Developer pays $19.7 million for waterfront condo site in Naples

Miami /
Aug.August 19, 2017 11:00 AM

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.

Colliers International brokered the sale of the property on the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive in North Naples.

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


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...