Developer Dan Catalfumo plans to launch sales in June of a waterfront Palm Beach Gardens luxury condo project in Palm Beach Gardens, where units will begin at about $4 million.
Palm Beach Gardens-based Catalfumo Companies plans to develop Landing at PGA Waterway on the 11-acre property south of PGA Boulevard along the Intracoastal Waterway, Catalfumo said. He is seeking site plan approval next month for the 98-unit development that would have three six-story buildings. The property is zoned for 128 units.
Catalfumo anticipates the sellout to exceed about $500 million. He plans to close on a construction loan ranging from $160 million to $180 million from RMWC and Professional Bank.
Condo asking prices will range from $3.9 million to $8 million, Catalfumo said, though that may increase. Kevin Spina, who heads The Spina Team at the Keyes Company, will lead sales and marketing of the project.
The developer will require 35 percent deposits by groundbreaking later this year.
Units will have three to five bedrooms, and range from 3,100 square feet to more than 5,000 square feet, plus terraces, according to a release.
The project site is west of the Lost Tree Club golf and country club in North Palm Beach. The property will have a 23-slip marina and park overlooking the waterway, and amenities will include a waterfront clubhouse, spa, fitness center, infinity pool, cabanas, a summer kitchen and grills. Spina O’Rourke + Partners is the architect, and The Decorators Unlimited is the interior design firm.
Catalfumo said Landing at PGA Waterway is “probably my most exciting project ever.” Units will feature kitchens “fit for a gourmet chef” with features like two dishwashers and SubZero ice makers in the pantry, he added.
Construction is expected to begin by the fourth quarter and could be completed in the third quarter of 2024. Catalfumo said he is purchasing materials and appliances in advance to account for supply chain issues.
EB-5 developer Nick Mastroianni sold the majority of the site to an affiliate of Catalfumo in October for $33 million, and Catalfumo purchased additional properties from other sellers, records show.
“I just went and talked to him and we struck a deal,” said Catalfumo, who has known Mastroianni for 15 or 20 years.
Mastroianni, who developed Harbourside Place in Palm Beach Gardens, was criticized for demolishing the on-site restaurant Panama Hattie’s. The city also sued Palm Beach County over its approval of Mastroianni’s plans for 70 condos on the site, according to the Palm Beach Post.