Tampa Bay Business Journal, 01-22-25

One of Tampa Bay’s Most Active Condo Developers Drops $92M on Naples Site

As featured in Tampa Bay Business Journal

Kolter Urban, which has luxury condos under development on both sides of Tampa Bay, has picked up a Naples development site for $92.5 million.

Kolter said it has closed on a 3.07-acre site located at 3300 Gulf Shore Blvd. — not far from another Naples property that Kolter picked up in a joint venture in 2024 for over $100 million.

“This latest acquisition, nestled between the Outer Doctor’s Bay and Gulf of Mexico, represents Kolter Urban’s ongoing commitment to creating exceptional waterfront living experiences,” Brian Van Slyke, president of Kolter Urban Florida’s West Coast, said in a statement. “We look forward to expanding our presence in the Naples area and continue delivering standout properties along Southwest Florida.”

The seller, Youngquist Brothers, had proposed a condo project on the site, reports Naples Daily News. Kolter said in a statement that it plans to retain the same group, MHK Architecture, that designed the previous proposal for the site.

Youngquist Brothers demolished a mid-rise, 55-and-up complex on the site, according to Naples Daily News. That developer paid $60 million for the property in 2023.

Kolter said it would share its development plans for the property at a later date. It is the developer of One Tampa, under construction in downtown Tampa, and Art House, under construction in downtown St. Petersburg. Its previous developments in the region include One St. Petersburg, Saltaire and Hyde Park House. It is also pursuing a waterfront development on St. Pete Beach.

The developer’s 2024 Naples land purchase will become Olana, a boutique condominium with 12 units, each over 10,000 square feet.

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