Harbour Club Sold and Reef Club Remodeled. An Older Gulf Shore Boulevard Unit Prices In Both Outcomes.

"Next door is Reef Club and it's basically the same layout and everything, and they remodeled the first floor, whereas Harbour Club decided they didn't think it was worth it, so they sold." Parker Borelli, president of Borelli Construction, said that to Gulfshore Business about 1624 Gulf Shore Blvd. N., the bay-side Coquina Sands site where Harbour House is now planned. Hurricane Ian's surge wiped out Harbour Club's ground floor. The few people still living upstairs moved out the day before the sale closed.

The two buildings had the same layout and took the same storm, and their boards went opposite ways. That split explains what an older unit on this stretch is really priced on. When you buy into a 1960s or 1970s low-rise along Gulf Shore Boulevard North, you buy an apartment, a fraction of the land under it, and a seat in the vote that decides whether that land ever gets sold. The reported developer sales of the past few years show how much those last two can be worth, and why the number changes so much from one building to the next.

What the land under each door sold for

These are the reported site sales on the stretch locals call the Miracle Mile, which runs from Doctors Pass to the Naples Beach Club through parts of the Moorings and Coquina Sands. The per-acre and per-unit columns are simple division of the reported price. None of them is a figure any owner reported receiving.

The Harbour Club unit count depends on the source. Gulfshore Business reported 21 units, and Naples Press reported 20 homes. Mansion House, the 32-unit Coquina Sands co-op that Rosewood Residences is replacing, is not in the table because the reporting cited here does not give its sale price.

For scale, the August 2026 condo median across the Naples area was $417,500, according to the Naples Area Board of Realtors. The lowest per-door figure in the table is about twice that, and the highest is more than twelve times it. On these lots, the land was doing work the countywide median can't see.

Frontage sets the acre, and density splits it

On the Gulf side, two sites sold at nearly the same land value: Gulf Shore Colony Club at more than $40 million an acre, and Bahama Club at about $40.6 million. The per-door results came out far apart because of how many owners shared that land. Gulf Shore Colony Club had 16 units of 1,400 to 1,800 square feet on 2.1 acres. Bahama Club had 36 units on 2.53 acres. Divide by the doors, and a Colony Club unit carried roughly $5.2 million in gross site value while a Bahama Club unit carried roughly $2.85 million.

On the bay side, the per-acre figure drops to the teens or low twenties. Harbour Club and Park Place Club had almost the same density, about 15 units an acre, yet Park Place brought about $19 million an acre to Harbour Club's $12.9 million. One reported difference is water access. Lee Golub of Golub & Company said Park Place's 11 boat slips with Gulf access were what drew him, and that the Moorings Beach Club site across the street means "nothing can be built forever." Borelli described Harbour Club as 1960s units that were "a little small" on land the building wasn't fully using.

So the land under an older unit is shaped by more than "waterfront." It depends on which water, what access, and how many households split the acreage.

The value the next buyer captured

The Executive Club site shows a second layer of value that former owners did not share. Youngquist Brothers bought the 46-residence Moorings building for $60 million in 2023. The Kolter Group bought the site from them in early 2025 for $92.5 million, with building permits secured. The added $32.5 million followed the approvals and the plan, and the original owners had already sold.

The same pattern shows up elsewhere. As of May 2026, the Gulf Shore Colony Club site at 1785 was being offered again as an entitled, site-plan-approved 24-unit project. That is the latest dated status found for the site. In Coquina Sands, the former Ocean Terrace parcel at 1500 Gulf Shore Blvd. N., built in 1962 across from Lowdermilk Park, went to auction in February 2025 with a $13,999,950 minimum bid. No auction result has been reported.

The finished product sits at the far end of the chain. At 3300 Gulf Shore, pricing was expected to start at $3.7 million. Rosewood Residences lists from $12.75 million to $45 million, and Olana's dozen residences start at $30 million. Owners of an older building sell raw land with an aging structure on it. Approvals and new construction add value at each later step.

