Miami Mortgage News

Former city hall site downtown sold to developer for mixed-use project, hotel

West Palm Beach agreed to sell the site of its former city hall to developer Navarro Lowery for a mixed-used project anchored by an AC Hotel.
The city commission approved the $11.5 million sales contract on Jan. 4 for the 2.3-acre site at 200 2nd Street, which has a water view. The deal also includes $1.5 million in tax increment repayments over five years plus a $1 million construction incentive through the city’s community reinvestment agency. The city agreed to approve the 410,000-square-foot project within 60 days of it being submitted.
Meanwhile, the CRA will lease the neighboring waterfront site to Navarro Lowery for a restaurant and open space.
The deals can close once development approvals are in place.

The development plan calls for a 180-room AC by Marriott Hotel, 6,500 square feet of meeting rooms, a rooftop bar and pool deck, 295 units for either live-work apartments or office suites, and 36,000 square feet of retail, including the 5,000-square-foot restaurant overlooking the water. It would have a 416-space parking garage.

Navarro Lowery, led by Frank E. Navarro, plans to transfer the hotel ownership to Concord Hospitality, according to city documents