Equity development after news broke this week Rebranded the One Naples project as The Ritz-Carlton Residences, Naples, Readers have asked a few questions about local developments, so today’s column provides some additional information.
In summary, The Ritz-Carlton Residences, Naples 128 luxury homes will be built on 6 acres on the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive in North Naples. The redevelopment project will be across Gulf Shore Drive from Vanderbilt Beach and across Vanderbilt Beach Road from The Ritz-Carlton Naples Beach Resort. It builds on a previous condominium, real estate office, and business footprint that includes: DaRuMa Japanese Steakhouse & Sushi Lounge, Beach Box Cafe and The Beach Store.
The new condo includes two 12-story buildings called Tower Residences, overlooking the bay and Vanderbilt Lagoon. The project also includes two mid-rise buildings called Bay Residences, a fifth mid-rise building called Park Residences, and the adjacent 22 Slip Marina. The only public component of the private community will be a small deli cafe on Gulf Shore Drive.
Q: This is strange when not affiliated with the Ritz Carlton. Are you saying Stock only pays for the name rights? — Susan Owens, Naples
A: in the meantime The stock is licensed to use the Ritz-Carlton’s well-known trademarks and pays an undisclosed fee for more than just the name. The brand includes benefits from leading hospitality operators.
Licensed in more than 50 properties worldwide, The Ritz-Carlton Residences, like all Marriott International residences, offer bespoke concierge services of legendary excellence .
“Our dedicated residential team builds relationships with you and your loved ones, gets to know your personal preferences and anticipates your needs. Understanding what you like helps us deliver meaningful experiences that exceed all expectations.Residence benefits include VIP treatment at Marriott properties worldwide, dining in residences and more. increase.
“All branded properties, including hotels, have a pricing structure. When you own a Marriott hotel, you pay Marriott a branded rate,” says Claudine Leger, Stock’s vice president of sales and marketing. – says Wetzel. “Generally, if a company chooses to own and brand a hotel, or if a company chooses to own and brand a condominium, there are fees associated with it, but the services and We provide guidance, and lots of perks information.The Ritz brand has a very special way for you to operate.”
Q: Does anyone know what kind of access Neapolitan residents have to Vanderbilt Beach? Will it be the same? — Christa Richadelli Mango, Naples
Q: I wonder how long Vanderbilt Beach will be open to the public. — Elaine Raad, Naples
A: The Ritz-Carlton Residences will not change public access to Vanderbilt Beach in North Naples. The popular Vanderbilt Beach Park on 5 acres of bayfront and its parking lot on Vanderbilt Beach Road is operated by Collier County Parks & Recreation.
“We gave the county $250,000 to put up a kiosk in the Vanderbilt Beach parking lot, and it really improved access,” said Stock’s Leger-Wetzel. This addition prevents the queue of cars entering the garage from stretching onto the road while beachgoers pay their tolls. Once the parking lot was full, the county closed his parking lot for 30 minutes.
“We knew it was going to be a big problem for the people who live in this area. Our experience across the state showed that there were better ways to manage this, so we gave the county $250,000. and bought and installed the kiosks.So now you can’t stop.You park and pay.That will ease that,” Leger-Wetzel said. “We also pay for signs on 41 East and 41 West that say ‘Parking Full’ or ‘Parking Open’ and indicate the number of spaces available. ”
Stock also pays for traffic lights at the intersection of Vanderbilt Beach Road and Gulf Shore Drive to help with the flow of vehicles and pedestrians near the beach entrance. Traffic lights will replace full stop signs there, she said.
Nothing has changed since the Collier County Commissioner approved Stock Development’s controversial One Naples plan at the end of February, except for the name of the project, said Commission Chairman Bill McDaniel.
“There is no change from One Naples Project to Ritz-Carlton Residences. There is no change in beach ownership,” McDaniel said this week. “As far as beach access, parking and traffic lights are concerned, they all remain the same.”
Although temporarily out of service after Hurricane Ian, the western terminus of Vanderbilt Beach Road remains a public beach access in unincorporated Collier County. “That part will always remain public beach access,” McDaniel said. Shore traffic lights are still part of the deal.”
Improvements to parking and traffic lights are sorely needed for that busy beach area, McDaniel said. He said. “They built that parking lot and had an admission payment process. All you need is one in front of the Yahoo hunting grounds, five of which are piled up on the street.”
