A developer is building a boutique condominium tower in the tony Gulf Coast town of Naples, Florida, a growing luxury market for baby boomer retirees.
Construction is expected to start immediately on the 15-story Aura at Metropolitan at 1925 Metropolitan Blvd., just off the city's downtown Fifth Avenue, according to the lender, Forman Capital. The project is due to be completed by late 2026. Development Partners International has advertised pre-construction pricing for the 56 units from $2.5 million to more than $5 million.
Florida's west coast has dealt with a handful of storms in recent years, including Hurricane Ian in 2022 and Hurricane Milton in October. But Naples, about 160 miles south of Tampa, remains an attractive market for well-heeled residents who prefer quieter confines, analysts say. It has attracted other developers as well.
A private equity group, Henley Investment Management, recently announced plans for up to 70 luxury condominium units in Naples, with units expected to start around $3.5 million.
The timing of Aura at Metropolitan seems ideal, according to Jack McCabe, a U.S. housing analyst with McCabe Research & Consulting. If the U.S. economy falls into a recession next year, it likely would be over by the time Aura at Metropolitan is ready for occupancy, he said.
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Plans call for Aura at Metropolitan condos to have two to four bedrooms, with some units having a den and views of Naples Bay. Amenities will include a fitness center and yoga studio, a rooftop bar and lounge and a putting green. The building will include 6,341 square feet of ground-floor retail and restaurant space.
"It has all the earmarks of a very successful project," McCabe said in an interview. "It's got an awful lot going for it."
Forman Capital provided $113.6 million in construction financing for the developer.
"Naples is emerging as a premier destination for luxury condominium developments with units commanding premium pricing," Scott Mehlman, a Forman partner and chief investment officer, said in a statement. "Aura has few competitors in the market when it comes to location and pricing."