Concord Hospitality scores $42M loan for West Palm hotel

Hotel will be part of a bigger $145M mixed-use project on the former city hall site

May.May 17, 2018 05:30 PM

Rendering of project and Concord Hospitality’s Mark Laport (Credit: Navarro Lowrey and Concord Hospitality)

Concord Hospitality just scored a $42 million construction loan to build a Marriott Autograph Collection brand hotel that will anchor the mixed-use project planned for West Palm Beach’s former city hall.

Property records show Florida Community Bank is providing the loan for the 210-key hotel at 251 North Narcissus Avenue.

The $145 million project, developed by Navarro Lowrey Properties, is being built on a 3.5-acre site at 200 Second Street. The 435,000-square-foot development will consist of 251 luxury apartments, a restaurant, more than 20,000 square feet of retail space and a nearly 500-space parking garage, according to the developer’s website.

In April, PGIM Real Estate and Woodfield Investment Partners scored a $50.4 million construction loan to develop the luxury apartments and retail components of the mixed-use project, which sits across from the Intracoastal Waterway.

Navarro Lowrey paid $11.5 million for the site in February, roughly two years after the city first solicited buyers for the property. The city’s community redevelopment agency paid to demolish the former city hall building last year.

The project is expected to be completed by 2019, according to the developer’s website.

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