The Ronto Group and Wheelock Street Capital have acquired Naples Mansion House, a 5.25-acre trophy beachfront condominium development site in Naples, Fla.
JLL Capital Markets marketed the property on behalf of the seller, Mansion House Co-op and the ground lessor. The sales price was not disclosed.
Beachfront condominium development in Naples is very limited due to the scarcity of sites. Naples has seen no new beachfront condominium projects delivered since 2009 and before that, in 2003. Located at 1601 Gulf Shore Blvd. N. in the Old Naples neighborhood, Mansion House is zoned for a condominium development with 482 linear feet of beach frontage in Naples. The Ronto Group and Wheelock Street Capital envision a project with less density and larger units to appeal to the ultra-luxury condominium market.
On the Gulf of Mexico in southwest Florida, Naples is a tourist enclave and a luxury second-home destination. The city recently was ranked No. 1 by the National G
