In the Know: Gulf-front condo complex emerges in Naples thanks to Hong Kong global chain
Phil Fernandez
Its exclusive club of 29 luxury hotels shine at some of the world's finest addresses from Tuscany to Paris to Hawaii, and now a Hong Kong-based chain has sights set on Southwest Florida for a rare housing enterprise.
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Announced Thursday, Collier County would join Lido Key and Miami Beach as the only three U.S. branded residential projects for Rosewood Hotel & Resorts selling homes. On Earth, it has five other similar seashore endeavors in Thailand, Brazil, Mexico and the Bahamas that have lodgings for sale.
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"Rosewood Hotels & Resorts is delighted to be a part of the expanding residential market,” said Brad Berry, vice president of global residential development. “Through the development of Rosewood Residences Naples, we look forward to growing our distinctive collection of ultra-luxury homes situated in both dynamic cities and resort destinations.”
With sales slated to start later this year for fewer than 50 gulf front units, the Rosewood Residences Naples would emerge at 1601 Gulf Shore Blvd., where the Mansion House complex has been next to Lowdermilk Park.
Plans have been in development for the five acres and its 482 feet of beachfront by Greenwich CT-based investment firm Wheelock Street Capital and Collier's The Ronto Group, which county records show purchased the five acres for $167 million last year.
“We are honored to partner with Rosewood to bring the brand’s unparalleled residential product to such a coveted address in the heart of Naples,” said Anthony Solomon, owner of Ronto, which first debuted in 1967. "Rosewood’s 'A Sense of Place' philosophy and culture of service will be the ultimate complement to the already sophisticated yet relaxed Naples lifestyle.”
At this point, the partners are envisioning an average indoor size of 5,300 square feet and three to four bedrooms to go with the property's two pools, cabanas, fitness center and other amenities.
“We look forward to bringing this beachfront address to market with a product that will be as unmatched as its views," said Hunter Jones, principal at Wheelock. “This is such an enviable location, protected by Lowdermilk Park in arguably the best area of Naples.”
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Rosewood is also working with the pair on the Sarasota County undertaking.
“Wheelock is pleased about the growing partnership with Rosewood as well as the continuation of our long-time relationship with The Ronto Group," Jones said.
The two have joined forces on numerous ventures and purchases including South Seas Island Resort on Captiva and at The Colony at Pelican Landing in Bonita Springs. Ronto processed $365 million in sales agreements in 2021.
“While our partnership with Wheelock Street Capital has brought us many phenomenal projects, (this deal) certainly stands out,” Solomon said. “Beachfront condominium development in Naples is incredibly limited due to the scarcity of sites directly on the sand. Beachfront condominiums in Naples have been virtually non-existent since the turn of the century."
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That's been changing recently with local governments opening the door to, for example, the transformative Four Seasons compound where the Naples Beach Hotel had stood, and the evolving One Naples, just off the sands of Vanderbilt Beach.
While an exact timeline and pricing haven't been set locally, the slightly larger 65-unit Rosewood Residences Lido Key that was unveiled in September is targeted for a 2025 completion. Sales began in December, with a price tag in the high $5 millions. A Miami-Dade collaboration officially revealed last week by Rosewood involves different players..
Based at the Naples Daily News, Columnist Phil Fernandez (pfernandez@gannett.com) writes In the Know as part of the USA TODAY NETWORK. Support Democracy and subscribe to a newspaper and our app.