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South Florida

Developer withdraws from 17-acre project on county-owned land in East Naples

A lack of financing led Arno, Inc. to pull out of a development that would have included as many as 244 residential units, a theater and a retail plaza

Debrah Forester
Debrah Forester

A lack of financing killed a company’s plan to buy 17 acres of county-owned land in the Naples area for residential and commercial development.

Collier County commissioners voted Tuesday to end negotiations to sell the 17-acre site in unincorporated East Naples to Arno, Inc.

Arno had planned to construct as many as 244 condos and rental apartments on the land, together with a retail plaza and a theater.

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Arno also had planned to finance the project with funding from an entity called Developer Capital, which withdrew is commitment to the project earlier this month.

Developer Capital lost interest in the project because if failed to win financial incentives from the Bayshore Gateway Triangle Community Redevelopment Agency, according to Debrah Forester, the agency’s director.

Under an agreement between Arno and a local nonprofit group called the Cultural And Performing Arts Center (CAPA), Arno would have donated land for the theater if CAPA raised the funds needed to construct it, an estimated $50 million. [Naples Daily News] – Mike Seemuth

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Real Estate And Finance