Work starts on Naples apartments as developer secures $45M in financing

A Cincinnati developer behind a Naples apartment complex on Vanderbilt Beach Road is taking the first step toward building the community.

CIG Communities has begun the initial site work on the 20-acre property that will be called Saltgrass Reserve when completed. That work includes the demolition of two existing homes on the property and the construction of a deceleration and acceleration lane to make it easier to access the community, according to a statement. 

The second phase of construction will include site clearing and the addition of utilities. The total construction project is expected to take 21 months with leasing at Saltgrass Reserve planned to start September 2027.

The work is starting after CIG secured $45 million in construction financing for the project from its largest group of investors and First Horizon Bank.

Saltgrass Reserve is being built on Vanderbilt Beach Road and Islandwalk Boulevard , ust east of Interstate 75.

When complete, it will have 208 units including studios, one-, two- and three-bedroom apartments ranging in size from more than 500 square feet to 1,500 square feet. Among its list of amenities will be pickleball courts, a golf simulator and movie lounge.

About 30% of units will have access to private garages.

CIG says in the statement that the community’s “‘big house’ architectural concept creates a distinct character that blends naturally with the estate-style homes nearby.”

CIG, which has developed properties mostly in Ohio and Kentucky, has two other communities in Florida — Aspire Naples on Immokalee Road in Naples and Aspire on 10 at 10th Avenue in Sarasota.