Fresh Florida Center
Woolbright Development launches entrance into Naples market with new upscale grocery-anchored center.
Susan H. Fishman

A rendering of the Collection at Vanderbilt, a project being developed in Naples, Florida, by Woolbright Development.

The Collection at Vanderbilt will feature a mix of upscale national and local retailers, including The Fresh Market, Starbucks, Zazou, Salad Creations, Pauli Moto's Asian Bistro, Benihana and Strapazza Italian Restaurant, as well as additional boutiques and restaurants located near Naples' affluent residential communities, including Greg Norman's prized Tiburon golf community and two Ritz-Carlton resorts. Located on the northwest corner of Vanderbilt Beach Road and Airport Pulling Road, the center will be built in two phases. The first phase will be completed by the third quarter of this year, with tenants taking occupancy by the end of the year. The second phase is scheduled to be completed next summer.

“This particular intersection is right across from the Ritz Carlton golf resort in a very affluent area with a high-income and dense population,” notes Mike Fimiani, executive vice president of Woolbright Development. “And Naples itself is a great market; it has become very busy. Ten or 15 years ago, Naples was a very sleepy area. The demographics have just continued to grow and improve over the last few years.”

In fact, the annual household income within a 5-mile radius is almost twice the national average at just over $99,800.

Designed by architect Marc Wiener out of Boca Raton, The Collection at Vanderbilt will be a Mediterranean-style center with an open layout, featuring large walkways and outdoor seating areas, as well as several restaurants and specialty shops. It will also include some outparcel units.

“The plan may change slightly because we are working on a modification to the second phase,” notes Fimiani. “We may eventually add a mixed-use component to the project.”

The construction of the Collection at Vanderbilt marks Woolbright Development's entrance to the Naples/Fort Myers market. The company is currently evaluating other opportunities to purchase land and existing shopping centers in the area as part of its statewide expansion.

Woolbright Development purchased 11 projects last year, which was more than that of all the major institutional investors, or REITs, combined. The firm's acquisition plan for 2006 is to do roughly $1 billion in transactions with redevelopment, new development and mixed-use projects. In general, the company is continuing on a strong growth pace throughout the state of Florida in the major metro markets, including Dade and Brower Counties, Palm Beach, Orlando, Tampa, Jacksonville and the Naples/Ft. Myers area. Woolbright also plans to start using some of its existing inventory of completed centers to buy/sell/trade with other owners of existing projects that need redevelopment, who may not have the capability or desire to do the work.

“You will see us continuing to strive to outpace our competitors as far as the numbers — and types — of deals we buy,” says Fimiani. “We will continue to be specialists in the redevelopment of existing shopping centers, will do more and more ground-up development, and then we'll also introduce some lifestyle centers where it makes sense throughout the state.”