Kolter Urban and BH Group Break Ground on Gulf-Front Estates Following $197 Million Construction Loan

• Kolter Urban and BH Group have broken ground on Olana Naples, a 12-residence condo at 1121 Gulf Shore Boulevard North.
• Affiliates of Apollo and BDT & MSD Partners provided a $197 million construction loan.
• Prices start at $32 million. Homes have five or six bedrooms and more than 10,000 SF each.
• Completion is expected in 2028.

A $197 Million Loan for 12 Homes on Naples' Miracle Mile

Kolter Urban and BH Group have broken ground on Olana Naples. The project will have 12 condominium residences on 2.52 acres of Gulf frontage along Naples' Miracle Mile. The groundbreaking comes after affiliates of Apollo Global Management and BDT & MSD Partners closed a $197 million construction loan, which works out to about $16.4 million per residence. Completion is targeted for 2028.

Prices start at $32 million. At that floor, 12 homes would sell out for at least $384 million. Premier Sotheby's International Realty is handling sales.

"Naples has long attracted buyers who value privacy, space and a more understated view of luxury," said Brian Van Slyke, President of Kolter Urban. "With just 12 residences, Olana offers something increasingly difficult to find: the scale and independence of a private estate, complemented by world-class design and personalized service."

The Bahama Club Site Will Hold 12 Homes Where Zoning Allows About 45

The partners bought the 2.52-acre site at 1121 Gulf Shore Boulevard North for $102.6 million in April 2024. That's about $40.7 million per acre, or $8.6 million per planned home. The land has 220 feet of beach frontage. It was home to the Bahama Club, a 36-unit low-rise co-op built in the late 1950s. The building was damaged by Hurricane Ian and has since been demolished.

Zoning permits 18 units per acre, or about 45 homes on the site. The developers chose to build 12. The plan is a six-story building with two residences per floor over ground-level parking, set back about 182 feet from Gulf Shore Boulevard. The Naples Design Review Board unanimously approved the final design.

Each home has more than 10,000 SF of indoor and outdoor living space. Floor-through layouts have floor-to-ceiling glass, private elevator access and Gulf-facing terraces. The two largest homes are Beachfront Villas, each with five bedrooms, more than 11,500 SF and a private pool.

Each Home Has Its Own Wellness Suite and Theater

Most high-rise condos rely on shared amenity floors. At Olana, most amenities are inside the homes. Each residence has a wellness suite with a gym, sauna, steam room and cold plunge, along with a home theater, climate-controlled wine room, clubroom, and separate presentation and chef's kitchens. Shared spaces include a Gulf-front pool and spa, cabanas and direct beach access. A 24-hour concierge and valet team is on site, and residents can order à la carte services such as private chefs, pre-arrival preparation and yacht charters.

Randall Stofft Architects and SB Architects designed the building. Champalimaud Design, whose hotel work includes The Carlyle in New York, The Dorchester in London and Raffles Singapore, is handling the interiors.

"We are seeing a huge demand for expansive waterfront residences, yet opportunities to own a new home directly on the Gulf are increasingly limited," said Budge Huskey, CEO of Premier Sotheby's International Realty.

Kolter Urban's West Coast Pipeline

Kolter Urban has sponsored more than $7.8 billion in realized and in-progress projects across the Southeast, including $3.2 billion on Florida's West Coast. In the Naples area, it is building 3300 Gulf Shore Boulevard and developing The Island at West Bay Club in Estero. Its Florida portfolio also includes The Ritz-Carlton Residences, Sarasota Bay, ONE St. Petersburg, ONE Tampa and Maison d'Or Palm Beach.

Kolter Urban usually builds condominiums of 50 to 500 residences, so Olana's 12 homes are far below its normal range. Its partner, BH Group, is a South Florida developer of luxury ground-up projects.

What's Next for Olana

Vertical construction is next, and delivery is set for 2028. With 3300 Gulf Shore Boulevard already under construction, Kolter Urban will be building two Gulf-front condos on Gulf Shore Boulevard at once. Sales at Olana are underway, with prices starting at $32 million.