Real Estate Developments and Transactions in Southwest Florida: Key Updates from Naples to Sarasota
Construction Begins on Luxurious 15-Story Tower in Downtown Naples
Naples, FL – Developers Fred Pezeshkan and Jerry Starkey have secured a substantial $113.6 million in financing to kick off construction on a stunning 15-story residential tower in downtown Naples. The project, named Aura at Metropolitan, will feature 56 upscale units and is strategically located near the city’s renowned 5th Avenue shopping district.
The financing, provided by Palm Beach-based Forman Capital, marks a significant milestone for the developers as they embark on this ambitious project situated on a 5.3-acre parcel at the intersection of Fifth Avenue South and Davis Boulevard. While specific loan terms remain undisclosed, Forman Capital is known for specializing in commercial real estate debt and equity financing, focusing on short-term construction financing and mezzanine debt.
Aura at Metropolitan will not only offer luxurious living spaces but will also include 6,431 square feet of prime ground-floor retail and restaurant space, enhancing the vibrant atmosphere of downtown Naples. The residential units will range from two to four bedrooms, many featuring additional dens, with prices starting at $2.5 million, according to the Metropolitan Naples website.
Residents will enjoy an array of high-end amenities, including a rooftop infinity pool that boasts breathtaking views of downtown Naples and the picturesque Naples Bay, as well as a sky lounge complete with a bar. Construction is set to be completed by late 2026, promising to add a new level of luxury to the area.
In addition to this exciting development, the Naples real estate market continues to thrive, attracting significant investments and interest from both local and out-of-state buyers. As the city evolves, projects like Aura at Metropolitan are poised to redefine the landscape and lifestyle of downtown Naples.
Stay tuned for more updates as construction progresses on this landmark project that is sure to become a centerpiece of Naples’ upscale living.