Realtor, PILOT Real Estate execs buy land for Mustique of Olde Naples

BUYER: Mustique of Olde Naples LLC (principals: Jordan Saper and Joe Belz), Naples

SELLER: Villas Encorvada LLC

PROPERTY: 501, 515 and 555 Fourth Ave. S. and 361 Fifth St. S., Naples

PRICE: $2.4 million

PREVIOUS PRICE: $875,000, June 2005 and $1.31 million and $600,000, April 2005

LAW FIRM ON DEED: Cheffy Passidomo, Naples

PLANS, DESCRIPTION: An investor group headed up by Jordan Saper and Joe Belz purchased four parcels totaling a little over half an acre on Fourth Avenue and Fifth Street for $2.4 million.

The property features a collection of small homes and a multifamily buildings that the new owners plan to demolish. Saper with Greenwich, Conn.-based debt and equity real estate financing firm PILOT Real Estate Group LLC and Belz, a Realtor broker associate with Downing-Frye Realty Inc. are the managers heading up the development of a cottage community on the site called Mustique of Olde Naples. Designed by MHK Architecture and Planning, Emerge Design LLC, the project envisions a total of four multimillion dollar homes on site.

“We're getting ready to do the demolition there so we can start on the first two homes in the next two to four weeks,” Belz says. “Location-wise we're a block off Fifth and five blocks to the beach. It's a spectacular location.”

Clive Daniel Home has been hired to handle the interior selections and furnishings for one of the two spec buildings and eMERGE Design LLC is the landscape architectural firm. Naples-based custom homebuilder Waterside Builders will construct all of the buildings. As currently planned, one of two homes will feature a four-bedroom/4.5-bathroom floor plan and a second will be a three-bedroom/3.5-bathroom home with a den.

Construction on the first two homes is expected to take eight to 10 months.

The Belz Sells team with Downing-Frye Realty will be selling and marketing the community.