Catalfumo Cos. has sold PGA Station development site, an approximately 3.61-acre asset located in Palm Beach Gardens, Fla., for $20.48 million.
The Richman Group of Companies acquired the asset with plans to develop 396 multi-housing units within a single mid-rise building including structured parking.
Situated at 4001 Design Center Drive, the property is located within an existing office park with significant redevelopment underway and planned and is strategically located near an abundance of demand drivers, such as the Palm Beach Gardens Mall.
“This property represents an incredible opportunity for The Richman Group to develop a residential community within a larger mixed-use context adjacent to employment, transit and other uses that will further drive demand. We look forward to watching the project progress,” said Simon Banke, director on the JLL Capital Markets team, which represented the seller.
“We’re incredibly excited about our new ventu
