JOINT VENTURE PICKS UP 19-ACRE DEVELOPMENT SITE IN NAPLES FOR $21.5M

NAPLES, FLA. — A joint venture between Ronto Group and Wheelock Street Capital has acquired a 19-acre development site in downtown Naples for $21.5 million. The site is located one block from Fifth Avenue South, between Tamiami Trial and Goodlette-Frank roads. In 2005, the property was approved and slated for development of a mixed-use project called Renaissance Village, which would include 300 residential units and 205,000 square feet of commercial space. Those plans were halted by the downturn in the real estate market and in May 2012, the property was foreclosed by the lenders. Manny de Zarraga, Jaret Turkell and Matt Mitchell led the HFF team that represented the seller, who had recently acquired the title via a foreclosure action, in the transaction.