The sale vote lives in the building's documents

Most of the buildings in the table were cooperatives, and that changes the vote. Florida's condominium termination statute, section 718.117, generally requires approval from 80 percent of all voting interests, and the plan fails if 5 percent or more reject it. It also adds protections when one bulk owner controls 80 percent of the votes. Chapter 719, the cooperative statute, has no matching termination section.

In a co-op, the corporation holds title, so selling the property is a corporate act. For a nonprofit corporation, the 2026 text of section 617.1202 sets a default of a majority of all votes entitled to be cast, with a quorum present, unless a greater vote is required. Section 607.1202 sets a similar default for for-profit corporations. A particular building's articles, bylaws and cooperative documents can raise that bar. The real threshold for any one building lives in its own recorded documents. This is general background, not legal advice.

For a buyer, this cuts both ways. A lower threshold makes a whole-building sale easier to reach if a developer comes calling. It also makes a sale harder for any one owner to stop.

Why boards are deciding now

Kolter Urban President Brian Van Slyke told Gulfshore Business that Surfside and the statute changes that followed brought a "realization of what it's going to take to bring these properties up to current standards," and that this "definitely factors into the board's decision whether to make a further investment or to sell."

The dates are close. The Florida Department of Business and Professional Regulation says associations that waived or reduced structural reserve funding in budgets adopted by December 31, 2024 must begin funding those reserves on January 1, 2026. It also says an association with a milestone inspection due by December 31, 2026 may complete its structural integrity reserve study at the same time, by that date. The 2025 law, HB 913, lets reserves be funded through a special assessment, line of credit or loan. It also lets owners pause or reduce reserve contributions for up to two budgets after a recent milestone inspection to pay for recommended repairs. In the City of Naples, the Building Department says required milestone reports are due in November 2026, with timing based on when each notice was mailed. Those requirements are written in condominium terms, so a co-op board should check how its own documents and statute apply to its building.

Reef Club and Harbour Club made their choices against those costs. Whatever the board of an older building decides in the coming year, its cost estimates will be in front of every buyer.

What to request before pricing an older unit

1. The cooperative or condominium documents, and the entity form. These tell you what vote a whole-building sale would need.
2. The most recent milestone inspection and reserve study, if one exists. These show whether the building is on a reinvestment path like Reef Club's.
3. Any assessment, loan or line of credit approved to fund reserves. HB 913 lets associations fund reserves this way.
4. Frontage and water access. Gulf side or bay side, and whether the property has slips with Gulf access.
5. Total acreage divided by total units. This is the density math that separated Gulf Shore Colony Club from Bahama Club.

The streetscape around these buildings is also being planned. On September 14, 2026, the Naples City Council held a workshop that included discussion and direction on a conceptual streetscape master plan for Gulf Shore Boulevard North. Gulfshore Business reported that the city has been working with the citizen-formed Miracle Mile Committee and studying utility upgrades.

FAQ

Did Harbour Club owners each receive about $833,000? No per-owner payout was reported. That figure is $17.5 million divided by 21 units. Actual distributions depend on each owner's interest, any debt and the costs of the sale.

When will the new buildings be finished? Here are the targets published in Gulfshore Business's October 2026 issue:

• Rosewood Residences: end of 2026.
• 3300 Gulf Shore: summer 2028, later than the fourth-quarter 2027 date given in 2025.
• Harbour House: groundbreaking this fall, with completion in spring or summer 2028.
• Olana: delivery in fall 2028.
• 2020 Gulf Shore: groundbreaking next spring.

None of the fall groundbreakings had been confirmed as of early October.

Are more older buildings expected to sell? In February 2024, architect Matthew Kragh of MHK Architecture said he had been "fielding a lot of phone calls" but knew of no deals past the discussion stage beyond the projects already announced. No newer reporting has named another building voting on a sale.

If you own in an older Gulf Shore Boulevard building, or you're weighing a unit in one, Dana Price Homes can value it two ways. Our in-house Certified Residential Real Estate Appraiser looks at what the apartment is worth as a home and what its share of the land under it has supported in reported sales. Request your home value to see both numbers for your address.