Gatsby Florida has announced plans for a new mixed-use development in Palm Beach Gardens, anticipating increased interest from New York-based office tenants following Zohran Mamdani’s victory in the New York mayoral election. The project, named The Modern at Palm Beach Gardens, will include 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.
The developer acquired the 7-acre site at 11200 RCA Center Drive in 2022 for $17.5 million from Daniel Catalfumo. The project uses a previously approved site plan from Catalfumo’s PGA Tower proposal that received city approval in 2021.
About a quarter of the planned 199,000 square feet of office space is already pre-leased, according to Gatsby. The building will also feature 21,000 square feet dedicated to retail and restaurant use. Leasing efforts are being led by Darryl Kaplan of Darryl R. Kaplan Company.
Babak Ebrahimzadeh, co-founder of Gatsby Florida, said leasing activity is likely to increase due to recent political changes in New York: “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 eight-story development will have floorplates measuring 25,000 square feet each. 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 components will consist of a fine dining venue occupying 10,000 square feet, a casual food and beverage space of 4,000 square feet, and an additional 7,000 square feet for quick service and retail on the garage’s first floor.
Ebrahimzadeh noted that Palm Beach Gardens has attracted financial and professional firms relocating from regions with higher taxes. He cited Gatsby’s nearby DiVosta Towers—fully leased by companies such as JPMorgan and Stifel Investment Banking—as evidence of strong demand in the area.
Gatsby expects similar interest from financial institutions, private equity firms, law practices and Fortune 500 companies seeking improved quality of life and business conditions in South Florida.
Other properties managed by Gatsby in South Florida include 800 Brickell in Miami as well as One Town Center in Boca Raton and 550 Okeechobee in West Palm Beach.