The public improvements associated with stock projects will significantly improve the quality of life for county residents in the area, McDaniel said.
high rise price
Q: seriously? Where is 128 billionaire he buys one (Ritz Carlton Residences condo) Tens of thousands of millionaires already own here and there are not so many on earth Not many— Ryan Lyles, Naples
A: Stock Development reports an increase in bookings for units previously marketed as One Naples earlier this year, but the company has not disclosed specific data.
“Well done. We are happy with the current situation, but we have not yet reached a deal.
That said, the asking price for a residential unit is The Ritz-Carlton Residences will be significantly higher than what was reported this week.
“All we are saying right now is that it starts at $2.5 million. We have not disclosed any final prices. He said he had been given more time by Stock Residences, the luxury condominium division of Stock Development, saying: “We won’t even meet for another two weeks to decide on a price. No. So for now, we’ve just said starting at $2.5 million, and we haven’t even disclosed the price of the tower.”
The $2.5 million figure may be closer to the starting price of one of the mid-tier units, but the higher-tier units tower residence scheduled to start At least $5.5 million to over $30 million for a grand penthouse of about 9,000 square feet, according to advertising information published by Stock in March and April. Later, according to the same ad copy, prices for mid-tier bay residences went from $3.5 million to over $6 million.
Of course, these per-unit costs were published before Hurricane Ian made supply of homes and buildings in the area more difficult to obtain, and before One Naples was renamed The Ritz-Carlton Residences. and the previous asking price may increase.
Q: A dire situation! Naples + Incredible Growth = Another Miami! — Robbie Lindsay Dunn, Naples
Q: We are like Miami every day. sad. — Arlene LawsonNaples
A: Concerns about becoming a new Miami, Fort Lauderdale, or metropolitan area akin to Florida’s East Coast are frequently heard when major growth and development plans make the headlines, but the coastal Collier County will need quite some time before that becomes a reality.
Collier County’s development is a far cry from the skyscrapers, intricate flyovers, and elaborate traffic surges of the Miami neighborhood and the eastern edge of Alligator Alley, but Stock Development is a mini-bar on the corner of North Naples in question. It gave them the right to build buildings. According to County Commissioner McDaniel, the Mercato-style mixed-use center was a commercial attraction for far more traffic than the current plan for 128 private homes.
“Property rights are sacred to me,” he said. “The underlying zoning on the property purchased by Stock Development was granted four times the strength of what is currently permitted in practice. to 75%, reducing the intensity and impact on the community.”
As such, One Naples was allowed to increase housing density, but county officials favored doing so to avoid increased traffic. A commissioner cannot claim “miamification” alone as a reason to reject a project, he said McDaniel. “If I had a valid reason to oppose this project, I would definitely have,” he said, noting that Commissioner Penny Taylor was the only opponent of this particular project, and she’s running for re-election this year. He pointed out that he had lost the main bid.
“Other side of the argument — And perhaps it’s important for me to say this (to all residents of Collier) — Your property rights as a property owner are important and sacred to me,” McDaniel said. You can’t take away property rights to property, I can’t do that, I can, but I’ll be sued.”
Q: Any thoughts on DaRuMa’s move? — Jamie Stricker, Napoli
A: The Chang family In 1989, he opened the first DaRuMa Japanese Steak House & Sushi Bar near Vanderbilt Beach. There are currently no plans to open another restaurant in the Naples area.
The North Naples location closed permanently on August 28, after Changs sold a 0.78-acre parcel at 241 Center St. to Stock Development for $10 million. The restaurant’s footprint will be a privately owned park, green space, and common areas at the heart of a planned housing development around the corner.
The timing couldn’t have been better for the Changs, as a hurricane storm surge hit just one month after the restaurant closed. The storm pushed the water up to the eaves of the restaurant’s familiar blue roof.
DaRuMa’s original location will not be relocated at this time, but two additional locations for the local restaurant brand remain open: Bell Tower Shops south of Fort Myers and Sarasota.
“Tim Aten Knows,” a column that answers local questions from readers, is published every Friday on GulfshoreBusiness.com. Follow Tim Aten on social media: @TimAtenKnows on Facebook, Instagram, LinkedIn and Twitter.