Developer pays $5M for land, plans luxury residential project

NAPLES — Seagate Development Group, one of the more prolific developers and real estate firms in Southwest Florida, plans to build a new residential community in Naples.

The Fort Myers-based company recently closed on about 12 acres on Yarberry Lane in north Naples for the project, named Palisades, according to a statement. Palisades is near Seagate’s newly sold-out Windward Isle, and, the release adds, it will “reflect Windward Isle’s gated enclave of single-family homes within a discreet cul-de-sac – in terms of customization and luxury location.” Seagate paid $4.97 million for the land over three separate transactions, a company spokesperson says.