Henley Investment Management, a global private equity firm with offices in London and West Palm Beach, Florida, is pleased to announce its latest venture, a $350 million luxury condominium project in Naples, Florida.
Partnering with Naples-based Gillette Development, Henley is embarking on this residential project as part of our expanding footprint in the United States.
Situated just a mile from the Gulf Coast along Davis Boulevard, the development will feature two mid-rise towers connected by an elegant glass atrium and surrounded by lush outdoor gardens. This 350,000-square-foot project is set to redefine luxury in Naples, providing between 60 to 70 high-end condominium units. These residences will range from spacious two-bedroom apartments to expansive four-bedroom penthouses, each designed to offer the finest living experience with direct access to the Gulf of Mexico.
”Our vision for this project is to create a one-of-a-kind community where wellness, luxury, and waterfront living converge. We will be very heavily leaning into the triple-whammy of wellness, residences, and private moorings. Those three combined together in a single location we think is … a unique product that isn't currently available in Naples.
said Emma Rickwood, Henley’s Chief Marketing Officer.
The project is located within the Bayshore Gateway Triangle Community Redevelopment Area, a 1,800-acre redevelopment zone in Naples. Units in the development are expected to start around $3.5 million, providing a premium living experience in one of the most affluent cities in Florida. The joint venture noted in its announcement that similar condominium developments in Naples have recently achieved sales values at more than $2,000 per square foot, with house prices in the city overall having risen by a compounded annual growth rate of 17.1% over the last three years. According to the Naples Area Board of Realtors, average condo sales prices reached $812,525 in September, marking a 4.5% increase from the same time last year.
In terms of design, Henley has enlisted the expertise of local architecture firm MHK, with interiors crafted by designer Megan Sherwood.
”We are now focused on the planning and development process over the next 12 months before exploring financing options with potential debt and equity investment for partners keen to access the booming Naples residential real estate sector, with considerable upside prospects.
officials said in a statement from the joint venture.
Pre-sales are anticipated to commence as Henley and Gillette navigate the zoning process, with groundbreaking expected in 2026 and completion targeted for mid-2027. This venture represents Henley’s ongoing commitment to innovation and excellence in real estate, following our recent success in expanding within the U.S. market, notably in sectors like the car wash sector. With a growing portfolio valued at over $3 billion, Henley is well-positioned to deliver on the high expectations of the Naples market.
19th November 2024
Read the original full article at CoStar.
