Hurricane Ian triggers redevelopment along 'Miracle Mile' in Naples. What to know
Hurricane Ian has sped up redevelopment along a cherished stretch of Gulf Shore Boulevard in Naples.
In the aftermath of the storm, the hard-hit 1.3-mile stretch, running from Doctors Pass to the Naples Beach Club, has been dubbed the "Miracle Mile" by its residents, for its endurance and promise.
Since Ian the still-recovering area has seen some eye-popping sales of multifamily sites to developers and investors. That includes:
A 2.1-acre property at 1785 Gulf Shore Blvd. N. on the west side that brought $83 million – or more than $40 million an acre
A 1.58-acre property at 2020 Gulf Shore Blvd. N. on the east side that fetched $30 million – or more than $20 million an acre.
Naples-based MHK Architecture has been hired for redevelopment projects at both sites – and three others along the Miracle Mile, which includes parts of the Moorings and Coquina Sands neighborhoods.
Here are some of the projects to keep an eye on. One of the projects has a jump start.
The Mansion House is gone
Seven months before Ian, the Ronto Group announced its purchase of the Mansion House, at 1601 Gulf Shore Blvd. N, in partnership with Wheelock Street Capital, for redevelopment. The beachfront, low-rise cooperative in Coquina Sands, completed in 1975, had eight two-story buildings, with a total of 32 condos.
After the storm, the buildings got demolished, to make way for an exclusive development known as the Rosewood Residences, which will be managed by the Rosewood Hotels & Resorts, a leader in ultra-luxury hospitality.
The club-style community will have two buildings, each with six floors of condos, sitting over one level of parking. There will be 42 residences in all.
The buildings will be at a zoned height of 75 feet (not including the required flood elevation).
The existing zoning on the more than 5.2-acre site allowed for 94 units, but the developer wanted to offer larger residences, more like single-family estates, on the prized waterfront, explained Matthew Kragh, the founder and president of MHK Architecture.
Ronto, he said, chose to build six floors, rather than the seven allowed by the zoning, to provide higher ceilings for grander residences.
The community will be amenity rich, with a high level of service, including everything from valet parking and laundry to pet care and in-home spa treatments. Owners will have their own private elevators, and spacious balconies.
The project is about a year ahead of the others MHK has been hired to design on the Miracle Mile. In fact, construction could start within a few months, Kragh said.
"They are in the sales mode," he said.
On average, the luxury residential condos will offer 5,300 square feet of indoor living, with three to four bedrooms. The penthouses will be noticeably larger, with the largest offering nearly 12,000 square feet of living space inside and out, including six bedrooms, plus a den and a club room.
The development will include an expansive fitness center, a spa, an interactive game room, two swimming pools and an exclusive lounge and sports bar.
Here's a look at what else MHK is up to along the Miracle Mile:
1785 Gulf Shore Blvd. N.
Details: This is the former site of the Gulf Shore Colony Club, a beachfront co-op in the Moorings, built in 1960. Its six two-story residential buildings had a total of 16 condos, ranging from 1,400 to 1,800 square feet. The property sold after seeing major damage from Ian.
Status: All of the buildings on the 2.1-acre site have been demolished by the new owners, the Youngquist Brothers, a family-run enterprise based in Fort Myers, with diversified commercial holdings and interests, from rock mining to real estate. The proposed development is about three quarters of the way through the city's review and approval process.
Proposal: A seven-story building is planned, over parking, with 24 units, up to a maximum of 75 feet above flood elevation (with an additional 7 feet allowed for stair towers, elevator shafts, mechanical equipment and architectural embellishments on top).
3300 Gulf Shore Blvd. N.
Details: This is the former site of the Executive Club in the Moorings, a 55-plus community. The four-story mid-rise building had 46 residences, sitting on a little over three acres. Completed in 1969, the building was badly damaged by Ian. The modest two- and three-bedroom units offered 1,524 to 2,040 square feet of living space.
Status: The building was recently razed by the new owners, the Youngquist Brothers. Like its other project, the one at this site is far along in the city's review and approval process.
Proposal: A new eight-story luxury condominium development is planned that will include 51 residential units, split between two buildings. The buildings will include one level of parking, with the same zoned height of 75 feet.
