In Coquina Sands, three whole-building sales on one stretch of Gulf Shore Boulevard North paid owners about $5.2 million, $2.8 million and $875,000 per unit. The buildings were all older and all within walking distance of one another. The gap comes from the land under each building: what the zoning allows on that parcel and what a developer expects the new homes to sell for. The age, finish and view of any one apartment had little to do with it.
For a buyer weighing an older Gulf Shore Boulevard condo, that changes what is being bought. The unit carries two values. One is the resale price as an apartment. The other is its share of a land sale that may or may not ever happen, and the unit owner does not control that second value alone.
The Vote Comes Before the Price
A whole-building sale on this corridor is usually a condominium termination under Florida Statutes Section 718.117. The owners vote together, and the outcome binds everyone.
Under the 2025 statute, the main mechanics are these:
- An optional termination needs approval from 80% of all voting interests.
- If at least 5% of voting interests reject the plan, by a negative vote or written objection, it fails. Another optional termination plan cannot be taken up for 24 months.
- Every voting interest counts, voting rights cannot be suspended for a termination vote, and owners get 14 days' advance notice of a proposed plan.
- When a single bulk owner holds at least 80% of the voting interests in a residential condominium, the other owners must receive at least 100% of fair market value, set by an independent appraiser. Qualifying homestead owners cannot receive less than their original purchase price. Former owners whose units had homestead-exemption status also receive a 1% relocation payment. Owners who were living in their units before termination get an option to lease their former unit for 12 months if the units are offered for public lease.
Most of these protections were already in the 2024 statute, so they are not new.
This is the first surprise in a transaction like this. A buyer purchasing one unit in an older building is also joining a voting body. That body can sell the whole building, and roughly one owner in twenty can block a sale.
When the Bahama Club deal was announced, The Real Deal reported that the association itself had put the building on the market, which suggests most owners had agreed before any buyer arrived.
Three Buyouts, Three Prices Per Unit
| Former building | Address | Units sold | Price | Per existing unit | What replaces it |
|---|---|---|---|---|---|
| Mansion House | 1601 Gulf Shore Blvd N | 32 | $167 million, 2022 | about $5.2 million | Rosewood Residences Naples, 42 residences |
| Bahama Club | 1121 Gulf Shore Blvd N | 36 | $102.6 million, 2024 | about $2.8 million | Olana, 12 residences |
| Naples Harbour Club | 1624 Gulf Shore Blvd N | 20 | $17.5 million, 2025 | about $875,000 | Harbour House, 14 residences |
The Harbour Club figure is simple division of the reported $17.5 million sale across its 20 units. Naples Harbour Club was a cooperative, not a condominium, so its sale did not run through the Chapter 718 termination process. It is included because it is the same kind of whole-property sale on the same street.
The Real Deal reported the Mansion House and Bahama Club figures, including the $5.2 million and $2.8 million per-unit averages. Kolter Urban's own project announcement gives the recorded Bahama Club price as $102.6 million. These reports give the bulk prices but not what the units were selling for individually beforehand.
The Zoning Rules on the Bay Side Set Harbour Club's Price
Naples Harbour Club sits on the Intracoastal side of Gulf Shore Boulevard North, directly across from Naples Beach and the future Rosewood Residences. According to the sale announcement published by citybiz, current zoning on the site allows up to 21 units and no more than two habitable stories.
That limit shaped the price. A developer who can build only two stories of homes on a bay parcel will pay far less per existing unit than one who can build mid-rise homes facing the Gulf. The buyer, Gulfshore Business reports, was 1624 Gulf Shore LLC, connected to Pilot Grove Management.
The plan, Harbour House, has 14 residences in three buildings, which Gulfshore Business reports at $6.5 million to $10 million. It includes 11 optional 38-foot boat slips, MHK Architecture as architect and Borelli Construction as builder, Naples Press reports. The City of Naples Design Review Board scheduled a final-design hearing on Petition 26-DRB6 for March 25, 2026. Naples Press reports that the board approved the plans unanimously.
Harbour House plans 14 homes on a site zoned for up to 21. The developer is building the dock and the water view into a smaller number of homes priced at the luxury end, rather than using all the density it is allowed.
