A third mixed-use project could be a possibility for the Bayshore Gateway Triangle near the intersection of Davis Boulevard and U.S. 1 East, where Metropolitan Naples and The Ellington have already been approved for that busy corner just outside the Naples city limits.
A 2.18 acre, four-parcel collection immediately to the east of the Metropolitan Naples project is being listed for sale for $25 million by Karl Faerber, a luxury property specialist with William Raveis Real Estate,and Michael Corradi of 5th Avenue South Realty.The property has a 112-foot maximum building height for a mixed-use project, Faerber said.
The adjoined parcels would be ideal for potential hotel and condominium use with the possibility of ground-floor retail opportunities, similar to what is planned for nearby Metropolitan Naples and The Ellington, Faerber said. “It took me five months to get these properties combined,” he said.
Even if the combined parcels were sold today, it would take years to get plans approved for a redevelopment project there, Faerber said. “Whoever buys it is going to want a significant amount of due diligence,” he said. “This is a long process. We’re just at the infancy of it.”
For a hotel/condo project to be considered, the mixed-use project would need two subdistricts that could include restaurants and general retail uses, Faerber said. To build beyond the 112-foot limit, the buyer could ask for a growth management amendment to seek more bonus density units and additional floors. This avenue was taken by adjacent landowners, who were approved for 15 stories with 270 condominiums and ground-level retail in unincorporated Collier County.
“I know of no other location just minutes away from the Naples renowned downtown Fifth Avene South and beaches that would accommodate such an incredible developmental opportunity,” Faerber said.
The four-parcel assemblage starts at the intersection of Davis Boulevard and Commercial Drive in East Napes and stretches west to the Metropolitan Naples construction. The site would allow for at least two access points from multiple directions.
Three businesses operate on the properties, two parcels of which are part of Triangle Lake lots and two are part of Naples Commercial Center lots. None of the businesses there have a lease longer than two years, Faerber said. “We’re not pushing anybody out,” he said. “Their leases will continue as agreed upon.”
Budget Car & Truck Rentals operates at 2100 Davis Blvd., an address that previously was Affordable Auto rentals and sales. Those two small parcels on the corner of Commercial Drive total about one-third of an acre and are owned by the Peter Morkunas Family Trust of East Naples, which purchased the parcels for $33,600 in June 2016, county property records show.
Sandy Hook Yachts operates at 2072 Davis Blvd., a marina business that previously was an auto center and an auto glass business. The property also is owned by the Peter Morkunas Family Trust, which purchased the 0.64-acre lot for $100,000 in January 1986.
No business is operating now at 2068 Davis Blvd., the former address of flooring, boating, landscaping supply and convenience store/gas station businesses over the years. The property is owned by Naples-based CC & E Investments LLC, which purchased the 0.87-acre parcel for $2.7 million in 2005.
Collier County considers the area a catalyst to spur further growth in the Bayshore Gateway Community Redevelopment Area. Proposed redevelopment projects at the intersection of U.S. 41 East and Davis Boulevard include The Ellington, a mixed-use hotel and luxury condominium development at the tip of the mini-triangle; and Metropolitan Naples, where luxury condominiums with retail components are already under construction.