Naples is set to witness the rise of a new luxury residential tower as developers Fred Pezeshkan and Jerry Starkey have secured $113.6 million in financing. With funds now in place, construction will commence near Naples’ renowned 5th Avenue shopping district.
The project is part of a larger development known as Metropolitan Naples, which encompasses a 5.3-acre site at the crossroads of Fifth Avenue South and Davis Boulevard. The upcoming 15-story building, dubbed Aura at Metropolitan, will feature 56 units, offering a mix of two, three, and four-bedroom residences, many of which come with a den.
Pricing for these upscale units begins at $2.5 million, as per the Metropolitan Naples website. The building will also boast a range of amenities, including a rooftop infinity pool with striking views of downtown Naples and Naples Bay, along with a sky lounge featuring a bar for residents to enjoy.
The mixed-use property will include 6,431 square feet of retail and restaurant space on the ground floor, effectively integrating luxury living with convenience. The financing for this ambitious project comes from Forman Capital, a Palm Beach-based private real estate lender known for its expertise in commercial real estate debt and equity financing.
Forman Capital has a strong focus on short-term construction financing, mezzanine debt, and preferred equity across various asset classes. While the specific terms of this loan have not been disclosed, the project’s progression is now assured with construction anticipated to wrap up by the end of 2026.
The commencement of construction for the Aura at Metropolitan signifies a significant advancement in Naples’ urban landscape. With a blend of sophisticated design, desirable amenities, and prime location, the development is poised to become a landmark residence in downtown Naples.
Source: Businessobserverfl
