Beachfront condominium development site in Naples trades for $102.6M
JLL Capital Markets arranged the sale of 1121 Gulf Shore Boulevard North in Naples, Florida
MIAMI, Apr. 15, 2024 – JLL Capital Markets announced today that it has closed the $102.6 million sale of a trophy, beachfront condominium development site located in Naples, Florida.
JLL worked on behalf of the seller, Bahama Club Co-Op, and a partnership between Kolter Group and BH Group acquired the asset.
The property features 220 linear feet of beach frontage in the heart of Naples and is one of the only remaining ultra-luxury beachfront development sites in the state of Florida. It is zoned as-of-right to allow up to 45 condominium units.
Located at 1121 Gulf Shore Boulevard North, the site is within steps of the beach and the 125-acre Naples Beach Club, Hotel and Residences project under the Four Seasons brand. It offers proximity to a wealth of upscale dining options, shops and entertainment options in Old Naples, and the numerous golf clubs and A-rated schools drive significant residential demand for the area. Nearby demand drivers also include over 100 local vendors in Downtown Naples, The Ritz-Carlton Golf Course, NCH Healthcare System, the Naples Municipal Airport, Waterside Shops, Coastland Center Mall, Naples Botanical Garden and the Naples Zoo.
“Kolter Urban is thrilled to continue to expand our presence on Florida’s West Coast, developing some of the most recognizable condominiums in the area including The Island at West Bay Club in Estero Bay. Alongside BH Group, we look forward to bringing this ultra-luxury project in an incredible location to life and will share additional details on this one-of-a-kind beachfront development soon,” said Brian Van Slyke, Regional President at Kolter Urban, Florida’s West Coast.
“BH Group is very excited to solidify our presence in the exceptional and luxurious Naples community with our esteemed partner, Kolter. After purchasing the last parcel in Fisher Island, to now being apart of this momentous milestone marks a new chapter for our organization as we join the ranks of esteemed residents and businesses in this prestigious enclave. We are committed to upholding the legacy of excellence associated with Naples and look forward to contributing to its vibrant and exclusive atmosphere." said Liat Toledano, co-founder of BH Group.
The JLL Capital Markets Investment Sales Advisory team was led by Managing Director Maurice Habif, Senior Director Simon Banke, and Associates Luca Victoria and Danielle Fernandez.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About BH Group
BH Group is a Miami-based real estate development firm focused on the ground-up development of luxury projects throughout South Florida. BH has extensive experience in the acquisition, construction, design, capital structuring and asset management of complex developments. For the last 20 years, BH Group has been involved in many large-scale real estate transactions and developments by utilizing strong relationships to provide investors with opportunities not otherwise available in the real estate market. For more information, please visit www.bhgroupmiami.com
About The Kolter Group
The Kolter Group LLC, (together with its affiliates, “Kolter”), based in Delray Beach, Florida, is a private investment firm focused on real estate development and investment. Led by CEO Robert “Bobby” Julien, Kolter operates four residential development business units and has sponsored over $29 billion of realized and in-process residential real estate projects throughout the southeastern United States (including Florida, Georgia, South Carolina, North Carolina, and Tennessee). Kolter has completed 99 residential projects, delivering over 27,800 units. The company’s current investment in 91 residential projects is expected to deliver a total of over 65,500 units. For more information, www.kolter.com.