- February 14, 2025
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Delray Beach developer Kolter Urban has bought a 3.07-acre property in Naples and plans to build a new residential development on the site.
Kolter says in a statement that it paid $92.5 million for the land at 3300 Gulf Shore Blvd. between Outer Doctor’s Bay and Gulf of Mexico.
This was Kolter’s second purchase on Gulf Shore Boulevard in the past year. The developer paid $102 million early last year for the Bahama Club condos at 1121 Gulf Shore Blvd. N. where it is working on another luxury development on the site of the 36-unit condominium building and its 200 feet of beach frontage.
Kolter says in the statement announcing the buy that buying the two properties represents a significant step in its “commitment to the Naples market, bringing world-class, luxury living to one of the most exclusive and sought-after locations on the Gulf Coast.”
The developer, which is behind several major condominium projects across the region, did not disclose any details about its plans for the property, only saying in a statement that development details “will be released at a later date.”
A spokesperson did not respond to a request for comment.
But renderings on the website for MHK Architecture, which is the project’s designer according to the statement, show an eight-story tower with boat docks is coming. The only other details on the landing page for the project are that it will be 112,000 square feet and is set to be completed this year.
The property is the site of the former Executive Club condominium building. Collier County property records show the property was bought February 2023 for $60 million. The buyer was an LLC tied to Youngquist Brothers, a privately held well drilling company based in Fort Myers.
According to a posting on the Gulf Shore Association of Condominiums’ website, the four story, 51-unit building built in 1969 has been demolished.
Kolter is the developer behind several notable projects across the region including The Ritz-Carlton Residences in Sarasota, Saltaire St. Petersburg, Hyde Park House in Tampa and The Island at West Bay Club in Estero, which is officially breaking ground Jan. 29.
And at the Bahama Club property it bought a few blocks down Gulf Shore in April, the company is getting ready to launch a new project that it says will further expand its “distinguished portfolio of iconic properties along Florida’s west coast.”