Developer Dan Catalfumo’s waterfront luxury condo development in Palm Beach Gardens will be branded Ritz-Carlton.
The Catalfumo Companies project, formerly known as the Landing at PGA Waterway, will now be the Ritz-Carlton Residences, Palm Beach Gardens, the Palm Beach Post reported. It will consist of three six-story buildings with 98 units. Catalfumo originally estimated a sellout of $500 million.
The development will span 11 acres south of PGA Boulevard along the Intracoastal Waterway.
Catalfumo intended to launch sales for the project last month, with units ranging in price from $3.9 million to $8 million, and with Kevin Spina of the Keyes Company’s Spina Team heading sales and marketing.
Spina told The Real Deal he has left the project. “We were involved in the initial stages, and there was a regrouping,” Spina said.
Sales will now launch later this year, according to a spokesperson for the developer. “They are in the process of aligning with the brand,” the spokesperson said.
Construction was originally planned to begin in the fourth quarter.
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Catalfumo bought the majority of the site for $33 million in October from EB-5 developer Nick Mastroianni, and commissioned Palm Beach Gardens-based architecture firm Spina O’Rourke + Partners to design the project.
Florida is by far the largest territory for Ritz-Carlton Residences, according to the company’s website, and the hospitality brand’s footprint is growing.
Fortune International Group launched sales of the Ritz-Carlton Residences, Pompano Beach in December, with unit prices starting at $1 million, making it the most expensive condo development in the city.
Related Group and BH Group recently signed a deal to build the Ritz-Carlton Residences, West Palm Beach, the South Florida Business Journal reported. That would make the Palm Beach Gardens project the third Ritz-Carlton Residences in Palm Beach County, after the Ritz-Carlton Residences, Singer Island.
The Palm Beach Garden market, much like the rest of South Florida, has seen unprecedented demand since the start of the pandemic. A mansion in the Old Palm Golf Club sold for a record $22.5 million this month, doubling in price in just a year.