A Marriott Autograph Collection hotel has broken ground in downtown West Palm Beach after the developer obtained a $42 million construction loan.
Weston-based Florida Community Bank (NYSE: FCB) awarded the mortgage to Concord Sierra NLI WPB Hotel LLC, an affiliate of North Carolina-based Concord Hospitality. Illinois-based William A. Randolph Inc. recently filed notice with the county that it started construction of the 208-room hotel.
This will be the closest hotel to the site of the Palm Beach International Boat Show.
The project, at 200 Second St., is on the former site of West Palm Beach City Hall. The city sold the 3.5-acre property for $11.5 million to Navarro Lowrey, which flipped the hotel portion to Concord Hospitality for $4 million and the mixed-use portion to West Palm FCH Apartments LLC for $9 million.
The mixed-use portion of the project, which will have 251 live/work apartment units, 20,234 square feet and 483 parking spaces, is also under construction.
Navarro Lowrey signed a ground lease for the waterfront restaurant space. Lake Park-based Anderson-Moore Construction Corp. recently broke ground on the restaurant
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The developer obtained a $42 million construction loan.