Stock Development is excited to announce plans to expand its tradition of excellence in quality real estate with a dynamic new residential community, called One Naples, at Vanderbilt Beach at the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive. To execute this vision, existing buildings on the site, most of which date back to the 1970’s and 1980’s, will be removed with the exception of Barefoot Pelican, DaRuMa, Vanderbilt Palms, and Buzz’s Lighthouse Inn.
While a formal application has not yet been submitted, the current proposal for One Naples includes 300 upscale residential units featuring a variety of unit types and price points. In line with the scale of surrounding buildings, One Naples will include 18 stories of residential living over 3 stories of parking, low-rise condominium units on Vanderbilt Beach/Gulf Shore Drive and 5-story condominium units overlooking Vanderbilt Lagoon. The proposal will also feature a 75-slip marina on Vanderbilt Lagoon as well as commercial space for potential inclusion of a new South Bay Realty real estate office, a new coffee shop/general store, and a new restaurant.
A mixed-use proposal with a residential component offers an upgrade to the area by replacing the dated buildings on the site with a residential community of the highest quality. Based on Collier County’s Land Development Code, the current Commercial Intermediate District (C-3) zoning would otherwise allow uses such as an automobile garage or gasoline service station. Instead, One Naples will add vibrancy and value to the area.
The proposal will enhance the surrounding community by replacing dated buildings as well as by creating a significant positive impact on the adjacent residential home values based on the target sales pricing from $800,000 to over $10,000,000. One Naples will also provide a significant increase to the tax base of Collier County.
While existing zoning on the proposed site allows for a substantial amount of commercial development, a residential mixed-use plan will produce significantly less traffic relative to the allowable uses for the site based on current zoning. Based on the transportation impact study prepared by JMB Transportation, the existing capacity on Vanderbilt Beach Road is sufficient to accommodate One Naples, and a new Home Owners Association for the project proposes to own and maintain all roads, sidewalks and landscaping within the community, including Southbay Drive, Gulf Shore Court and a portion of Center Street.