A planned condo complex along the Intracoastal Waterway on PGA Boulevard near Palm Beach Gardens will be a Ritz-Carlton Residences, at the time the Ritz assignment takes place in Palm Beach County.
Developer Dan Catalfumo on Monday showed off Ritz’s involvement in a condo he’s building at the former Panama Hattie’s Seafood House and Rum Bar.
Catalfumo’s three-building condominium complex, formerly landing at PGA Waterway, is now Ritz-Carlton Residences, Palm Beach Gardens.
The Ritz logo is expected to augment the already luxury profile of the Palm Beach Gardens area. Since the beginning of the coronavirus pandemic two years ago, financial and business executives seeking smart living have taken over mansions on Jupiter and Palm. Beach Gardens, especially those along the golf course or water.
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This same frenzy for waterfront life is also driving progression along North Flagler Drive in West Palm Beach, where the Ritz-Carlton marks a planned condo tower along the Intracoastal Waterway. The tower, through Related Group of Miami, would have 25 to 27 floors in 1717 N. Flagler Drive and would consist of 140 units.
Related Group is still in favor of city zoning adjustments that would allow for the tall tower structure in a segment of West Palm Beach now limited to low-rise buildings. A community assembly on lifting zoning restrictions is scheduled for later this month.
But catalfumo’s condo is already approved for 98 units and marina.
The 3 six-story buildings will be constructed east of the Intracoastal south of PGA Boulevard, in a portion of palm beach county.
These Ritz-Carlton apartments are not hotels. Instead, they are Ritz-branded apartments, where the company manages and brands assets with the service discovered in a Ritz hotel.
Catalfumo, founder of Palm Beach Gardens-based Catalfumo Companies, said it was already preparing its site for the structure when the Ritz-Carlton took the level a few weeks ago.
The Palm Beach County builder has long said the brand’s prestige would attract global interest, further raising the price of assets while adding the highest point of services to the residential complex and marina.
“Our call is powerful, but the so-called Ritz gives it even more power,” Catalfumo said.
Officials at the Ritz-Carlton, a subsidiary of Marriott Corp. , can be reached for comment.
Catalfumo was once a tough force in Palm Beach County’s circles of progress, a questionable, high-profile builder who dealt with the most sensible corporate and government executives.
He built the headquarters of Wackenhut Corp. and Office Depot. He built the new West Palm Beach City Hall and the Palm Beach County Government Center. Schools, commercial buildings and even a condominium tower were also part of its portfolio of structures.
During the 2000s, the real estate market flourished and Catalfumo expanded its long-standing niche in the advertising structure to build 2700 N. Ocean, a high-rise condo complex on Singer Island in Riviera Beach.
Then came the Great Recession in 2007, and 2700 N. Ocean, which Catalfumo still sells, remained in market recession.
The unsold sets of the 2700 N. Ocean condominium were purchased through a Miami-based company, which in 2010 incorporated the Ritz-Carlton to mark and manage the complex. The assets are known as Ritz-Carlton Residences Singer Island, Palm Beach.
Some 12 years later, the real estate market is in crisis and Catalfumo has returned to doing business in Palm Beach Gardens and other parts of northern Palm Beach County.
Ritz-Carlton returns.
In 2003, the company opened the Ritz-Carlton Golf Club
Today, Ritz-Carlton Residences focuses on promoting many condos in the state.
Last year, sales began at a Ritz-Carlton in Pompano Beach, just south of the Palm Beach County boundaries. The beachfront property, at 1380 South Ocean Blvd. , is comprised of 206 sets spread over two towers. Price ranges from $1 million to $3. 5 million for sets at the condominium complex, a joint venture between Fortune International Group and Oak Capital.
Meanwhile, on Florida’s west coast, Related Group is building a Ritz-Carlton in Tampa, at 3101 Bayshore Blvd.
Ritz-Carlton Residences homeowners are an unwavering group that buys homes in many Ritz-branded communities because the criteria and service are consistent and buyers know what they get.
“The other people who bought them already have three,” Catalfumo joked.
Luxury real estate agents agree and point out that the Ritz logo has a number of investors, both domestic and international, who buy homes anywhere there are new developments controlled by Ritz.
Catalfumo said he sees the assets as convenient for executives who move to Palm Beach County to work at monetary corporations in downtown West Palm Beach but need to live on the water at a new luxury resort.
But citizens are also interested in shortening the length of mansions, he said.
“We have several lost tree and Admiral’s Cove consumers who say, ‘I don’t need to renovate my 1200-square-foot home. I’m going to choose the right length and take 4500 square feet,” Catalfumo said.
In recent weeks, Catalfumo said it has fine-tuned the PGA Boulevard allocation to expand the unit. The units now range in length from 3,500 to 5,000 square feet. Prices are also rising. Units start at $4 million, up from $3. 7 million previously, and may grow to $7 millionArray
Brad Hunter, a housing representative in West Palm Beach, said Catalfumo’s decision to move Ritz up to the condo’s top allowance.
The Ritz-Carlton call is legendary, and other people will pay more to live in a construction with the Ritz call,” said Hunter, president of Hunter Housing Economics. “This promises other people a safe point of quality and a superior service point. . “
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People familiar with the Ritz-branded condos said having the Ritz-Carlton on board means assets will be controlled to the specifications of their luxury hotels. This includes pool attendants, valets, concierge staff, and a mythical service that includes workers who know citizens by name.
Residents of a Ritz pay more in condo fees per month for this 24/7 service than a typical condo, yet they get the type of service that hotel visitors expect when they arrive at a Ritz property.
At the Catalfumo Ritz-Carlton Condominium, buyers will have 850 feet of ocean frontage with boat launches up to 75 feet in length.
Facilities include an infinity pool, spa, fitness center, oceanfront clubhouse, and living room. An on-site concierge who can help you with reservations for places to eat or check out time, puppy services, non-public shopping, and appointments at the spa and living room.
The three-, four- and five-bedroom sets feature personal elevators, 48-inch porcelain tiles, integrated bars, and wine cabinets.
Sales are expected to begin in the fall. The assets are expected to be completed until December 2024.
Alexandra Clough is a business editor at the Palm Beach Post, a component of USA TODAY Florida Network. You can have success with it on aclough@pbpost. com. Twitter: @acloughpbp. Help our journalism. Subscribe today.