22 Jul Trio high-rise project in East Naples gets new look, lower prices
Check out this article from www.naplesnews.com about the new Trio high-rise condo project for East Naples in which I am quoted in the last 4 paragraphs of the article! ~Heather Zurlo
A LUXURY HIGH-RISE CONDO-HOTEL PLANNED FOR EAST NAPLES JUST GOT MORE AFFORDABLE
Reacting to market forces, the developers of Trio have changed their design, offering more floor plans with smaller residences starting at $499,900.
Of the 24 residences, 17 are now priced at less than $1 million, bringing them more in line with buyers’ “sweet spot,” said David Bartley Sr., owner of Bartley Realty, the project’s exclusive broker.
Floor plans range from one bedroom with 1½ bathrooms and a den to three bedrooms with three bathrooms.
“We found that the majority of the people that were inquiring were looking for smaller
units,” Bartley said.
The sleek concrete and glass tower will be built at the corner of U.S. 41 East and Davis Boulevard, just outside the Naples city limits, in the Gateway Triangle, long targeted for redevelopment. The name of the project comes from the pizza-slice shape of its land.
The nine-story building will have extended-stay hotel rooms and residential condominiums overtop shops and restaurants. With the redesign, the number of hotel rooms has doubled from 24 to 48 — and the project’s commercial footprint has grown from 12,000 square feet to 16,000 square feet.
The project will include more street-level retail such as that seen on glitzy Fifth Avenue South nearby.
The developers, Trio Southern Holdings, expected the residences to appeal more to year-round residents, but they’ve drawn more interest from seasonal buyers, who don’t need as much space or don’t want to spend as much money on a second home, Bartley said.
“I believe in filling the market with what they need versus trying to create a market for a product,” he said.
When the developer announced plans for the condominiums a little over a year ago, one of the penthouses was quickly claimed, but the prospective buyers have since changed their minds because of the redesign, Bartley said.
“We have not released the units to the general market,” he said. “The plan is to release the new design and pricing in mid-August.”
Originally, residences started at $850,000, with the largest three-bedroom penthouse going for $2.69 million.
Now the largest penthouse, which will span 2,430 square feet indoors with another 1,100 square feet of outdoor space on a terrace, will go for $1.76 million. There will be four penthouses.
The new design also includes more balconies.
One of the tower’s more unique features was a members-only sky club, modeled after rooftop lounges in larger, more cosmopolitan cities such as Miami and New York, but that has been nixed.
“There was no market demand for it, for a private club on top of a parking garage. So we eliminated it,” Bartley said.
As for the commercial spots, negotiations are ongoing with local and national prospects. One spot is being designed for a national restaurant that would serve dinner only and span 6,000 square feet inside, with another 1,500 square feet of patio space fronting U.S. 41, Bartley said.
There will also be a Trio Cafe, open for breakfast and lunch. Other likely tenants are service businesses, such as a spa and a nail salon, Bartley said.
The developer hopes to begin site work by the end of the year.
“Where we are today is we are fully vested,” Bartley said. “We are resubmitting next week for a site development plan amendment based on our new design. Foundation plans are being worked on now, and we expect to have a foundation permit by Oct. 1.”
Construction is expected to take about 18 months, with completion targeted for summer 2019.
Heather Zurlo, a Realtor with John R. Wood Properties in Naples, said she was surprised, like many other East Naples residents, to see a high-rise project such as Trio approved in the Gateway Triangle area, where there is nothing like it. It’s setting a precedent, making it hard to predict how it will compete with other offerings in its price range, including condo resales.
The inventory of condos in the resale market has increased 10 percent over the past year in South Naples, with the average number of days on market rising 6 percent, she said.
In June, total closings for condo resales were down 7 percent, compared with the same month a year ago in the 34112 and 34113 zip codes. However, they rose 29 percent for condos priced at $500,000 to $1 million.
“With the right price point for the convenience of location, this project can do well,” Zurlo said. “East Naples is the last frontier close to the Gulf that is seeing strong residential and commercial development. This project paves the way for Fifth Avenue elegance to continue east of 41.”