$92.5 Million Sale Finalized for Naples Condo Development Site
Kolter Urban Purchases Prime Naples Property for $92.5 Million; Plans New Residential Development
Naples continues to attract high-profile development as Kolter Urban, a Delray Beach-based developer, has acquired a 3.07-acre property at 3300 Gulf Shore Blvd. for $92.5 million. The site, nestled between Outer Doctor’s Bay and the Gulf of Mexico, will soon see a new residential development, though specific details remain under wraps for now.
In a statement, Kolter confirmed the purchase but withheld further information about the project, noting that updates will be shared at a later date. However, renderings from MHK Architecture, the project’s designer, hint at an eight-story tower with boat docks. The proposed building is expected to span 112,000 square feet and could be completed as early as this year.
The property previously housed the Executive Club condominium, a four-story, 51-unit building constructed in 1969. That structure was demolished after its purchase in February 2023 for $60 million by an LLC tied to Youngquist Brothers, a Fort Myers-based well-drilling company.
Kolter Urban is no stranger to luxury developments in the region, with an impressive portfolio that includes The Ritz-Carlton Residences in Sarasota, Saltaire St. Petersburg, and Hyde Park House in Tampa. The company is also developing The Island at West Bay Club in Estero, Construction began in March 2024.
This is not Kolter’s first venture on Gulf Shore Boulevard. In April, the developer acquired the former Bahama Club property just a few blocks away for $112.6 million, with plans for what it describes as an “ultra-luxury, beachfront development.”
As Naples continues to evolve with projects like this, stay tuned to Naples News Now for updates on what’s next for this prime Gulf Shore property.