Gatsby Florida has announced plans for a new mixed-use development in Palm Beach Gardens, aiming to attract office tenants from New York following Zohran Mamdani’s election as mayor. The Miami-based developer, led by Isaac Shalom and Babak Ebrahimzadeh, has finalized construction plans for The Modern at Palm Beach Gardens. The project will include a 220,000-square-foot building and an adjacent six-level parking garage with 838 spaces. Construction is expected to begin next year and finish in 2027.
In 2022, Gatsby acquired the seven-acre site at 11200 RCA Center Drive for $17.5 million from local developer Daniel Catalfumo. The development is based on a previously approved plan for Catalfumo’s PGA Tower project.
According to the company, about 25 percent of the building’s 199,000 square feet of office space is already pre-leased. The property will also offer 21,000 square feet dedicated to retail and restaurant use. Darryl Kaplan of Darryl R. Kaplan Company is managing leasing efforts.
Ebrahimzadeh stated that interest in the project may grow after the recent New York 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,” he said. “We’ve seen that New Yorkers prefer the established, exclusive environment of Palm Beach Gardens.”
The eight-story building will feature floorplates of 25,000 square feet. Planned amenities 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. Retail options will consist of a fine dining venue spanning 10,000 square feet, a casual food space covering 4,000 square feet, and an additional 7,000 square feet for quick service outlets and retail on the first floor of the garage.
Ebrahimzadeh noted that Palm Beach Gardens continues to attract financial and professional firms relocating from higher-tax markets. He pointed out that Gatsby’s nearby DiVosta Towers is fully leased to companies such as JPMorgan and Stifel Investment Banking.
Gatsby expects 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 business climate and quality of life.
The developer’s South Florida portfolio also includes properties such as 800 Brickell in Miami, One Town Center in Boca Raton, and 550 Okeechobee in West Palm Beach.
