Kolter Group, Miami developer buy Hurricane Ian-ravaged Naples property for more than $100 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Apr 18, 2024

One of Tampa Bay's most prolific condo developers has partnered with a Miami group to buy an oceanfront Naples property for more than $100 million.

Kolter Group and BH Group said Wednesday that they paid $102.6 million for Bahama Club, a condo community that was damaged by Hurricane Ian in 2022. Bahama Club sits on 2.5 acres with 220 linear feet of beach frontage at 1121 Gulf Shore Blvd. N.

Up to 45 condos can be built on the property, the developers said.

Kolter, based in Delray Beach, is one of Tampa Bay's most prolific condo developers. One St. Petersburg was a pioneering development when Kolter broke ground on the 41-story tower in 2016. Since the completion of One St. Pete, Kolter has developed Saltaire and Art House in St. Pete and Hyde Park House in Tampa. It is also pre-selling condos in One Tampa, a condo tower on the former site of First Watch in downtown Tampa.

Centennial Bank provided a $56.4 million loan for the acquisition. JLL Inc. represented the Bahama Club Co-Op in the transaction.

In late 2023, Kolter announced plans for another Southwest Florida development: The Island at West Bay Club in Estero Bay, a 24-story tower with 86 residential units.

"Alongside BH Group, we look forward to bringing this ultra-luxury project in an incredible location to life and will share additional details on this one-of-a-kind beachfront development soon," Brian Van Slyke, regional president at Kolter Urban, Florida's West Coast, said in a statement.

Naples was among the hardest-hit Florida coastal communities when Hurricane Ian made landfall as a nearly Category 5 storm. The Ritz-Carlton Naples closed for several months after sustaining damage from Ian.