2020 Gulf Shore Blvd. N.
Details: This is the former site of Park Place Club, a bayfront cooperative in the Moorings. The community of six, two-story buildings included a total of 24 units. Completed in 1963, the buildings offered two-bedroom units, with 1,181 to 1,200 square feet of living space.
Status: The buildings have been demolished by the new owners, the Barron Collier Cos., a long-time local developer. The new development is about three quarters of the way through the city's review and approval process, like several of the others.
Proposal: Two three-story buildings are planned over one-level of parking. There will be a total of 15 high-end condos.
1500 Gulf Shore Blvd. N.
MHK's fifth project is at 1500 Gulf Shore Blvd. N., which has been home to the Ocean Terrace, a low-rise condominium in Coquina Sands, built in 1962, across the street from the city's popular Lowdermilk Park. The new development will feature just four luxury condos, overlooking Hurricane Bay, but Kragh didn't have much else to share about it yet.
In case you missed it: Fears mount over loss of charm on quaint stretch of Gulf Shore Boulevard in Naples
More: Board drops proposed moratorium on new construction along 'Miracle Mile' in Naples
Locals driving redevelopment
After Ian, city leaders expressed concerns the catastrophic storm could attract the wrong kind of redevelopment, drawing in out-of-town investors and developers who wanted to maximize their profits by building bigger, not necessarily better — and not in keeping with the city's vision to protect its small-town charm and character.
On the Miracle Mile that hasn't happened, Kragh noted.
"Everybody that is doing development on the street, they are local, and they have been local for a long time," he said. "I'm not working for a single out-of-towner."
The long-time Naples architect anticipates getting more jobs on the mile, with other heavily damaged multifamily properties expected to sell for redevelopment opportunities over the next few years.
"We have been fielding a lot of phone calls in the last year," Kragh said. "I don't know of any deals or purchases that have gotten past a discussion point," other than the five he's already working on.
There are rumblings of other big deals in the works, including the sale of the Bahama Club, a four-story, mid-rise co-op at 1121 Gulf Shore Blvd. N., with 36 units. It has been marketed as "one of the last remaining uber-luxury beachfront development sites of this size in the state of Florida." The 2.53-acre property, close to Lowdermilk Park, has 220 linear feet of beach frontage, and it's been offered "as is," after taking a hit from Ian.
The larger and fancier condos – with top-notch amenities – will come with much higher price tags than those they'll replace.
While some residents have expressed concerns about the new development hurting their property values, by blocking their waterfront views and changing the character of the Miracle Mile, others disagree.
Rene Lewin, president of the Sancerre Homeowners Association, has mixed feelings about the new development. As a longtime resident of Sancerre, he's called the stretch of road home for many years.
While he's not opposed to new development, or change, he's concerned it won't be compatible. If done right, new development should push up property values in the area, benefiting residents and the city alike, Lewin said.
For example, at the Rosewood Residences, pricing starts at about $10.5 million. The community offers 13 unique floor plans, ranging from 4,266 square feet to 9,718 square feet of interior living space, with the largest penthouse priced at $40 million.
"The total value will exceed $600 million. All of this will be added to the Naples tax base," Lewin emphasized, and that's just one project.
Setting an example
Under construction and planned years before Ian, the new Naples Beach Club, which will include a five-star resort and luxury residences, managed by the Four Seasons, one of the world's most exclusive hospitality brands, has set a new standard for living on the Miracle Mile.
The resort is expected to open in early 2025, with the first residences coming online later that same year on the beachside, and more of them planned on the other side of the road. Current prices start at $14.5 million, and max out at $50 million for condos with world-class amenities from dining to golf.
The development is replacing the historic Naples Beach Hotel, which the same family operated for more than 70 years, on 125 acres of Gulf-front property.
Jay Newman, chief operating officer of The Athens Group, the Naples Beach Club's developer, said it's good to see the project has set an example for others, further benefitting the city.
"When you have new development that's on the scale with what we are doing with Four Seasons, it kind of provides a catalyst for other development," he said. "Clearly, that effect is taking place."
This article originally appeared on Naples Daily News: Gulfshore Boulevard, Naples: What to know about redevelopment projects
