Naples’ ‘Miracle Mile’ beachfront redevelopment plot sells for over $100M
A magnificent beachfront redevelopment plot in Naples sold for more than $100 million.
The South Florida-based BH Group and The Kolter Group have partnered to buy the Bahama Club, a mid-rise apartment building with views of the Gulf of Mexico.
$102.6 million was the acquisition price, according to a recent article by Laura Layden of Naples Daily News
By lending $56.4 million to the joint venture, Centennial Bank made the acquisition possible.
The complex, located at 1121 Gulf Shore Blvd. N., was constructed in the middle of the 1950s and is ready for renovation.
The owners of the 36 units in the four-story building decided to explore a sale after Hurricane Ian damaged it.
The Bahama Club Co-Op’s sellers’ agent was JLL Capital Markets.
The location is close to the beach and the brand-new, opulent Naples Beach Club hotel and apartments, which will be run under the esteemed Four Seasons name.
There are 220 linear feet of beach frontage on the 2.5-acre property. 45 residential units may be erected there by right according to the zoning.
Situated in Coquina Sands, the property is situated along a section of Gulf Shore Boulevard North that has earned the moniker “Miracle Mile” due to the extensive damage caused by Ian.
There will be significant changes in the neighborhood.
More construction has been initiated as a result of the storm, and the city is supporting a grassroots initiative to restore and enhance the “public realm.”
Residents and city officials saw the redevelopment as a chance to “make lemonade out of lemons,” collaborating with the private sector to enhance the street’s appearance and functionality and establish it as a prominent entryway into the city. A conceptual strategy is being developed.
Since Ian, the region has seen a number of staggering sales.
Among them is a 2.1-acre plot on the west side at 1785 Gulf Shore Blvd. N., which sold for $83 million, or more than $40 million per acre.
$30 million was paid for a 1.58-acre parcel at 2020 Gulf Shore Blvd. N. on the east side, which is more than $20 million per acre.
On Monday, the Bahama Club was up for sale.
“We are thrilled that this deal has closed and are full of excitement.” According to Isaac Toledano of the BH Group, “This will be an ultra-luxury project in an amazing location,” he wrote in an email to the Naples Daily News.
He stated: “We look forward to being a part of the one-of-a-kind Naples community.”
This article originally appeared on Naples Daily News
