Project description:

The 64 condominium of “Coral Falls Resort" located in Lely Country Club at US41 in Naples, FL distributed over three buildings, of which the largest building in the center (II) consists of four floors, eight condominiums per floor. Buildings I and II at either end contains 16 units each. The buildings are seperate and accessible by elevators and/or protected staircases. By situating the buildings in a half-moon configuration, the oversize tropical pool with waterfall, and spa, surrounded by an abundance of flowers and shrubs, will be like a gem in a precious setting.

Other amenities include:

• 3-Championship golf courses with 18 holes (1 private, 2 public),

• A planned sports and activity center, 

• Flamingo-Mustang Clubhouse (no membership or minimum required),

• 37 lakes available for fishing (residents only),

• More than 15 miles of foot and bike paths,

• Lely Freedom Square shopping center featuring banks, supermarkets, drugstore,

   restaurants, and a variety of other stores.

Each condominium in “Coral Falls Resort” features:

• Two bedrooms,

• Two baths,

• Living-Dining room combination,

• Fully equipped kitchen,

• Houskeeping area,

• Screened-in lanai

The air conditioned space is about 1,077 sq. ft., excluding lanai. Total 1,177 sq. ft.
Parking: 1-1/2 spaces per unit.

The proximity of “Coral Falls Resort” to all types of recreational activities and other attractions makes this a most desirable location:
By car you reach the heart and beaches of Naples within 10 minutes and, going the other way, beautiful Marco Island. An outlet mall for shoppers, the Everglades for nature lovers, are all within easy reach.

Living area: approx. 1,177 sq. ft.

Lanai:            approx.   100 sq. ft.

Date

2004 – 2005

Status

Completed - SOLD

Construction Costs and Gross Sales

Construction costs including land                 $  8,700,000

Gross Sales                                                               $10,000,000

Marketing and Sales

Preconstruction price                                         $120,000 per unit

Sales price final                                                      $180,000 per unit

Resale price up to 2006                                     $310,000 per unit; current $240,000

Marketing status SOLD                                          100%

The proposed project "Park Regency" in Fort Myers is a Senior Living Facility with 126 condos available for  Assisted Living and Alzheimer Patients. The size of this project is based on a market analysis, provided by an independent consultant. The project is located in Fort Myers at The Forum at Fort Myers .

Property Information:

Site Summary

                                                Site Size (Acres)                               6.5 acres

                                                Shape                                                    Irregular

                                                Zoning                                                  Special Zoning

                                                Zoning Compliance                        Legal, approved use

                                                Utilities                                               All municipal utilities available

The subject is a proposed multi-building senior housing campus. When complete, the facility will contain 126 resident units (see Proposed Unit Mix chart below). The campus will support service programs targeted toward the 75+ age group that will provide meal service, unit housekeeping, transportation services, and a scheduled activity program. Personal care services will be provided to the physically frail and dementia populations. The personal care program will require state licensure (see Legal Constraints Analysis).

The site plan provided one building campus; two Assisted Living (AL) building, and a separate dementia care building.

Date

2009 - 2011

Status

Planning Phase