By Christine Davis
Delray Beach-based Menin Development landed a $72 million loan to finance construction of the Ray, a 141-room hotel planned in the Pineapple Grove Arts District at 201 NE Second Ave., according to a June 6 Commercial Observer report. Madison Realty Capital provided the 24-month construction loan with extension options.
The Ray will have a rooftop pool and bar, event space and two restaurants. Menin Development purchased the site for $26.6 million in 2016. Ground was broken on June 12. Construction will begin later this summer and is expected to be completed May 2021.
Ground will be broken for Delray Beach Market, 33 SE Third Ave., another Menin Development project, later this summer. Touted as “Florida’s largest food hall,” with 60,000 square feet housing 35 curated vendors, the market is set for a grand opening in fall 2020.