Luxury has apparently become the name of the game in Collier and Lee County development. Everywhere you look it seems, hotels, luxury homes and apartments are increasing, with more planning.
The elite have a lot of income to play with after tax cuts at the end of the last decade, so why not bring that money into the southwest Florida sunshine? Developers make their dreams come true.
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Here is a sampling of the many, many projects bringing happiness in 2022 and beyond:
South China Sea to Gulf of Mexico
A Hong Kong-based chain with an exclusive club of 29 luxury hotels from Tuscany to Hawaii has sights in southwest Florida for a rare residential establishment.
Announced in May, Collier County will join Lido Key and Miami Beach as the only three US-branded residential developments of Rosewood Hotels and Resorts selling homes. On the ground, it has five other similar beachfront residences in Thailand, Brazil, Mexico and the Bahamas that have homes for sale.
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With sales scheduled to begin later this year for less than 50 gulf front units, Rosewood Residences Naples will appear at 1601 Gulfshore Boulevard, where the Mansion House complex used to be next to Laudermilk Park. County records show five acres were purchased for $167 million last year.
The Ritz dressed in Collier and Lee
The Ritz-Carlton brand is at the heart of at least two luxury developments.
The popular 14-story Vanderbilt Beach resort is undergoing expansion and renovations not far from its original $80 million price tag nearly four decades ago. This is due to be completed by Christmas or so.
The Ritz has plans underway for extravagant residential works in Estero Bay, just north of Hyatt Regency Point Resort & Spa. The Ritz-Carlton Residences and its 224 apartments in a pair of 22-story edifices, targeted for arrival in 2025, are set on 500 acres. Prices start around $2 million.
Real estate:In the Know: Collier’s Homes Are Most Expensive in the Eastern US, But Is Crazy Pricing Over in the COVID Era?
Investments:In the know: Seagate helps move development eastward; Jane’s safari question brings back memories
$1 billion in hotel deals and upgrades
Last year, the $362 million purchase of the 124-acre former Naples Beach Hotel was just the beginning of a transformation.
The new owners were not nearly finished spending money on the Four Seasons hotel and the new complex as work began in late April. Based on a similar project in Fort Lauderdale, it wouldn’t be surprising another $200 million at least. Completion is scheduled for late 2024.
The deal is among several hotel deals that have taken place in the past two months and will stimulate more activity, including $156 million for the Inn on Fifth and $248 million for an agreement that includes the Naples Grande Beach resort.
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Fifth Avenue extension south?
Set to be the busiest intersection in Naples due to the elevated AC Marriott and the nearly adjacent Gulfshore Playhouse.
The goal was to have both construction completed by late 2023 on the Godlett-Frank Road, off the Tamiami Trail. Some Naples leaders consider the projects important to better connect the premium shopping extension of South Fifth Avenue to the design district and the surrounding area.
“In the next five years this region will be much richer and more cultural,” said Elizabeth Kurtz, business developer at Kurtz Homes and president of the Naples Design District.
By the way:In the Know: set to be a ‘upscale’ hotel in Naples’ most crowded places
And:The design district of Naples continues to evolve
Naples gateway to the hotel and development
The Tamiami Trail and Davis Boulevard area is set to usher in The Ellington, a 10-story, 126-room hotel topped by 24 luxury apartments and the 15-story Aura in Metropolitan Naples, with 56 luxury residences.
With an investment of $110 million, the target for completion of the former 1.98 acres is late 2023, according to the developers.
For the latter’s 5.3 acres, with units worth up to $6 million plus, the goal is to finish this first phase by 2024. The top-floor celestial infinity pool and fitness center overlook the Bay of Naples, downtown Naples, and the Gulf of Mexico.
More coverage:In the know: Hilton’s new brand hits Naples, Fort Myers; Changes coming to Lee County Riverfront
And:Naples luxury projects are progressing in the target area for long-term revitalization
Fort Myers became fashionable in urban areas; Irving plans 60 ‘very unique’ units
The waterfront in Fort Myers is undergoing changes and one of the big approved additions to downtown is “The Irving” – a $25.5 million luxury apartment building at the east end of Bay Street.
The city will provide a $4 million property tax credit to the builder, a team led by Rebecka MacFarlane Barney, daughter of developer Robert MacFarlane who has developed several properties in Fort Myers and Lee County.
more:Developer Gets Tax Credit for a Luxury Condominium in Downtown Fort Myers
With nine floors, the building will be designed to provide views of the river and views of the urban atmosphere of First Street. Including design work: As part of the ‘Very Unique’ units, developers have a ‘Sun Study’ in mind to make sure Irving residents get the best of what Old Sol has to offer.
In the Naples Daily News, columnist Phil Fernandez ([email protected]) writes In the Know as part of the USA TODAY NETWORK, which supplements this report. Support democracy and subscribe to a newspaper.
