Gatsby Florida has announced finalized plans for a new mixed-use development in Palm Beach Gardens, aiming to attract office tenants from New York following Zohran Mamdani’s recent mayoral victory. The Miami-based company, led by co-founders Isaac Shalom and Babak Ebrahimzadeh, will begin construction on The Modern at Palm Beach Gardens next year and expects completion in 2027.
The project will consist of a 220,000-square-foot building and an adjacent six-level parking garage with 838 spaces. About 25 percent of the planned 199,000 square feet of office space is already pre-leased. The development will also include 21,000 square feet designated for retail and restaurant use. Darryl Kaplan of Darryl R. Kaplan Company is overseeing leasing efforts.
Ebrahimzadeh commented on the anticipated shift in tenant interest due to 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,” he said. “We’ve seen that New Yorkers prefer the established, exclusive environment of Palm Beach Gardens.”
The eight-story building will offer large floorplates of 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 offerings will feature a fine dining venue occupying 10,000 square feet, a casual food space of 4,000 square feet, and quick service options totaling 7,000 square feet on the garage’s first floor.
Gatsby acquired the seven-acre site at 11200 RCA Center Drive for $17.5 million in 2022 from local developer Daniel Catalfumo. The design is based on an earlier plan approved by city officials in 2021.
According to Ebrahimzadeh, Palm Beach Gardens continues to attract financial and professional firms relocating from higher-tax regions. He noted that Gatsby’s nearby DiVosta Towers are fully leased with major tenants such as JPMorgan and Stifel Investment Banking.
Gatsby expects similar demand for The Modern at Palm Beach Gardens from financial institutions, private equity firms, law firms, and Fortune 500 companies seeking improved quality of life and business conditions in South Florida.
The company’s regional portfolio also includes properties like 800 Brickell in Miami, One Town Center in Boca Raton, and 550 Okeechobee in West Palm Beach.
