Daniel Catalfumo, Chairman, Founder & CEO, Catalfumo Companies
Key points
- The big plus of the north county is definitely that everything is so recent and follows all the modern safety and convenience standards.
- In our new Ritz-Carlton Residences, Palm Beach Gardens development, we have 106 residential units but the difference is that it’s the only residential condominium where there is capacity to charge all 106 unit cars at one time.
- We’ve built thousands of condominiums, and all of them are very limited in power — they can only charge five or six cars a night, or they have to rotate.
Daniel Catalfumo, chairman, founder and CEO of Catalfumo Companies, believes that Palm Beach County’s development boom is creating unprecedented opportunities. “Everybody wants to live in Palm Beach County. It’s the No. 1 spot in the universe to live,” Catalfumo said. In an interview with Invest:, Catalfumo highlighted his company’s innovative projects, from hurricane-resilient construction to workforce housing, while emphasizing Palm Beach Gardens’ transformation into a premier live-work-play destination.
What is your overview of the construction and development industry in Palm Beach and South Florida?
It’s extremely active. Everybody wants to live in Palm Beach County. It’s the No. 1 spot in the universe to live. Palm Beach Gardens especially is much newer than being in West Palm or Boca. Think of Palm Beach Gardens as the new Boca Raton, like Boca was 20 years ago. It’s all about those fresh, upscale buildings and how the city plans things out really well together. The northern part of the county is a big draw because everything is new, built with the latest rules for hurricanes. It’s also easy to walk around and you can live, work, and shop all in the same area. The big plus of the north county is definitely that everything is so recent and follows all the modern safety and convenience standards.
What recent developments are driving demand, growth, and profitability for your company?
The multifamily market is very active, with recent site plan approval for 620 new units. The high-end Ritz-Carlton Residences, Palm Beach Gardens development is also experiencing significant activity. Our unique 14-acre Intracoastal property, which is irreplaceable and significantly larger than most Intracoastal projects (typically one to two acres), includes a 29-slip marina, offering a distinct lifestyle. This allows us to attract both employees and business owners, creating an ideal synergy. Additionally, plans are underway for a 200,000 square foot medical office building, anticipated to commence in approximately 24 months. This strategic development, following the completion of residential and apartment projects, will provide convenient access to healthcare for the growing community. Palm Beach Gardens’ success is evident in this thoughtful planning: first attracting the workforce, then employers and subsequently establishing necessary medical facilities within close proximity, minimizing the need for extensive travel.
How is Catalfumo leveraging technology and innovation in its construction and development operations?
We are probably the pioneers and leaders in technology in construction. In our new Ritz-Carlton Residences, Palm Beach Gardens development, we have 106 residential units but the difference is that it’s the only residential condominium where there is capacity to charge all 106 unit cars at one time. It’s never been done before. We purposely planned our project for 2040, knowing we will eventually be all-electric and needed to bring special power to the building. We’ve built thousands of condominiums, and all of them are very limited in power — they can only charge five or six cars a night, or they have to rotate. Our residents get to go home any day they want and plug in their car right in their parking space. We also try to go as far as we can into LEED and green construction. All of our roofs are designed for green surfaces, and most of our areas have green surfaces to retain water and use less water. In the Ritz-Carlton, we’re using recycled, reclaimed water in place of fresh water in some instances. We’re replicating what golf courses do.
What are the main challenges in the local construction and development industry, and how is Catalfumo addressing them?
We struggle to find people who can work with their hands and who don’t want to work on computers. Somebody has to build these buildings. Somebody has to be in the field. We train people to become electricians, plumbers, roofers, landscapers and managers as they advance. Workforce development and talent retention are among the key challenges we face. Of course, the region has come under fire for its lack of affordability for these workers so we feel a responsibility to address this. Out of our thousand units under construction, 10% are workforce housing.
There are also some challenges for developers posed by the weather. Given last year’s hurricanes, it is important to ensure high-performance, durable construction for safety and long-term resilience in Florida. We’ve been doing this way before codes were in effect. All the components of our buildings withstand 175 mph winds, including roofs and air conditioners. We’re already ahead with our new products, but the truth is that the buildings that are most affected by these weather events aren’t hurricane-proof. That’s why our insurance is sky high. The new buildings are built from concrete so they’re highly resilient.
Looking ahead, what are Catalfumo’s main priorities for the next two to three years?
For four decades, our company has maintained continuous momentum, consistently securing projects and developing our own ventures. We have never had to seek out work. As a highly specialized firm, we control our entire process, from product creation to market development, allowing us to proactively shape industry trends and commence projects ahead of the curve. Right now, we have $1.7 billion in the pipeline. Our plate is full and I wouldn’t do anything different than I’m doing today. Our success speaks for itself.
