Gatsby Florida has announced its plans for a new mixed-use development in Palm Beach Gardens, following the recent mayoral election in New York. The company expects that office tenants from New York will be interested in relocating to the project due to changes in the political climate.
The Miami-based developer, led by co-founders Isaac Shalom and Babak Ebrahimzadeh, has finalized construction plans for The Modern at Palm Beach Gardens. The project will consist of a 220,000-square-foot building and an adjacent six-level parking garage with 838 spaces. Construction is scheduled to begin next year, with completion expected in 2027.
In 2022, Gatsby purchased a seven-acre site at 11200 RCA Center Drive for $17.5 million from local developer Daniel Catalfumo. The new project is based on a previously approved plan for Catalfumo’s PGA Tower.
According to the company, about one quarter of the planned 199,000 square feet of office space has already been pre-leased. The building will also include 21,000 square feet designated for retail and restaurant use. Darryl Kaplan of Darryl R. Kaplan Company is responsible for leasing activities.
Babak Ebrahimzadeh commented on the impact of New York’s mayoral election: “The consistent corporate exodus from New York City and surrounding areas has been amplified by the recent election, increasing the urgency for firms seeking a more favorable and stable business climate,” Ebrahimzadeh said. “We’ve seen that New Yorkers prefer the established, exclusive environment of Palm Beach Gardens.”
The Modern at Palm Beach Gardens will rise eight stories and feature floorplates of 25,000 square feet each. Retail offerings are set to include a fine dining venue covering 10,000 square feet, a casual food space of 4,000 square feet, and an additional 7,000 square feet for quick service and retail options on the garage’s first floor.
Amenities planned for tenants include a rooftop patio with covered seating and wet bar, a fitness center with full-service locker rooms, as well as media and conference facilities.
Ebrahimzadeh noted that Palm Beach Gardens continues to attract financial and professional firms moving away from higher-tax markets. He cited Gatsby’s nearby DiVosta Towers as fully leased by tenants such as JPMorgan and Stifel Investment Banking.
Gatsby anticipates similar demand at The Modern at Palm Beach Gardens from financial institutions, private equity firms, law firms and Fortune 500 companies interested in the area’s lifestyle and business advantages.
Other properties in Gatsby’s South Florida portfolio include 800 Brickell in Miami, One Town Center in Boca Raton, and 550 Okeechobee in West Palm Beach.
