Brock Development scores loan, breaks ground on Palm Beach Gardens hotel
Brock Development just scored $20 million in construction financing and broke ground on a new hotel in Palm Beach Gardens.
Property records show Florida Community Bank provided the loan to Brock NPGA Hotel for the five-story, 122-key hotel. The company, led by principals Andrew and Peter Brock, paid $2.6 million for the roughly 1.3-acre lot at 4250 Design Center Drive. The seller, Heartwood 42, is an affiliate of BBX Capital. The hotel, a Residence Inn by Marriott, will be part of a larger mixed-use project BBX and Stiles Corporation are building.
The hotel site is on the northeast corner of RCA Boulevard and Design Center Drive.
In 2016, the Palm Beach Gardens City Council approved the master developers’ plans for the 30-acre site, which calls for more than 200,000 square feet of office, medical and retail space near a proposed Tri-Rail station, as well as a parking garage. The development site is on the south side of PGA Boulevard, east of I-95.
Nearby, the recently renovated PGA National Resort & Spa is on the market. The property includes a 339-key hotel with a 40,000-square-foot spa and five 18-hole golf courses.
Andrew and Peter Brock could not immediately be reached for comment. Their company is also developing the 200,000-square-foot Alton Town Center shopping plaza in Palm Beach Gardens with partners North American Development Group.
Source: The Real Deal