Why This Florida City is Getting Developer Attention

NAPLES, FL—Naples’ Miracle Mile has gotten developers’ attention. With boundless growth potential, the city’s beachfront is emerging as a prime destination for residential and commercial ventures, and South Florida’s prominent BH Group and Kolter Group are joining the fun. Orchestrated by Jay Brito, Centennial Bank’s SVP, senior commercial loan officer, the Bank has recently provided a $56.4 million loan for the BH Group and the Kolter Group for the acquisition of a prime beachfront parcel in Naples, FL.

Situated at 1121 Gulf Shore Blvd. North, the location sets the stage for the development of an ultra-luxury condominium tower boasting unparalleled amenities.

Naples’ beachfront bore the brunt of Hurrican Ian, leaving behind extensive damage, Brito tells GlobeSt.com. “However, amidst the wreckage lies an opportunity for developers to transform the area into a haven of unique and luxurious waterfront properties.”

He adds that with local and regional demographic shifts favoring upscale living, the demand for lavish condos and multifamily residences is palpable.

Nestled on Miracle Mile, the site overlooks the pristine Gulf of Mexico, offering seamless beach access. Adjacent to the forthcoming ultra-luxurious Naples Beach Club hotel and residences, which is branded under the prestigious Four Seasons name, and in close proximity to the Rosewood residences to the North, the area promises unparalleled luxury from every direction, according to a prepared release.

Purchased for $102.6 million, the property spans 2.5 acres and includes 220 linear feet of beach frontage. The zoning allows 45 residential condos to be built on it by right.

Brito also tells GlobeSt.com that Naples remains a premier destination for affluent second homeowners, attracting a steady influx of ultra-high net worth individuals. “In light of these factors, revitalizing the beachfront presents a lucrative venture to redefine luxury living in this vibrant coastal community.”