On the Beach Side, Developers Are Building Fewer Homes
Olana makes the same choice on a bigger scale. According to The Real Deal, the 2.5-acre Bahama Club site has 220 feet of beach frontage and room for 45 condos by right. Plans filed with the city show just 12, two residences per floor across six residential floors above a parking level.
In a release datelined September 10, 2026, Kolter Urban and BH Group announced that they had secured $197 million in construction financing from affiliates of Apollo Global Management and BDT & MSD Partners, with groundbreaking planned for this fall. Each residence is about 10,000 square feet with 80 feet of beachfront views, and prices start at $32 million. Florida Weekly puts the two Beachfront Villas at $37 million.
At Olana's starting price, 12 homes add up to at least $384 million in asking value on land bought for $102.6 million. Construction and financing take a large share of that gap, and the $197 million loan alone shows how large. Still, the numbers explain why the developer chose 12 homes over the 45 allowed. Its exit is set by buyers paying for scale and privacy, and the zoning ceiling matters less.
The same filing notes that the neighboring Four Seasons Beach Club project planned 158 condos at about $4,000 per square foot. JLL's Harbour Club announcement describes more than $1 billion in luxury development underway along this "Miracle Mile," with sellout pricing above $4,000 per square foot.
Mansion House went the other way, from 32 units to 42 at Rosewood Residences Naples. The Ronto Group reported that both seven-story buildings were topped off on August 1, 2025, and targeted completion near the end of 2026. Its asking prices ran from $12.75 million to $45 million for residences of 4,226 to 9,673 square feet. The project website still describes it as under construction. In both cases the sale price followed from what the developer planned to sell, whether that meant more homes or fewer.
What the Countywide Median Misses
The Naples Area Board of REALTORS® August 2026 report puts the median closed condo price in Collier County, excluding Marco Island, at $417,500 for August 2026, up 2.7% from a year earlier. Active condo inventory in August 2026 was 2,099 listings, down 15.2% year over year.
Those are countywide figures, and they do not break out Coquina Sands or older buildings. Set beside them, the $2.8 million per unit at Bahama Club shows how these buildings were priced. Developers valued them as Gulf Shore Boulevard land with a known exit price, and the condo market as a whole had little to do with it.
The Cost of Keeping an Older Building
Owners who keep an older building have their own set of rules. Collier County's milestone inspections apply to condominium and cooperative buildings with at least three habitable stories, starting at 25 years of age for buildings within three miles of saltwater. For specified existing, nondeveloper-controlled associations, the 2026 Florida Statutes set December 31, 2025, as the deadline for Structural Integrity Reserve Studies. Associations whose milestone inspection is due by the end of 2026 may complete both together, but no later than December 31, 2026. For budgets adopted on or after December 31, 2024, owner-controlled associations required to obtain one of those studies generally cannot waive or underfund reserves for the structural items it covers.
The reporting on these three sales ties them to Hurricane Ian damage and redevelopment economics, not to these laws. Bahama Club, for example, was damaged by Ian before its owners agreed to sell. For a buyer, the practical point is that an older unit here has two costs to weigh: the reserve obligations of keeping the building, and a share in a land value that only a supermajority of owners can turn into cash.
Frequently Asked Questions
Can one owner stop a building sale? Under Section 718.117, a termination fails if at least 5% of voting interests reject it. In a 36-unit building like Bahama Club, that works out to two owners. A rejected optional termination plan bars another optional plan for 24 months.
Does every building on Gulf Shore Boulevard North carry the same land value? No. Harbour Club's sale shows how much zoning matters. Two-story limits on the bay side produced about $875,000 per unit, while beachfront sites across the street sold for several times that per unit.
Are these new homes finished? Not as of the latest reports. Olana's groundbreaking is planned for this fall, Rosewood Residences targeted completion near the end of 2026, and Harbour House received design approval in March 2026.
If you own in an older Coquina Sands building, or are considering one, the price of the unit and the price of the land under it can differ by millions. The Kim Price Group can review a specific Gulf Shore Boulevard building with you, including its zoning, its ownership structure and the recent whole-building sales nearby. Work With Kim: Request a Private Consultation.
This article is general information, not legal, tax or financial advice. Consult a qualified professional about your situation.
