HENLEY INVESTMENT MANAGEMENT PLANS UPSCALE CONDOS IN FLORIDA'S WEALTHIEST CITY

Naples condo project expected to break ground in 2026

Original Reporting from CoStar News - By Joshua S. Andino

Henley Investment Management and Gillette Development are teaming up on a condo project in Naples, Florida, about a mile away from the city's coastline (pictured above).

Henley Investment Management, a private-equity group with offices in London

and West Palm Beach, Florida, is launching its first project in Naples, Florida.

The $350 million joint venture with Gillette Development is set to build up to

70 luxury condominium units in Florida's wealthiest city.

The joint venture is planning to deliver a 350,000-square-foot development

offering between 60 and 70 condo units with direct access to the Gulf of Mexico

along the city’s canal network. Units will range 2,000 square feet for a two bedroom to a four-bedroom penthouse, said Emma Rickwood, Henley’s chief

marketing officer, in an interview.

Units at the condo development are expected to start around $3.5 million,

Rickwood said. A sales brokerage has yet to be announced.

Situated just 1 mile from downtown Naples along Davis Boulevard, the joint

venture is planning two mid-rise towers linked by a glass atrium alongside

outdoor gardens, Rickwood said. Residents will have the ability to make use of

the project’s more than 100 boat slips providing direct access to the Gulf of

Mexico.

“We will be very heavily leaning into the triple-whammy of wellness, residences

and private moorings. Those three combined together in a single location we

think is … a unique product that isn’t currently available in Naples," Rickwood

said.

The joint venture noted in its announcement that similar condominium

developments in Naples have recently achieved sales values at more than $2,000 per square foot, with house prices in the city overall having risen by a

compounded annual growth rate of 17.1% over the last three years.

According to the Naples Area Board of Realtors, average condo sales prices hit

$812,525 in September, a 4.5% increase from the same time last year.

Pushing the envelope

Although Henley declined to share details regarding the project's design,

Rickwood said the new condominium will “push the envelope.” Design is being

led by locally based architecture firm MHK, with interiors by designer Megan

Sherwood.

“We are now focused on the planning and development process over the next 12

months before exploring financing options with potential debt and equity

investment for partners keen to access the booming Naples residential real

estate sector, with considerable upside prospects," officials said in a statement

from the joint venture.

The project is located within the Bayshore Gateway Triangle Community

Redevelopment Area, an 1,800-acre redevelopment area zoned for mixed-use.

The team will launch pre-sales as it navigates the zoning process, with

construction likely to begin in 2026, and an anticipated completion in mid-

2027, said Rickwood.

The Naples joint venture is Henley's first time to partner with Naples-based

Gillette Development to develop the as-of-yet unnamed project. Henley's

portfolio comprises US$3 billion across more than 100 investments. Over the

course of the last few years, Henley has been growing its presence in the carwash

sector in Florida and the greater United States.

Officials called Naples a "spectacular setting" for the project, adding that it's the

wealthiest city in Florida and one of the most sought-after locations in the

United States.

Naples’ median household income is $278,000, compared to $82,000 in West

Palm Beach and $75,000 in Miami, whiles Naples’ median house price is

$799,000, compared to $400,000 in West Palm Beach and $660,000 in Miami,

according to the statement.