US real estate investment firms BH Group and the Kolter Group have acquired a $102.6m (€96.1m) beachfront condominium development site located in Florida from Bahama Club Co-Op.
The pair have acquired the 2.5-acre property featuring 220 linear feet of beach frontage in the heart of Naples zoned as-of-right to allow up to 45 condominium units.
Located at 1121 Gulf Shore Boulevard North, the site is within the beach and Naples Beach Club, Hotel and Residences project under the Four Seasons brand.
Liat Toledano, co-founder of BH Group, said: “BH Group is very excited to solidify our presence in the exceptional and luxurious Naples community with our esteemed partner, Kolter. After purchasing last year the last parcel in Fisher Island, to now being apart of this momentous milestone marks a new chapter for our organisation as we join the ranks of esteemed residents and businesses in this prestigious enclave.
“We are committed to upholding the legacy of excellence associated with Naples and look forward to contributing to its vibrant and exclusive atmosphere.”
Brian Van Slyke, regional president at Kolter Urban, Florida’s West Coast, said: “Kolter Urban is thrilled to continue to expand our presence on Florida’s West Coast, developing some of the most recognizable condominiums in the area including The Island at West Bay Club in Estero Bay.
“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.”
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