Area's costs spur firm to expand elsewhere
By
Alexandra Clough Builder Dan Catalfumo plans to make a
pitch to develop West Palm Beach's "tent site." The move comes as
Catalfumo Construction & Development works to build the City Center
project downtown, finish the 2700 North Ocean luxury condo on Singer
Island and wade through early planning for the Briny Breezes
redevelopment along the ocean. All in a day's work. Catalfumo said he's already pondering ideas for the
prime downtown "tent site" the city is pitching to developers. His
thoughts include "a killer hotel, a small amount of residences and some
office." But more office space downtown would work only if
the building could snare a "gorilla-sized" corporate tenant willing to
take at least 150,000 square feet of space, he said. That large
corporate user is lacking downtown, he says: "Who's the biggest tenant
in West Palm Beach? Nobody springs to mind." Catalfumo was coy about whether he had any
prospects. "I have the whole banana farm looking for the
gorilla," he quipped. Farther north, Catalfumo still is beating the
bushes for buyers of his ultra-luxury 2700 North Ocean condo. The $400
million, twin-tower project recently was "topped off," and closings
should start early next year. But at this late date, about 30 percent of
the condo's 242 units remain unsold. Catalfumo acknowledged sales were slow last year,
but he said he's noticed more action in the past 90 days. The units left
to sell are at the highest end, $2 million to $7 million. These mega-rich buyers aren't exactly easy to find.
On the other hand, these buyers aren't bothered by the tax and insurance
crises, either. If there are any signs of life these days in the
real estate market, it seems to be in the highest end, especially
waterfront, said Kevin Dickenson of Prudential Florida WCI Realty in
Palm Beach Gardens.
Palm Beach Post Staff Writer
Sunday, May 06, 2007
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