The Ronto Group and Wheelock Street Capital landed $234 million in construction financing for a high-rise condo development that’s upping the ante in Naples.
The debt from Apollo, for Rosewood Residences Naples at 1601 Gulf Shore Boulevard, amounts to $5.57 million per unit. JLL Capital Markets represented the developers in the transaction.
The 42-unit waterfront project will consist of two buildings with homes averaging 5,200 square feet and penthouses spanning up to 9,600 square feet. An outdoor kitchen and two terraces are planned for each unit, and community amenities include pools, spas, game rooms, lounges and gated access to 500 feet of private beachfront.
It is expected to be completed in the third quarter of 2026 and is “the only exclusively residential, ultra-luxury branded condominium on Naples Beach,” according to a news release.
The developers paid $167 million, or $5.2 million per unit, for the property, a 32-condo complex called Mansion House, in 2022. They bought out the owners of the two-story cooperative, which was built in 1963, Gulf Shores Business reported.
The Ronto Group is also developing Rosewood Residences at Lido Key, which has 65 condos and is set for completion next year. Units there are pre-selling for $7.6 million to $15.4 million.
Although the Naples development will be one of the first ultra-luxury options in town, it won’t be alone for long.
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BH Group and Kolter Group paid $102.6 million in April for a 2.5 acre site — the 36-unit Bahama Club Co-op — with $56.4 million in financing from Centennial Bank. That purchase sets the stage for another ultra-luxury development in Naples.
The city suffered damage from Hurricane Ian in 2022, which has prompted condo owners’ associations to opt for selling and opened the door to ultra-luxury developments. The City of Naples has been working since the hurricane to redevelop right-of-ways and public property along its “Miracle Mile.”
—Rachel Stone