3 of 5 Penthouses Sold at Naples Waterfront Project as Reservations Turn to Contracts

In a strong early market signal, three of the five penthouses at a boutique waterfront condominium project in Naples have sold — even before construction has officially begun. This early success is turning heads in local real estate circles and reinforcing confidence in Naples’ luxury market.

The development, located at 3300 Gulf Shore Blvd., sits on a coveted gulf-front property. The project is being developed by Kolter Urban, which purchased the 3.07-acre site earlier this year for $92.5 million.

What’s Selling & at What Price

Though the building is still in the pre-construction phase, the penthouse units have already drawn deep pockets. Collectively, those three sold penthouses brought in more than $40 million.

Once completed, the building will feature 51 residences, ranging from approximately 2,000 to over 7,500 square feet, with floor-to-ceiling windows, expansive terraces, and luxury amenities. Construction is expected to break ground in January 2026, with estimated completion by 2027.

Why This Matters Locally

This early penthouse sell-through signals several trends and implications for Naples:

• Strong demand in ultra-luxury segment. Buyers are committing before even seeing full construction — a bullish sign for confidence in Naples’ luxury housing market.

• Low inventory pressure. With only five penthouses available and three already claimed, scarcity becomes a selling tool.

• Validation for developer strategy. Kolter Urban is demonstrating that its approach—boutique, high-end, amenitized waterfront offerings—resonates with high-net-worth buyers.

• Spillover effect. Such marquee transactions tend to elevate perception, which can lift sales and pricing expectations across neighboring developments.

Risks & Considerations

It’s not all upside, though. Some factors to watch:

• Construction risk. Pre-sales don’t guarantee smooth execution. Delays, cost overruns, or supply chain issues could erode margins or buyer confidence.

• Market sensitivity. The ultra luxury market is susceptible to macroeconomic shifts, interest rates, or capital flows. Even a slight downturn can chill demand.

• Expectation mismatch. Buyers drawn by renderings and promises may expect premium finishes, views, or amenities — any compromise could invite backlash.