A luxurious 1,476-square-foot home situated in Palm Beach Gardens has recently been sold for a whopping $18.5 million. The buyer, Catalfumo Companies, saw great value in the property as it will serve as an expansion to their upcoming project – the Ritz-Carlton Residences next door. According to reports from the South Florida Business Journal, Catalfumo secured a construction loan of $340 million in May for their 106-unit development and have now included this newly acquired property into their plans.
The prime location of this modest home on 2.45 acres along the Intracoastal Waterway was undoubtedly a major factor contributing to its high selling price (see photo). The Ritz-Carlton Residences will offer opulent condos ranging from three bedrooms at 2,787 square feet to five bedrooms at 5,007 square feet – including sixteen top-floor penthouses with stunning views. With prices starting at $4 million and going up to $8 million per unit, these residences are sure to attract affluent buyers looking for luxury living options.
To bring this grand project to life, Catalfumo has enlisted Spina O’Rourke + Partners based in West Palm Beach as architects and Boston-based Suffolk as general contractor.
