JP Morgan and Stifel filled Gatsby Florida's last Palm Beach Gardens tower. Their next one is already 25% pre-leased before breaking ground.
Key Takeaways
- The Modern is an eight-story Class AA office tower with 25,000-square-foot floor plates and ground-floor dining.
- Hedrick Brothers Construction has been selected as the general contractor, with the groundbreaking targeted for 2026.
- The project is part of PGA Station, a 37.6-acre mixed-use campus with planned apartments, a hotel, and a future train station.
Gatsby Florida has selected Hedrick Brothers Construction as the general contractor for The Modern at Palm Beach Gardens, an eight-story, 220,000-square-foot Class AA office tower. The developer acquired the seven-acre site in 2022 for $17.5 million and is targeting a groundbreaking this year, with retail availability projected for July 2027.
As of late 2025, The Modern was approximately 25% pre-leased. For a tower that has not broken ground yet, that absorption rate reflects real demand from institutional tenants looking to establish a presence in Palm Beach County.
What is The Modern?
The Modern will feature eight stories with 25,000-square-foot floor plates, a rooftop tenant terrace, fitness center, conference facilities, full-building generator backup, and a six-level parking garage with EV charging. Asking rents are targeting approximately $75 per square foot, positioning this as a trophy-tier building designed for financial, legal, and Fortune 500 tenants migrating from high-tax states.
Ground-floor dining: The project includes three restaurant components at street level: a 10,000-square-foot fine-dining space, a 7,000-square-foot quick-service and retail area, and a 4,000-square-foot casual-dining concept. That retail activation timeline of July 2027 gives buyers and investors a rough window for when this corridor starts to come alive.
Developer track record: Gatsby Florida's nearby project, DiVosta Towers in Palm Beach Gardens, is 100% leased to major financial tenants, including JP Morgan and Stifel. That track record is the clearest signal of what The Modern is aiming to replicate.
Babak "Bobby" Ebrahimzadeh, President and CEO of Gatsby Florida, said: "The Modern is a sophisticated project that requires a partner with an impeccable track record. Hedrick Brothers represents the gold standard for construction in South Florida, and their involvement ensures this tower will be the premier workspace in the region."
Why does this location matter?
As Larry Mastropieri noted on the Discover South Florida Podcast: "What's interesting is you usually get these high-end office buildings in infill locations like downtown Boca or downtown West Palm, but this is outside that territory. There's likely a need for this because there's not a lot of this product in that area, and it's still a dense, high-quality market."
The $75-per-square-foot asking rent is a meaningful benchmark. It reflects the premium Class AA product is commanding in Palm Beach County as the Wall Street South migration continues to drive demand for high-quality office space outside downtown West Palm Beach. We've seen similar office absorption in Boca Raton, where top-tier buildings are now over 90% leased.
Interested in homes near Palm Beach Gardens' growing corporate corridor? Talk to a Palm Beach Gardens real estate agent who understands how office development affects residential demand. Reach out to The Mastropieri Group or call (561) 556-9853.
What is the PGA Station campus?
The Modern is part of PGA Station, a 37.6-acre mixed-use campus that also includes a planned 396-unit apartment complex, a 122-key hotel, and a future train station adjacent to the site with direct I-95 access.
A 220,000-square-foot office tower anchored by the right tenants, paired with 396 apartments, a hotel, and a future train stop, is the recipe for a walkable urban node in a suburban market. That combination tends to create sustained price pressure on nearby residential communities.
Hedrick Brothers Construction, the selected general contractor, is a West Palm Beach-based firm with a strong track record in commercial, institutional, and luxury construction in South Florida.
What does this mean for Palm Beach Gardens buyers?
For buyers and investors: The arrival of a trophy office tower with financial and Fortune 500 tenants adds another layer of institutional density to an area already home to strong corporate activity. Office demand of this caliber drives residential demand in surrounding neighborhoods. We've covered similar corporate investment patterns reshaping the region.
For timing: Projects of this type typically see the strongest residential pricing appreciation in the 12 to 24 months before and after delivery. The July 2027 retail availability timeline gives a rough window for when this corridor starts to activate at street level.
For commercial watchers: The 25% pre-leasing figure before groundbreaking is worth tracking. If that number climbs significantly before the tower delivers, it would confirm that the $75-per-square-foot asking rent is achievable at scale, setting a new benchmark for the submarket.
FAQs about The Modern at Palm Beach Gardens
When will The Modern break ground?
Gatsby Florida is targeting a groundbreaking in 2026, with retail availability projected for July 2027. Hedrick Brothers Construction has been selected as the general contractor.
How much are rents at The Modern?
Asking rents are targeting approximately $75 per square foot. This positions The Modern as a trophy-tier Class AA building designed for financial, legal, and Fortune 500 tenants.
What percentage of The Modern is pre-leased?
As of late 2025, The Modern was approximately 25% pre-leased. For a tower that has not broken ground yet, that absorption rate reflects strong demand from institutional tenants.
What is PGA Station?
PGA Station is a 37.6-acre mixed-use campus that includes The Modern, a planned 396-unit apartment complex, a 122-key hotel, and a future train station with direct I-95 access.
Who is developing The Modern?
Gatsby Florida, led by President and CEO Babak "Bobby" Ebrahimzadeh, is developing The Modern. Their nearby project, DiVosta Towers, is 100% leased to major financial tenants, including JP Morgan and Stifel.
Local help for buyers in Palm Beach Gardens
If you're buying, selling, or investing in Palm Beach Gardens, Jupiter, or anywhere in North Palm Beach County, understanding how corporate office development affects residential demand matters. Reach out to The Mastropieri Group, Realtors®.
For practical, hands-on support across Palm Beach Gardens, call (561) 556-9853.
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