Catalfumo Acquires Prime Waterfront Site for $19M to Expand Ritz-Carlton Residences in Palm Beach Gardens

Catalfumo Companies has expanded its Ritz-Carlton Residences project in Palm Beach Gardens by acquiring an adjacent waterfront mansion. An affiliate of Catalfumo, based in Palm Beach Gardens, purchased a 2.4-acre estate with a seven-bedroom home at 11309 Ellison Wilson Road for $18.5 million. The property was marketed as a teardown. Judge Moss of Sotheby’s International Realty represented the seller, Seija Regelmann, who was added to the estate’s deed in 2004. The previous sale price is not listed.

The 8,700-square-foot mansion was initially listed for sale at $25 million in February, but a pending sale at that price in April fell through.

With the addition of the Regelmann property, Catalfumo is expanding the Ritz-Carlton Residences project to 14 acres, featuring 1,040 linear feet of Intracoastal Waterway waterfront. The development will consist of three seven-story buildings housing 106 condos. Unit sizes will range from three-bedroom units at 2,787 square feet to five-bedroom units at 5,007 square feet. Prices for the condos will range from $4 million to $8 million.

Designed by Spina O’Rourke + Partners based in West Palm Beach, Ritz-Carlton Residences, Palm Beach Gardens, is projected to be completed by 2025.

In May, Catalfumo secured $340 million in construction financing for the project from New York-based Madison Realty Capital. In 2021, Catalfumo acquired a majority of the site for $33 million from EB-5 developer Nick Mastroianni.

Additionally, Catalfumo is proposing another luxury waterfront condo project in its home city. The Landing at PGA Waterway is a planned complex of three six-story buildings comprising 98 units on 11 acres south of PGA Boulevard along the Intracoastal Waterway in Palm Beach Gardens.

Founded in 1978, Catalfumo has completed over 75 million square feet of residential development valued at over $8 billion, according to the firm’s website.

“For over 15 years, US Asset Loans have been providing funding to Real Estate investors”

Reach out today at [email protected]

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