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A pair of Florida developers have bought a 2.5-acre beachfront property near the Naples Beach Club and plan to build a luxury condominium tower on the site.
BH Group and the Kolter Group, both from South Florida, paid $102.6 million for the property — which has 200 feet of beach frontage — at 1121 Gulf Shore Blvd. N.
The purchase was made with the help of a $56.4 million loan through Centennial Bank, according to a statement.
The land is zoned for 45 units but no timeline nor details about the forthcoming tower are yet available “since the project is in the preliminary stages,” a spokesperson says.
The property is currently a 36-unit condominium complex named the Bahama Club. A sales listing for the property says it opened in 1958. Another listing, this one on the website Naples Condo Boutique, says the community has been sold and that “the site will be redeveloped in coming years.”
Kolter is a prolific Palm Beach developer with a slew of projects already in the works along the Gulf Coast. Among them are, the 24-story Island at West Bay Club in Estero, the 42-story One Tampa in Tampa and the two-tower The Ritz-Carlton Residences in Sarasota.
BH is a Miami-based private investment and real estate firm. Its projects are mostly in South Florida and it has worked with Kolter on developments in that area.
The development the firms plans will no doubt benefit from the ongoing renovation of the Naples Beach Club about one-tenth of a mile south of the Bahama Club.
The project is a redevelopment of the former Naples Beach Hotel & Golf Club. When complete, the 125-acre resort and residential beachfront development will include a 216-room hotel operated by the Four Seasons Hotels and Resorts and up to 185 luxury condominiums.
The property’s Phoenix-based owner and developer The Athens Group and New York-based MSD Partners paid $362.3 million for the site in October 2021.
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