(To read more on the multifamily market, click here.)

NAPLES, FL-Signature Communities has acquired the 147-room Vanderbilt Inn at 11000 Gulf Shore Dr. for $71.67 million with plans to tear down the hotel. In its place, the locally based company will build a 72-unit condominium development called the Moraya Bay Beach Tower.

Rick Tannenbaum, managing director of advisory services in Cohen Financial’s Chicago office, provided strategic advisory services to the seller, Vanderbilt Beach Associates Ltd. The sale closed in the second quarter. Cohen’s relationship with Vanderbilt began in 1999 when the company was hired to evaluate the property and propose strategic and financial alternatives.

“We immediately recognized that the value of the land if used for a high-rise condominium building development was much greater than the value of the hotel,” Tannenbaum tells GlobeSt.com. “It is on a 4.8-acre site and it is the last underdeveloped site on the beach in that area.”

The property was placed under contract in January 2005, one year before the site development plan was approved by Collier County. The hotel was closed on June 1.

When Cohen Financial first began studying the site, its estimated value was $40 million. “By delivering certain density and building height, we valued and sold the property at a premium on the basis of these zoning entitlements,” Tannenbaum says. “Allowing the purchaser to pre-sell the property also created value for the seller. As a result, the sale achieved a record price for gulf-front land in Collier County.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.