Gatsby Florida has announced plans for a new mixed-use development in Palm Beach Gardens, anticipating increased interest from New York office tenants following Zohran Mamdani’s recent mayoral victory. The Miami-based developer, led by co-founders Isaac Shalom and Babak Ebrahimzadeh, will begin construction on The Modern at Palm Beach Gardens next year, with completion expected in 2027.
The project will feature a 220,000-square-foot building and an adjacent six-level parking garage offering 838 spaces. Gatsby acquired the 7-acre site at 11200 RCA Center Drive for $17.5 million in 2022. The development is based on a previously approved plan for the site.
About a quarter of the office space—199,000 square feet—is already pre-leased. In addition to offices, the building will offer 21,000 square feet of retail and restaurant space. Darryl Kaplan with Darryl R. Kaplan Company is overseeing leasing efforts.
Babak Ebrahimzadeh commented on the impact of New York’s political changes: “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 have large floorplates and amenities such as a rooftop patio with covered seating and wet bar, fitness center with locker rooms, and media/conference facilities. Retail offerings include fine dining and quick-service options located within both the main building and parking garage.
Ebrahimzadeh noted that Palm Beach Gardens continues to attract financial and professional firms moving from higher-tax regions. He pointed out that Gatsby’s nearby DiVosta Towers is fully leased to major tenants like JPMorgan and Stifel Investment Banking.
Gatsby expects its new project to appeal to financial institutions, private equity firms, law firms, and Fortune 500 companies drawn by South Florida’s quality of life and business-friendly environment.
The company’s portfolio in South Florida also includes properties such as 800 Brickell in Miami, One Town Center in Boca Raton, and 550 Okeechobee in West Palm Beach.
