Naples developer McCabe first to close on Four Seasons residence

Naples entrepreneur Phil McCabe has found his ultimate home in Naples at Naples Beach Club, A Four Seasons Resort. The longtime hotelier was the first to close on the exclusive private residences immediately north of the new hotel on Gulf Shore Boulevard North. 

“I’ve had 11 homes in Naples for a whole host of reasons,” McCabe said. “This is my final home. I mean, this is the home of my whole life right here, my whole career. This will be it. You cannot get better than this.” 

The beachside residence at Naples Beach Club is much larger — twice the size — of the three-story unit he most recently owned and lived in on the northwest corner of Fifth Avenue South and Fifth Street South in downtown Naples, McCabe said. 

“It’s 9,000 square feet under air. It’s big,” he said. “It’s amazing. It’s all done on a five-star level right on the beach.” 

McCabe’s luxury condo is considered a “Beach House” in the resort’s 58 private beachside residences in three mid-rise buildings directly north of the new Four Seasons hotel. Five additional buildings with a total of 95 condos are across Gulf Shore Boulevard and next to the resort’s Market Square amenities and 18-hole golf course, which is targeted to be ready for tee times later this year. McCabe also bought a condominium unit across the street. 

“A Beach House is like a penthouse on the first floor, meaning it’s very large. It has a pool, it has a hot tub, a cold plunge, its own three-car garage,” he said. 

One of only four, the Beach House has easy access to the beach because it has its own stairwell down to the ground level. They were designed with their own pools, and residents can walk directly from their pool deck to the new Sunset Bar and the sandy shore. 

“They built this above and beyond as far as the amenities and the quality of residential life. It’s incredible,” McCabe said. “The thought that went into it and the design that went into it and the architecture that went into it ended up with just one of a kind, absolutely one of a kind, and it’s right on the beach.” 

McCabe’s closing on his beachside residence was a long time coming since he put down a deposit in 2021. 

“Five years and four months from reservations,” he said. “When I went under reservation, they were still in the process of entitlements and all of that, so there was still quite a time left to get in the ground, you know. Then the permitting side of it was slow. Construction took a lot longer than they had hoped.” 

There’s a good reason McCabe was the first to close on the new residences, which are still under construction. 

“I closed a little bit earlier than most because the developer was working with me on it,” he said. “I needed to do it for tax reasons and they got me done.” 

McCabe was in the midst of a 1031 exchange, an IRS tax strategy that allows real estate investors to defer capital gains on the sale of investment properties by reinvesting their proceeds into "like-kind" properties. But, it comes with strict stipulations. For instance, closing on the replacement property must occur within 180 days of selling the original property. 

“That was a feat to get that done,” said Tim Savage, the principal of Naples-based Gulf Coast International Properties who represented McCabe in the purchase. They closed May 5 for more than $20 million thanks to the resort’s developers, MSD Partners and The Athens Group. 

“It was a 1031 deal and it was expiring at 11:59 p.m. on that Tuesday. MSD and Athens — the Four Seasons team — got it done and he closed in escrow because we don’t have TCO (temporary certificate of occupancy),” Savage said. “So, it was really an effort. It was like a 2-and-a-half to 3-milion-dollar swing. It was a big deal. He’s elated. He’s very happy.” 

The month of May was anticipated to be a major time for closings at the resort but the TCO kept getting pushed with final inspections needed by the city and fire department, Savage said. “We anticipate some closings to start happening definitely in June,” he said. 

The buyers of the beachside units reportedly could make a who’s who list of the well-to-do. For instance, it's rumored that one of the penthouses is owned by MSD’s Michael Dell, founder of Dell Technologies. 

“Thirty percent of all the buyers are billionaires,” McCabe said. 

Of course, the beachfront condos also are most likely third or fourth seasonal homes for many. McCabe expects to be one of the few to be there through the rainy, hot summer months. 

“As far as my knowledge, he is the only fulltime resident that I know of,” Savage said. “He loves it here.” 

McCabe hopes to move into his new home in July. 

“They’re not finished with my unit,” he said. “And, then, I have my own people going in for a lot of work — an interior designer and all that.” 

While moving into the new resort, McCabe and his sons, Joseph and Philip, are building their own 70-suite posh accommodations in North Naples. The Carnelian, the McCabes’ six-story luxury hotel with its Sterling’s membership club, is under construction by DeAngelis Diamond on the former bowling alley property across U.S. 41 from Waterside Shops. 

“We’re pouring footers and foundation and starting memberships, which are very strong,” McCabe said. “I want to get it open. We’ll be open for Christmas of ’27. The hotel, I predict, will be 100% full Christmas week of ’27. I’m very excited about that.” 

The McCabes have not made a decision yet on which fine-dining restaurant will be on the future hotel’s ground floor, but the demand from restaurateurs has been great. 

“There are so many wanting to be there because there’s just not another location like it in North Naples,” McCabe said.