston Astros owner Jim Crane just scored an $18.7 million mortgage from Woodforest National Bank for the project at 1655 Palm Beach Lakes Boulevard. The developer has started gutting the building’s interiors, Brian Perrault, a project manager at the construction firm Straticon, which is building the project, said.

The hotel will have a little more than 190 rooms, and advanced construction is expected to begin after permits are secured early next year, Perrault said.

Records show a company managed by Crane paid $6.5 million in February for the westernmost building of the Forum office complex along Palm Beach Lakes Boulevard, next to The Palm Beach Outlets.

HFF’s Scott Wadler arranged the financing on behalf of the developer. The hotel will be used by the Astros to house players, coaches and support staff during spring training, and will be open to the general public year-round, according to HFF.

The Palm Beach Post reported the Astros plan to invest at least $25 million into the project.

The development is about five miles south of the Ballpark of the Palm Beaches, the new spring training complex the Astros are sharing with the Washington Nationals. The 6,500-seat facility, along Military Trail south of 45th Street, opened earlier this year.

It’s also located on a stretch of Palm Beach Lakes Boulevard that has been reinvigorated since the demolition of the old Palm Beach Mall to make way for the Palm Beach Outlets, which opened in 2014.

Related Articles

Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

Arnaud Karsenti, Michael Adler and the Link at Douglas

Douglas Station project scores $99M loan for second tower

These real estate power players are involved in 2019’s juiciest lawsuits (Credit: Getty Images)

Here are South Florida’s juiciest lawsuits of 2019

Best of TRD 2019 promo

Coming soon: The Real Deal’s Best of 2019

Brickell Flatiron and Ugo Colombo

Ugo Colombo pays off $236M construction loan for Brickell Flatiron

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Madison Realty Capital'a Josh Zegen and Fort Partners' Nadim Ashi  

Four Seasons in Fort Lauderdale scores $210M loan