This development will be located on the East side of Tamiami Trail (41) across from the Golden Shores/Royal Harbor area.
Condo-retail towers proposed for Triangle in East Naples get zoning OK
One of the largest housing and shopping developments proposed in years for East Naples is on track for groundbreaking after Collier County commissioners approved zoning for it Tuesday.
The zoning change will allow developers Jerry Starkey and Fred Pezeshkan, of Real Estate Partners International, to build up to three towers, each as high as about 15 stories. The 5-acre site stretches between Davis Boulevard to the north and U.S. 41 East to the south in an area long known as the Gateway Triangle.
The area on Naples’ eastern limit has been one of the county’s top redevelopment priorities for years.
It would be next door to another high-rise development, but that proposed project, known as Trio, recently stalled. Trio was to bring a luxury high-rise condo-hotel where Davis meets U.S. 41. But Collier County land records show the developer, Trio Southern Holdings LLC, defaulted on a loan agreement. The deed was conveyed to the lender in lieu of foreclosure to satisfy the loan, according to land records.
The development commissioners voted unanimously to approve Tuesday will feature a mix of housing, hotel rooms, retail and entertainment. The zoning allows up to 377 residential units, 228 hotel rooms and a maximum of 200,000 square feet of space for various commercial uses, including restaurants, coffee shops, bars and a movie theater.
Exactly what kind of restaurants and shops and how many condos or hotel rooms are built will depend on the market, Starkey said.
“We mainly see it as entertainment-based,” he said. “Think restaurants and coffee shops. We’re talking to a cinema. We want a mixture of retail on the ground floors, and that will surround a parking garage. Then at the top will be offices, hotel rooms and residences.”
Starkey said he sees the site as a natural extension of Fifth Avenue South in Naples.
Higher-end developments, bringing more restaurants and pricier condos, have been spreading east along U.S. 41 from Fifth Avenue over the past decade. The site is about a mile from Cambier Park, and it would be a short walk over the Gordon River bridge to a new Hyatt House and Tin City along U.S. 41.
The county has been trying to redevelop it since the late 1990s and purchased the land in 2009 for $6.4 million.
When the county went to sell the property, it was worth $5.2 million, according to a county-funded appraisal completed in August 2016.
Starkey and Pezeshkan offered the $6.4 million during a competitive bidding process later that year, beating out two other developers.
The proposed buildings would be taller than allowed under county rules and by the nearby Naples Airport Authority. But after reviewing the proposal, the Federal Aviation Administration said the development posed no hazard to the airport as long as the buildings are no taller than 160 feet. Commissioners granted a height extension.
Commissioner Donna Fiala said she thinks the project will spark new investment along U.S. 41 and Davis Boulevard, an area that had long been home to several auto body shops, car rentals, moving companies and a nursery.
Many of the small businesses have moved, either selling to developers or moving when the county did not renew their leases.
Port Royal, Naples, Florida
A Port Royal estate described as a “true work of art” has sold for $16.1 million.
The five-bedroom single-family home, with seven bathrooms, spans 8,302 square feet. Built in 1993, it recently was renovated by Naples-based A. Vernon Allen Builder.
The two-story home — at 4295 Cutlass Lane — sold for close to the asking price of $16.5 million. It was designed by Naples architect Kasimir Korybut.
Marketing materials describe its style as “island colonial” and say it has “perhaps the best docking location in all of Port Royal.” The dock easily could fit a 100-foot yacht and several smaller boats.
The grounds are described as elegant and the bay views as breathtaking.
According to realtor.com, the property was on the market for 95 days.
It’s the most expensive home to sell in Collier County this year through the Southwest Florida Multiple Listing Service, or MLS. But the eye-popping sale doesn’t match the highest one last year.
A newly built waterfront estate at 3750 Rum Row in Port Royal fetched $17.7 million in 2017, setting the record for the year.
Outdoor bar at Mystique Pelican Bay. Photo: mystiquepelicanbay.com
Collier County has a lot on its plate this year for growth and development, according to Collier County Planning Commission Chairman Mark Strain.
Strain delivered a data-packed presentation at a Wake Up Naples breakfast Wednesday with updates on hot topics including new development and roads.
“We’ve got so much growth going on in Collier County right now,” said Strain, the county’s hearing examiner. ““We have been busier (than) I’ve seen than all the years I’ve been here.
“Ironically I thought Hurricane Irma would have slowed things down. So we are doing surprisingly well in spite of the hurricane.”
Collier is geographically the largest county in Florida and has a permanent population of 365,000, with many thousands more during season, according to a census report. The county’s population is expected to reach more than 482,000 by 2040.
Strain emphasized that Collier will see a lot of density and urbanization but that it will never be like Miami, considering 77 percent of the 1.5 million acres in Collier are permanent preservation land and will not be developed.
