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Nora district redevelopment: hotel opening, 350‑unit multifamily (52 workforce units) and $300M projected tax increment over 20 years
Summary
Place Projects and the CRA updated commissioners on the Nora district master plan. Phase 1 street and commercial work are complete; a hotel will open this fall; a 350‑unit multifamily building with 52 affordable/workforce units is planned; presenters projected roughly $300 million in cumulative tax increment across phases over 20 years.
Joe First of Place Projects and CRA deputy director Jade Green presented an update on the Nora district master plan and financing to the West Palm Beach CRA on Jan. 5, 2026.
Jade Green summarized the CRA’s role under the original agreement—public‑realm streetscape work, infrastructure upgrades, and tenant improvement grants—and said the CRA has paid for street improvements and commercial build‑out and has paid $1,000,000 in tenant‑improvement grants for fiscal years 2024–25. She said the only outstanding item in the agreement is multifamily vertical construction.
Joe First reviewed the project phasing and fiscal impacts. He said the development so far includes adaptive reuse of 11 buildings, four new buildings and about 160,000 square feet of leased space; he said the hotel currently under construction is expected to open in October or November. For the planned multifamily phase, First said it will include about 350 units, 52 of which are designated for affordable and workforce housing under the CRA program. He described estimated long‑term tax‑increment revenues: approximately $13 million over 20 years for phase 1, about $31 million from the hotel over 20 years, and roughly $25 million net for the multifamily phase after the CRA subsidy—cumulative projects across phases were presented as approaching $300 million in tax increment over 20 years.
First framed the project as a public‑private partnership and highlighted job creation estimates—roughly 800 ongoing jobs from leased space and about 400 construction jobs—as part of return‑on‑investment messaging. He also asked for continued CRA and city help on infrastructure and parking to support future phases. Commissioners expressed praise and asked what the city could do immediately; First suggested wayfinding and connectivity improvements to link Nora with other districts, and Commissioner Ward emphasized the importance of access from Pleasant City.
No formal vote was taken on this informational update; commissioners thanked presenters and encouraged continued coordination between the developer and CRA staff.
