Naples apartment developer gets $45 million loan, starts construction

Naples

With $45 million loan, apartment construction starts

A Cincinnati developer behind a Naples apartment complex on Vanderbilt Beach Road is taking the first step toward building the community after securing construction financing. CIG Communities has begun the initial site work on the 20-acre property that will be called Saltgrass Reserve when completed. 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. When complete, Saltgrass Reserve 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.

Estero

First of two luxury towers complete

The London Bay Development Group has finished and delivered the first units in the first of two towers at The Ritz-Carlton Residences, Estero Bay. The south tower, as it’s called, is 22 stories and is made up of 112 units. The north tower, currently under construction at a pace of one floor per 10 days, is expected to be delivered next year. The two-tower, five-acre luxury complex is in Saltleaf on Estero Bay, a 500-acre master planned community. When the project is complete, the combined towers will total 224 units ranging from 2,628 square feet to 3,885 square feet with two-, three- and four-bedroom units available. Among its amenities are three cascading pools, an acre-wide lagoon with shaded pavilions, wellness center, spa and beauty salon, private dining room and a wine and whiskey lounge. Units start at $3 million. A spokesperson says South Tower is almost sold out and total sales are at $750 million.

Tampa

Downtown trophy property sells for $94M

Courtesy image

Rivergate Tower, the cylindrical, limestone skyscraper known colloquially as downtown Tampa’s “beer can building,” has sold for $94 million. Ally Capital Group announced last week it has partnered with fellow Florida real estate investor Banyan Street Capital to recapitalize the 31-story office tower at 400 N. Ashley Drive. Built in 1988 and standing 454 feet tall, the Rivergate Tower is one of the tallest limestone structures in the world, a release says. Terms of the transaction were not disclosed but the $94 million price was posted in Hillsborough County records. This is the first joint venture between Ally Capital Group and Banyan Street Capital. Tampa-based Ally Capital Group is led by Franklin Street founder Andrew Wright, while Banyan Street Capital is based in Miami. Banyan, which also owns Tampa City Center and the Bank of America Plaza in downtown Tampa, has owned Rivergate Tower since 2015, according to county property appraiser records. It paid $70 million for it in 2015. The group plans to hold the building long-term and invest about $8 million in improvements.

Miami bank backs $27.5 million hotel sale with loan 

Miami-based Ocean Bank provided $27.5 million in financing for the recent purchase of a Tampa hotel. The property is the Four Points by Sheraton Suites Tampa Airport. Hillsborough County property records show the land sold for $26 million. Ocean Bank says the buyer is a joint venture that includes Rok Acquisitions, a Miami real estate investment firm; Sage Lane Partners, an Atlanta private equity real estate firm; and Artifact Group, an investment and management firm based in Montreal. The previous owner, a Largo investor, paid $19.95 million for it in 2016. The eight-story hotel at 44400 W. Cypress St., according to the firm Franklin Street, which represented the seller, has 263 suites and 12,464 square feet of meeting space. Ocean Bank’s Jorge Hernandez arranged the loan. Franklin’s Preston Reid represented the seller.

Sarasota

Dining club to buy neighboring property

A celebrity-backed private dining club in Sarasota opening in coming months is expanding while still under construction. 1000 North Sarasota is under contract to purchase a property adjacent to its location in the BLVD building, at the corner of Boulevard of the Arts and North Tamiami Trail. The sale of the parcel, located between 1000 North Sarasota and the Modern Hotel, is expected to close in the next few days, the club’s COO Alex Elshimy says in an email to the Business Observer. Sarasota-based developer Kevin Daves, whose portfolio includes The Concession Golf Club near Lakewood Ranch and The Ritz-Carlton Sarasota, is behind the project. The 1000 North Sarasota concept is a two-story, 13,000-square-foot club for members only that officials say is designed to create both exclusivity and connection. It will feature private dining rooms, a wine lounge, wine and liquor lockers for members and an upstairs lounge that will serve as the centerpiece. The expansion of its physical footprint is the latest milestone for the club, which announced in May that it secured financing for the project from First Horizon Bank. 1000 North Sarasota will be at 520 N. Tamiami Trail.

Historic restoration project earns construction permit

Photo by Andrew Warfield

Construction may now begin on Mira Mar Residences, the revenue-generating condominium development planned to fund the restoration of the historic Mira Mar building along 400 feet of frontage on South Palm Avenue in downtown Sarasota. The City of Sarasota issued the construction permit on the twin 18-story towers that will house 70 luxury condominiums. All tenants of the Mira Mar building have moved out of the more than 100-year-old structure and initial construction will focus primarily on the rehabilitation of the historic portions of the existing buildings. Work will then shift to preliminary construction of the residential towers before returning to finish the rehabilitation project. Construction is expected to be completed by the end of 2028 and reservations for the condominiums are now being accepted. The sales gallery is located at 1258 N. Palm Ave.

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