The four multimillion-dollar residential tower projects Strain discussed at last year’s meeting have down-sized to three, he said, with the Ritz-Carlton deciding not to proceed with building another tower.
Updates on multimillion-dollar residential towers:
- Mystique, an 81-unit high rise in Pelican Bay, is under construction and will have a sister building.
- Last year developers of One Naples had a vision to build a mixed-use project that would include an 18-story luxury tower with 300 residences. However, their website says they are redefining the One Naples project to address the feedback received from the community.
- Kalea Bay, approved in 2000 for a five-building project with 590 units, now has one tower built, and the second is in the sales stage. They also have plans for a golf course across the street.
- As for affordable housing, Strain said Ave Maria and Orangetree are helping to fill that niche, but he noted that the more affordable housing is built to the east, the worse Collier’s roads and traffic will be.
- “It’s kind of a dynamic we haven’t addressed yet,” he said.
- Stores like the new Publix at Neighborhood Shoppes at Orangetree have helped ease that traffic, Strain said.
- “What happens is when you put commercial out where the rooftops are, those people don’t drive all the way to urban area and crowd up the roads,” he said.
- In an effort to reduce the ongoing traffic issues, Strain said the county is working on building overpasses and flyovers.
- “I don’t like the roads, either,” he said. “It’s something we will work our way through, and we have plans to really resolve them, but all that takes is money and time.”
- Overpasses are planned at Collier Boulevard and U.S. 41 East and at Immokalee Road and Collier Boulevard, and a flyover at Davis Boulevard and Collier Boulevard.
- Job growth will come from businesses like Seed to Table, a 60,000-square-foot grocery store being finished where Albertsons use to be on the northeast corner of Livingston and Immokalee roads in North Naples.
- Strain said the developer and owner of Oakes Farms, Alfie Oakes, has been traveling the country visiting other grocery stores to find out what will attract people and will be unique to Collier.
- Seed to Table is expected to employ 400 people. Strain said it is projected to open at the end of 2018.
- Strain also touched base on what he finds to be a funny trend — storage facilities.
- There are 58 storage facilities in Collier, and 10 more have been approved.
- “I think it’s a conspiracy theory,” he said. “It’s a sign of the times that maybe we spend too much money on things that we store.”
- Strain also touched on the proposed Sports Park at Interstate 75 and Collier Boulevard, plans for more WaWa gas stations, more Arthrex projects and other plans for new development and redevelopment.
Online Views Spike in the Bonita Springs and Estero Real Estate Markets
Altaira, high-rise homes in Bonita Springs, Florida
Bonita Springs, FL | February 22, 2018 —— According to the Bonita Springs-Estero REALTORS® Media Committee, the overall number of pending sales have increased by 13 percent in January 2018 versus January 2017. Additionally, closed sales in the same time comparison have also increased by 10 percent. “The increase in demand for homes in this market is further corroborated by the number of online views in the market as reported by Realtor.com,” stated a local Broker. “Realtor.com showed 8.9 million active listing page views in Bonita Springs and Estero for January 2018 versus 5 million in December 2017,” he adds. “Buyers are actively looking in this market.”
In the luxury market, which are homes priced $1 million and above, area brokers have reported an oversupply of inventory with less activity than other price segments. “The slower activity in the luxury market may be due to larger scale storm damage, which takes longer to repair,” stated Julie Ross, Appraiser, Carroll & Carroll. Ross adds, “In all other price segments, appraisal activity has been steadily increasing since December 2017.” Overall inventory also saw an increase but was offset by the increase in pending sales.
The market continues to follow a stable path in both pricing and the days on market. Combined with the notable increase in online views, the Bonita Springs and Estero markets are a viable and desirable option for buyers, perhaps more so than surrounding markets. “Buyers are savvy enough to know that they can get the same gulfside lifestyle in this market, but with a better value than other neighboring cities”, stated a local Broker. “This makes Bonita Springs and Estero the top of the list for buyers.”
The Bonita Springs-Estero REALTORS® February 2018 Report shows these overall findings for both single family and condominiums combined for the month of January 2018.
|
Month overMonth1/2017 |
Month overMonth1/2018 |
% Change |
|
|
|
|
| Pending Sales Units |
295 |
332 |
13 |
| Closed Sales Units |
190 |
209 |
10 |
| Median Closed Price |
$310,000 |
$295,000 |
-5 |
|
|
|
|
|
12-Month Ending1/2017 |
12-Month Ending1/2018 |
% Change |
|
|
|
|
| Pending Sales Units |
2,980 |
3,013 |
1 |
| Closed Sales Units |
2,892 |
2,952 |
2 |
| Median Closed Price |
$304,000 |
$294,000 |
-3 |
| Average Days on Market |
93 |
96 |
3 |
| *Active Inventory |
1,810 |
1,784 |
-1 |
| *Avg Month’s Supply |
6.9 |
6.8 |
0.1 |
To ensure your next real estate transaction in the Bonita Springs or Estero market is a success, contact a Bonita Springs – Estero REALTOR® member by visiting BonitaSpringsRealtors.com.
