Abacus Capital Group has recently acquired a pair of office buildings in Palm Beach Gardens for $32.5 million. The seller, Daniel Catalfumo, had purchased the buildings for $18.38 million back in 2022.
The two buildings, known as PGA Building 9 and 10 at 11025 RCA Center Drive, currently have a combined total of approximately 57,000 square feet of office space. However, Abacus plans to demolish these structures and replace them with two new apartment buildings that will offer a total of 620 units.
Each building will be an impressive thirteen stories high and will also feature parking garages with around 975 spaces available for residents to use. Additionally, both structures will include luxurious amenities such as rooftop pool decks, fitness rooms,
game rooms,
club rooms,
and coworking spaces.
One building even plans to have a half basketball court while the other offers two pickleball courts.
The project was designed by Corwil Architects located in Coral Gables.
This development is part of the second phase at PGA Station Business Park which was originally developed by Richman Group Companies who built an initial phase consisting
of
396 units.
In summary,
Abacus Capital Group has purchased two Palm Beach Gardens office buildings from Daniel Catalfumo for $32.5 million with intentions to construct apartments on site.
These offices were previously bought by Catalfumo himself in early-2022 at just over $18 million but are now set to be demolished and replaced with modern residential properties totaling up to about six hundred twenty units between both towers.
Each tower stands tall at thirteen stories high alongside parking garages offering nearly one thousand spots altogether; additionally featuring top-tier amenities like rooftop pools overlooking beautiful views along side fitness centers equipped game areas clubhouses co-working facilities plus more!
Corwil Architects based out-of Coral Gables Florida are responsible designing this upcoming project which marks its place within Phase II of the PGA Station Business Park; originally developed by Richman Group Companies who had built an initial phase consisting of three hundred ninety-six units.
