Gatsby Florida is anticipating an influx of New York office tenants for its planned mixed-use project in Palm Beach Gardens in the wake of Zohran Mamdani’s mayoral victory.
Miami-based Gatsby, led by co-founder Babak Ebrahimzadeh, finalized construction plans for The Modern at Palm Beach Gardens, a 220,000-square-foot building and an adjacent six-level parking garage with 838 spaces, a press release states. The developer plans to break ground next year and expects to complete the project in 2027.
In 2022, a Gatsby affiliate bought a 7-acre development site at 11200 RCA Center Drive for $17.5 million from Palm Beach Gardens-based developer Daniel Catalfumo, records show. Gatsby’s project is based on a previous site plan for Catalfumo’s PGA Tower project, which was approved by the city of Palm Beach Gardens in 2021.
Roughly 25 percent of The Modern at Palm Beach Gardens’ 199,000 square feet of office space is pre-leased, the release states. The building will also have 21,000 square feet of retail and restaurant space. Darryl Kaplan with Darryl R. Kaplan Company is handling leasing for the new project.
In a statement, Ebrahimzadeh said leasing momentum should accelerate based on the results of the New York mayoral election. Many South Florida developers and brokers are betting that Mamdani, a Democratic Socialist who made campaign promises for free buses and rent freezes for rent-stabilized buildings, will drive a new wave of New Yorkers to the Sunshine State’s tri-county region.
“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.”
Rising eight stories, The Modern at Palm Beach Gardens will feature 25,000-square-foot floorplates, the release says. Retail and restaurant components will include a 10,000-square-foot fine dining venue, a 4,000-square-foot casual food and beverage space, and 7,000 square feet of quick service and retail offerings in the garage’s first floor.
Tenant amenities will include a rooftop patio with covered seating, a wet bar, a fitness center with full-service locker rooms, and a media and conference facility.
Palm Beach Gardens has become a magnet for financial and professional firms relocating from higher-tax markets, Ebrahimzadeh said. Gatsby’s nearby DiVosta Towers is fully leased with notable tenants such as JPMorgan and Stifel Investment Banking.
Gatsby expects The Modern at Palm Beach Gardens to attract similar demand from financial institutions, private equity firms, law firms and Fortune 500 companies drawn to the area’s quality of life and business climate, Ebrahimzadeh said.
Gatsby’s South Florida office portfolio includes 800 Brickell in Miami, One Town Center in Boca Raton, and 550 Okeechobee in West Palm Beach.
