The historic waterfront area at the end of 12th Avenue South and 8th Street South known as Crayton Cove may soon be the home of up to 14 luxury residential condominiums, measuring 3,000 to 4,000 square feet each. Prices would speculatively start at $3 million, and construction could begin this October, if approved.
A developer purchased two buildings with plans to build the residences in each building, but under one roof. The Old Cove Professional building, a small one-story building of approximately 13,000 square feet, built in 1964, was purchased for $2.7 million and would be replaced. The building just to the south was also purchased for $4.2 million. The yellow five-story Remington building is the tallest in Crayton Cove and exceeds the city’s height limits which were initiated after it was built.
The developer submitted a preliminary site plan and rendering to the city’s Design and Review Board as one of the first steps to final approval from city council, estimated to be at least a four month process. The project will also need to appear before the city’s Planning Advisory Board before the two boards together make their recommendations to city council.
Demand for condos that feel like single family homes is strong and appeals to the lock-and-go lifestyle of Naples seasonal crowd. Only steps to the Naples City Dock and the nearby amenities of downtown Old Naples, the beaches and the restaurants, shops and galleries of Crayton Cove, the area is poised for a successful redevelopment. Community reception has been positive and the benefit of additional nearby wealthy residents will have a positive effect on local businesses.
For more information on luxury real estate in Naples, please contact Laura Maguire, REALTOR/Broker Associate at [email protected]