Gatsby Florida has announced plans for a new mixed-use development in Palm Beach Gardens, citing an expected increase in interest from New York-based office tenants following Zohran Mamdani’s recent mayoral win. The Miami-based developer, led by Isaac Shalom and Babak Ebrahimzadeh, will begin construction next year on The Modern at Palm Beach Gardens, a project featuring a 220,000-square-foot building and an adjacent six-level parking garage with 838 spaces. Completion is anticipated in 2027.
The site for the project was acquired by a Gatsby affiliate in 2022 for $17.5 million from local developer Daniel Catalfumo. The planned development builds upon a previously approved site plan originally designed for Catalfumo’s PGA Tower.
According to the press release, about 25 percent of the planned 199,000 square feet of office space has already been pre-leased. The building will also offer 21,000 square feet dedicated to retail and restaurant uses. Leasing is being managed by Darryl Kaplan of Darryl R. Kaplan Company.
Babak Ebrahimzadeh commented on the leasing outlook: “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 include floorplates measuring 25,000 square feet each. Retail amenities are set to feature a fine dining venue covering 10,000 square feet, a casual food and beverage area of 4,000 square feet, and an additional 7,000 square feet reserved for quick service options and retail on the first floor of the garage.
Planned tenant amenities include a rooftop patio with covered seating and wet bar, fitness center with locker rooms, as well as media and conference facilities.
Ebrahimzadeh noted that Palm Beach Gardens continues to attract financial and professional firms relocating from higher-tax markets. He referenced Gatsby’s fully leased DiVosta Towers nearby—home to tenants like JPMorgan and Stifel Investment Banking—as evidence of demand.
Gatsby anticipates that The Modern at Palm Beach Gardens will draw interest from financial institutions, private equity firms, law firms, and Fortune 500 companies seeking improved quality of life and business conditions in South Florida.
Other properties owned by Gatsby in South Florida include buildings at 800 Brickell in Miami; One Town Center in Boca Raton; and 550 Okeechobee in West Palm Beach.
