Naples developers have secured $113.6 million in financing, paving the way for the construction of a 15-story residential tower near the city’s notable 5th Avenue shopping area.
Developers Fred Pezeshkan and Jerry Starkey are set to proceed with their project, a 56-unit residential building that will also include 6,431 square feet of retail and restaurant space on the ground floor. The construction is part of the larger Metropolitan Naples development, situated on a prime 5.3-acre site at the intersection of Fifth Avenue South and Davis Boulevard.
The financing was provided by Forman Capital, a private real estate lender based in Palm Beach. While the terms of the loan have not been disclosed, Forman Capital is known for specializing in commercial real estate debt and equity financing, focusing on short-term construction financing and preferred equity across various asset classes.
The new building, named Aura at Metropolitan, will offer luxurious living spaces including two-, three-, and four-bedroom units, many featuring additional dens. These residences are competitively priced, starting at $2.5 million, reflecting the upscale nature of the development. The tower will also boast amenities such as a rooftop infinity pool with panoramic views of downtown and Naples Bay, as well as a sky lounge complete with a bar.
Construction is scheduled for completion in late 2026, promising to add a significant marker to Naples’ skyline and a dynamic hub for residents and visitors alike.
The successful acquisition of financing marks a pivotal step for the Aura at Metropolitan project, aligning with Naples’ ongoing development surge. As construction kicks off, this project is anticipated to enhance the area’s residential and commercial landscape, offering luxurious living and dining options. Attention now turns to the execution of this ambitious plan, set to transform downtown Naples by 2026.
Source: BusinessObserverFL
