Developer pays $19.7 million for waterfront condo site in Naples
Stock Development bought 3.55 acres of waterfront property in North Naples for $19.7 million for a luxury condo project, or about $5.5 million per acre.
The Naples-based company plans to build a mixed-use development that would include an 18-story, 300-unit condominium called One Naples on the property.
The 18-parcel property includes a marina, apartments, condos and vacant land.
The property had been listed for sale about two years ago and had been under contract for about eighteen months, Jim Garinger, senior managing director for Colliers, told the Naples Daily News.
Colliers set up a competitive call-for-offers bidding process for the property to maximize the price paid to the seller, an affiliate of the Cafesjian Family Foundation, a nonprofit organization based in Minnesota.
Stock Development plans to build One Naples on seven acres, so the company’s recent 3.55-acre property acquisition would provide about half the land it needs for the luxury condo project. [Naples Daily News] – Mike Seemuth