London Bay Development’s The Ritz-Carlton Residences Estero Bay has been in the works since 2017. Last week, the Naples-based developer began construction on the first of two 22-story towers and celebrated selling more than 60% of the planned units for more than $252 million.
“It’s been a long time coming through for us,” London Bay Chief Financial Officer Stephen Wilson said. “We believe we have an absolutely wonderful mix of nature and luxury that we haven’t seen before in Southwest Florida.”
Each tower will have 112 residences ranging from 2,628 to 3,885 square feet, with prices from $3 million to $15.1 million. The residences will anchor the 500-acre Saltleaf community on Estero Bay.
The first tower will begin test piling during the next two weeks, and main piling will start at the end of August or early September. The expected completion date for the first tower is late 2025 or early 2026.
Totaling about $192 million in sales since January, the first tower is selling quicker than expected. “I think that really shows just really how unique the project is,” Wilson said. After piling starts, Wilson expects sales to be considerably higher.
The development will also have 5 acres of outdoor amenities, which include three swimming pools and a lagoon.
Wilson considers the lagoon to be one of the most unique amenities offered, with more than an acre of floating cabanas. “It brings a little bit of Bali to Southwest Florida in some respects,” Wilson said.
A marina, which will be a part of the Saltleaf community, is currently under construction and will open at the same time as the first tower. Construction for the 18-hole Saltleaf golf course has just been finalized and will open in late fall.
As for the second tower, not much action will be seen until 2024.
“The second tower, we would expect to be launching for sales end of this year, early next year with a hope that that tower will start at the end of 2024, early 2025,” Wilson said.
Wilson considers the level of service and luxury in the towers to be different than anything else seen in Southwest Florida. “It will just be an absolutely exceptional lifestyle on that basis,” he said. “The service level from the concierge is equivalent to what you’d expect if you’re staying in a Ritz-Carlton hotel. So very, very different level of service than you’d expect in condo buildings in Southwest Florida.”