Kolter Urban Developing Ultra-Luxury Condos in Naples

Kolter Urban is planning an ultra-luxury waterfront condo development in Naples.

The developer is moving forward with the Olana Naples Residences, featuring 12 beachfront units starting at $30 million, the Tampa Bay Business Journal reported. Premier Sotheby’s International Realty is marketing the condos.

The project at 1121 Gulf Shore Boulevard North will rise six stories, and each unit will span over 10,000 square feet, putting them in the range of $3,000 per square foot.

Each unit will include a wellness spa with a steam room, sauna, therapeutic bath and fitness room. The condos will also feature theater rooms and expansive terraces. The ground-floor units will have private pools and patios with direct access to the beach.

The development will require minimal maintenance from residents, marketed to high-net-worth individuals seeking luxury and convenience without the responsibilities of a single-family home.

Kolter partnered with BH Group to purchase the site for $102.6 million last year. The developers have yet to select a general contractor. Randall Stofft Architects and SB Architects are designing the project. Interior work is being done by Champalimaud Design.

Kolter Urban, led by CEO Robert Julien, has built an extensive portfolio of luxury developments in the Tampa Bay region. Notable projects include the 42-story Art House condo tower in St. Petersburg, which has 244 units. The developer is collaborating with BH Group on Solana Bay, a waterfront condominium in North Miami. Solana Bay will feature 52 units, with prices starting at $2.3 million.

Kolter purchased a 3.07-acre Naples site in January for $92.5 million for another luxury development.

The ultra-luxury market in Florida, particularly in Palm Beach, is thriving, with a significant increase in younger, wealthier buyers and record-breaking sales, including multiple listings over $50 million.

— Andrew Terrell