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Catalfumo pays $19M for estate to expand Ritz-Carlton Residences, Palm Beach Gardens
Waterfront site is next door to developer's planned 106-unit condominium
Catalfumo Companies enlarged its planned Ritz-Carlton Residences project’s acreage in Palm Beach Gardens by acquiring an adjacent waterfront mansion.
An affiliate of Palm Beach Gardens-based Catalfumo paid $18.5 million for a 2.4-acre estate with a seven-bedroom home at 11309 Ellison Wilson Road, records and Vizzda show. The property was marketed as a teardown, according to a Zillow listing.
Judge Moss with Sotheby’s International Realty represented the seller, Seija Regelmann. She was added to the estate’s deed in 2004 by her late husband, Robert Regelmann, who died last year, records show. The previous sale price is not listed in records.
The 8,700-square-foot mansion was listed for sale in February for $25 million, the Zillow listing shows. A pending sale at the list price in April fell through.
By adding the Regelmann property, Catalfumo is boosting the total size of its Ritz-Carlton Residences project to 14 acres with 1,040 linear feet of Intracoastal Waterway waterfront, a press release states. Catalfumo is proposing three seven-story buildings with 106 condos. Sizes will range from three-bedroom units spanning 2,787 square feet to five-bedroom units spanning 5,007 square feet. The condos will range in price from $4 million to $8 million, the release states.
Designed by West Palm Beach-based Spina O’Rourke + Partners, Ritz-Carlton Residences, Palm Beach Gardens is expected to be completed in 2025.
In May, Catalfumo landed $340 million in construction financing for the project from New York-based Madison Realty Capital. Catalfumo paid $33 million for a majority of the site in 2021 from EB-5 developer Nick Mastroianni.
Catalfumo is also proposing another waterfront luxury condo project in its home city. The company is developing Landing at PGA Waterway, a planned complex of three six-story buildings with 98 units on 11 acres south of PGA Boulevard along the Intracoastal Waterway in Palm Beach Gardens.
Founded in 1978, Catalfumo has completed over 75 million square feet of residential development valued in excess of $8 billion, the firm’s website states.