CRA approves $5.33 million to finish North Railroad Avenue streetscape in Nora District

The West Palm Beach Community Redevelopment Agency on April 13 approved an amendment to its development incentive agreement with Nora Holdings LLC, authorizing $5,329,412 to finish streetscape improvements on North Railroad Avenue between 10th and 11th streets.

Gina Baker, senior project manager for the CRA, told the board the requested disbursement completes the agency’s obligations under prior agreements and is keyed to substantial completion of a 201-room hotel in fiscal year 2026–27. She reviewed the agreement history, noting a term sheet approved in October 2021 (Resolution 21-56) and the executed agreement in May 2023 with an initial project cost described as $20.8 million for streetscape and underground-utility work.

The applicant, Joe First, a partner managing the Nora District, said the private partner fronted infrastructure costs and that the CRA reimburses once development milestones are achieved. First described the district as 160,000 square feet of adaptive reuse and new retail/office plus a 201-key hotel, and he attributed significant tax-increment projections to that work. “Just the adaptive reuse and the hotel create, over a 20‑year period, an additional $43 million of tax increment,” First said, adding larger buildout scenarios the developer estimates could produce substantially more tax increment over multiple phases.

First also described three imminent vertical projects: a 350‑unit multifamily tower with 52 on‑site affordable units, a condo project that has started sales, and a mixed‑use Parcel B. He said the multifamily building will provide more than 650 parking spaces (about 155 of which are designated transient) and that, across the initial vertical projects, the developer projects roughly $168 million in tax increment over 20 years.

Commissioners asked clarifying questions about timing, job numbers and affordable units. The developer said phase‑one construction created hundreds of jobs and that permanent employment tied to the retail and hotel is already significant (the developer cited more than 1,200 permanent jobs from phase one). On housing, the developer said 52 of 350 units in the first multifamily building will be affordable on‑site; other projects contemplate roughly 130 affordable units in aggregate and one condo project may satisfy its obligation via an off‑site or buyout option (final configuration was described as “TBD”).

After discussion, a motion to approve Resolution 26‑8 was moved, seconded and carried by unanimous voice vote. The record shows a voice vote with no roll‑call tally provided.

The developer and CRA staff said the $5,329,412 payout will be made upon substantial completion of the hotel, and staff noted the disbursement will complete the agency’s obligations under earlier approvals. Board members praised the public‑private partnership and encouraged ongoing coordination on parking, safety initiatives and neighborhood connectivity as the project proceeds.

What happens next: staff will process the disbursement when the developer documents substantial completion of the hotel and will continue work on related connectivity and parking strategies for the larger Nora area.