GCIP is so pleased that one of our community partners and long time client Waterside Builders is planning a high-end boutique hotel in downtown Naples. What others see as just an empty lot, Mike Assaad envisions as the perfect spot for a luxury hotel in downtown Naples. The local developer plans to build a three-story boutique hotel with 18 suites at 101 Eighth Street S., one block off U.S. 41.
The site was last home to a decades-old, one-story medical building, which was razed a few years ago to make way for redevelopment.
"We loved the location of the lot. My company Waterside Builders has done a lot of work downtown. We see the demand, the traffic. So we felt like it's a good niche that we're hoping to fill," said Assaad. The hotel would be a first for Waterside Builders Inc., a multi-generational residential and commercial construction business managed by Assaad, a Naples High School graduate.
In April an affiliate of Waterside Builders purchased the land for the project, paying $1.912 million for .37 acres. Assaad declined to disclose how much he expects to invest in total. The hotel is in the early stages of approval. The Naples Design Review Board unanimously approved it at a preliminary hearing June 28. No one showed up to oppose the project. At the time, the city had only heard a few concerns from residents who had confused the project with a halfway house.
The Naples Planning Advisory Board and Naples City Council are expected to vote on the proposal in the fall. The mixed-used project would include commercial development on the first floor in addition to the hotel's lobby, with two floors of guest rooms over top.
This information was taken directly from an article puclished in the Naples Daily News on August 22nd 2017 wrtten by Laura Layton.
Warmest Regards,
Kevin Aizenshtat
Realtor