One of Collier County's largest real estate development firms has purchased one of Naples' few remaining waterfront tracts for a 300-unit, luxury condominium tower.
Stock Development LLC bought the 3.55-acre site, at 9136 Gulf Shore Drive, for $19.7 million, according to commercial real estate brokerage Colliers International Southwest Florida.
The property, which contains a marina, residences, commercial space and vacant land, is scheduled to be redeveloped as an 18-story condo tower known as One Naples. It is also adjacent to the Ritz-Carlton Hotel in Naples.
“The high-end luxury market in Naples remains strong, and this assemblage of property offered a prime waterfront location,” says Jim Garinger, a Colliers International senior managing director, who together with Fred Kolb and Andrew Green of the firm brokered the transaction on behalf of the seller, an affiliate of the Cafesjian Family Foundation, of Minnesota.
Stock Development officials declined to discuss One Naples or plans for the property, citing “numerous items to work through.”