New Naples condos start at $30 million

Naples, Fort Myers and Charlotte

A nearly 9-acre industrial property has sold in Fort Myers. The parcel is at 16351 Old U.S. 41 and was bought by Keleck Holdings, a Fort Myers LLC. It paid $4 million for the 8.46 acre property. The previous owner, Bokeelia LLC, is tied to Georgia-based Cowart Industrial. It paid $350,000 for the property in 2015 according to Lee County property records. The sale was brokered by Alex Henderson, Max Molloy and Sawyer Gregory of LSI Cos., a Fort Myers commercial real estate firm. 

Delray Beach developer Kolter Urban says the starting price for a unit in a new Naples condominium complex it is building will be $30 million. The building, which will be called Olana Naples Residences, is going up on the site of the former Bahama Club condos at 1121 Gulf Shore Blvd. N., a property it bought last year for $102 million. A construction schedule was not immediately available but Kolter laid out some details of what $30 million — or more — will get you. The building will be six stories and be made up of 12 units. Each will be over 10,000 square feet and come with 5 bedrooms, 7 bathrooms and 2 powder rooms. They will all have 80 feet of unobstructed views of the Gulf of Mexico, Kolter says in an email detailing its plans. Amenities will include a gourmet kitchen, climate-controlled wine room and a soundproofed theater. Kolter is the developer behind several notable projects across the region, including The Ritz-Carlton Residences in Sarasota, Saltaire St. Petersburg, Hyde Park House in Tampa and The Island at West Bay Club in Estero. It announced last month that it paid $92.5 million for the former Executive Club condominium building down the road from Olana, at 3300 Gulf Shore Blvd. 

Tampa, St. Petersburg, Pasco and Polk

Courtesy image

A new 391-unit workforce housing community has opened in Lakeland. The complex is at 1320 Caprice Drive and was built by Alliance Residential Co., an Arizona multifamily developer. Prose Lakeside, as it’s called, includes one- and two-bedroom units, along with three-bedroom townhouses with two-car garages. Prose is Alliance’s workforce housing brand. According to the Scottdale company’s website, it is a “cost-efficient product constructed to a lower price point, targeting rents up to 20% lower than comparable apartments.” Rents at the new property start at $1,664 per month for an 830-square-foot one-bedroom, one-bath unit and top out a $2,899 a month for a 1,653-square-foot three-bedroom, two full, one half bathroom townhouse. An 1,174-square-foot two-bedroom unit is $1,896. According to Apartments.com, the average rent in Lakeland is $1,323 for a one-bedroom apartment and $1,575 for a two-bedroom apartment. Alliance was founded in 2000 and, according to its website, has built or bought more than 115,000 units, investing $23 billion. In addition to Prose, it also builds and buys senior living and higher-end communities as well as industrial properties. 

While a mountain of attention is dedicated to high-dollar building sales in Tampa Bay, the region’s industrial market did well last year. And things look good for 2025. So says the commercial real estate firm JLL, which just released its quarterly Industrial Insights report for Tampa Bay. According the report, over 4.9 million square feet of new space was delivered in the market last year. And while vacancy rates rose to 6.8% because of heavy development — buildings finished since 2021 account for more than 40% of the available space — rent was up 4% year-over-year. Also, the annual average asking rent reached $10.36 per square foot in 2024, doubling since 2016. Moving forward, JLL reports that about 4.9 million square feet of industrial space is currently under construction in the market. The east side submarket has the largest active pipeline, says JLL, with nearly 2.4 million square feet. That includes Coca-Cola Beverages Florida’s 1.2-million-square-foot project in Brandon expected to be completed later this year. Manatee/Sarasota County, the report states, has the second-largest pipeline, with more than 1.5 million square feet under construction.

Sarasota and Manatee

Software developer Combat Waffle Studios is moving into the former Tervis headquarters in Venice. The veteran-owned gaming software company, backed by Facebook parent Meta, has leased a 23,349-square-foot industrial space on Triple Diamond Boulevard. According to Ian Black Real Estate, which negotiated the lease, the space gives Combat Waffle room for development meetings, virtual reality testing areas, motion capture and security-focused development zones. The property, the firm says, is also pre-wired for fiber optic internet, which is critical for large data transfers and cloud-based development. Combat Waffle Studios plans to complete minor renovations to the new space before moving in. Its previous office was in a 7,000-square-foot industrial space just down the street at 107 Triple Diamond Blvd. A big reason for the move, Ian Black Real Estate says, is the company is experiencing rapid growth after the development of its VR extraction shooter game Ghosts of Tabor, which has grossed more than $20 million in sales in just over two years. Tervis, which exited from bankruptcy last week, is relocating its headquarters from Venice to an Osprey location on Tamiami Trail. Tervis sold the building for $15.35 million in 2023 and leased back space. Nick DeVito II and Brie Tulp of Ian Black Real Estate represented the landlord. 

Image via SVN Commercial Advisory Group

A 28,000-square-foot warehouse just off of U.S. Highway 301 in Sarasota is up for sale. The concrete block warehouse is at 1816 57th St. A listing for the property shows that it sits on 1.96 acres and includes three outbuildings. The asking price is $4.99 million. Sarasota County property records show the current owner is Garden Studios Inc., which paid $2.7 million for it in 2021. SVN Commercial Advisory Group, which is marketing the property, writes in the listing that there are short-term leases in place that allow the new owner to earn income “while making your final plans/transition.” Diane Lawson and Ryan Edwards are representing the property for SVN.

If you have news, notes or tips you want to pass along, contact LLLovio@BusinessObserverFL.com. Or you can text or call 727-371-6944.

This story has been updated to include the correct rendering for Olana Naples Residences.