Catalfumo, Richman score approval to add 620 rental units at Palm Beach Gardens project

Catalfumo Companies scored approval to build an additional 620 multifamily units at its Palm Beach Gardens project. 

Catalfumo, in partnership with The Richman Group of Companies, now will develop a total of 1,016 apartments at Gardens Station. The pair are currently building 396 units at the project at 11025 RCA Center Drive, according to a Catalfumo news release. 

The city approved the additional units earlier this month. 

More than 100 Gardens Station apartments will be priced as workforce housing, which generally targets households earning no more than up to 120 percent of the area median income. Palm Beach County’s AMI is $98,300 annually, though that’s expected to be updated this spring. 

Gardens Station is part of Catalfumo’s master-planned PGA Station development, which spans 37 acres and includes offices. Catalfumo has finished portions of PGA Station and is developing The Marc apartments. It is expected to be completed this year, according to the release. 

In 2022, Gatsby FL, an affiliate of New York-based Gatsby Enterprises, bought a 7-acre PGA Station development site at 11200 RCA Center Drive from Catalfumo for $17.5 million, with plans to build an eight-story office building with 7,000 square feet of retail and restaurants. Gatsby is led by Nader Shalom and Babak Ebrahimzadeh’s Master Mind. 

Catalfumo, founded in 1978 and based at PGA Station, is a real estate development firm with a completed portfolio of 75 million square feet valued at over $8 billion, the release says. Led by Daniel Catalfumo, the firm is developing the 106- unit condo project Ritz-Carlton Residences, Palm Beach Gardens, with three seven-story buildings south of PGA Boulevard, along the Intracoastal Waterway. The developer scored a $340 million construction loan last year, when the project had pre-sold about $75 million worth of units. 

Greenwich, Connecticut-based Richman Group, founded in 1986, is a multifamily and affordable housing development, equity investment, mortgage financing, asset management and property management firm, according to its website. Founder Richard Paul Richman leads the firm. 

Palm Beach Gardens has caught residential developers’ eyes. The 4,800-acre Avenir master-planned community on the northwest corner of Northlake and Coconut boulevards is approved for 3,900 residential units, mostly single-family homes; a 300-key hotel; 200,000 square feet of medical offices; 400,000 square feet of retail; and a 2,400-acre nature preserve. 

In January, Kolter Group’s home development division paid $73.6 million for 491 homesites on 150 acres at Avenir. 

Also in Palm Beach Gardens, D.R. Horton dropped $9.4 million in November for a 111-unit townhouse development site, after paying $650,000 to the adjacent Rustic Lakes homeowners association that had opposed the townhouse project.