*Inventory calculations are based on property listings that exist within the Southwest Florida MLS. Only properties in zip codes 33928, 34134 and 34135 are included. Single family homes are tabulated with the building design of single family, villa detached, or manufactured with land conveyed. Condo units are tabulated using properties with a building design of low-rise, mid-rise, high-rise or villa attached.
The Bonita Springs-Estero REALTORS’® Multiple Listing Service (MLS) syndicates to LISTHUB, which distributes to 2,000+ real estate search websites.
Founded in 1966, the Bonita Springs-Estero REALTORS® is a local trade organization of over 850 REALTORS® and more than 120 affiliated industry members. Bonita Springs-Estero REALTORS®is part of the National Association of REALTORS® and Florida REALTORS®, and provides its members with a wide range of services designed to educate and empower members and consumers alike through the opportunity to sell or purchase real property. It also provides the public with up-to-the-minute real estate reports, trends and information about the Bonita Springs and Estero real estate market.
Released by WBN Marketing LLC
Unlike national figures for home sales in January which, according to the National Association of Realtors®, dropped 4.8 percent compared to sales in January 2017, home sales in Collier County rose 11 percent in January to 671 home sales in January 2018 from 603 home sales in January 2017. In fact, closed sales of luxury properties (homes above $1 million) were quite remarkable in January with a 123 percent increase over the number of closed sales of luxury properties in January 2017, according to the January 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
“Thank goodness for the luxury properties for sale; they are driving the market,” said a local Broker, who added, “Pending sales of homes priced above $1 million increased 67 percent in January compared to last year.”
Broker analysts reviewing the report agreed that many of the high-end speculative homes that had been on the market for over two years, especially in desirable locations like the Naples Beach area, were sold in January.
Another local Broker said, “An increase in motivated sellers is demonstrated by January’s overall pending sales, which increased 11 percent.”
“I think we had a lot of pent up demand from wealthy buyers who waited to see how the new tax laws would affect them,” said another local Broker . “Once they understood the law, they obviously felt confident in making a big purchasing decision.”
As such, January’s median closed price decreased 19 percent in the $2 million and above price category. For the entire market, the overall median closed price increased 19 percent in January.
“The storm blew in a lot of business,” remarked a local Broker, who added, “I believe that some buyers who would have purchased in the fourth quarter of 2017 delayed their decision until the first quarter of 2018. It looks like we are off to a good start this year with respect to sales.”
Overall median prices in January decreased for homes up to $1 million compared to last year. For example, median closed prices for properties in the $300,000 and below price category decreased 6 percent in January to $205,000 from $219,000 in January 2017.
“For a long time we saw double digit increases in median closed prices for single-family homes in the $300,000 and below market,” said Cindy Carroll, SRA of Carroll & Carroll Appraisers and Consultants LLC. “But for January, the report showed only a 4 percent increase [year over year (or a 5 percent increase month over month)].”
Overall inventory in Collier County decreased 5 percent in January to 6,071 homes from 6,393 homes in January 2017. However, inventory has been on the rise over the past few months and while the nation continues to experience declining inventory levels that resulted in a 3.4 months supply for January, the Naples area market is seeing its inventory levels increase to 8.2 months of inventory for January.
However, the report also showed a 21 percent decline in inventory for single-family homes in the Naples Beach area, which Carroll says can be attributed to a rush of speculative homes sales in that area.
According to Carroll, the South Naples (34112, 34113) and East Naples (34114, 34117, 34120, 34137) single-family home markets continued to see the strongest increases in value in January, as reflected in 8 and 9 percent increases in median closed prices, respectively.
Interestingly, and as confirmed by several broker analysts reviewing the January report, an unusual closed sales anomaly transpired in January that, while impacting figures for the month, does not influence the market’s activity trend on a 12-month ending basis.
Basically, and as explained by analysts, “The newly constructed luxury high rise condominium in North Naples delayed the closings for 79 of its units that were previously pending until January. This in turn, influenced NABOR®’s closed sales, median closed price, and days on market statistics for the month.”
As reflected in the report, there were 150 closed sales of condominiums in the North Naples area in January (a 150 percent increase over January 2017). By the same token, because the 79 condominiums sold between $1.8 million and $2.5 million, the median closed price in this geographic area increased by 428 percent. The data also showed 0 days on the market for the 79 units. The closings were apparently postponed as a result of the hurricane disruption and not completed until January.
“This type of anomaly is why it’s best for REALTORS® to also review the 12-months ending data that accompanies each monthly report,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “We feel a long-view of the statistics reflects the market’s true behavior better and will help REALTORS® educate both buyers and sellers on how the market is really performing.”
It would be my honor to assist you and your family and friends with your real estate needs.
Best,
David
(239) 285-1086
