On Coquina Sands' Miracle Mile, an Old Condo's Price Is Partly a Bet on the Land Beneath It

Harbour Club and Reef Club sit side by side on the bay side of Gulf Shore Boulevard North. Builder Parker Borelli told Gulfshore Business the two have "basically the same layout." Hurricane Ian's storm surge flooded both ground floors. Reef Club remodeled its first floor. At Harbour Club the ground floor stayed empty, and the owners sold the building.

The sale price was $17.5 million for the 20-unit cooperative at 1624 Gulf Shore Blvd. N., announced in June 2025. Its zoning allowed a boutique rebuild of up to 21 units and no more than two habitable stories. That last detail explains more about Miracle Mile pricing than any median does. An aging condo on this stretch carries two prices. One is the value of the unit. The other is what a developer would pay for the ground beneath it, and that number depends on frontage, zoning and timing far more than on any single apartment.

What the Old Buildings Fetched as Land

Since Ian, several mostly low-rise buildings on the 1.3-mile stretch between Doctors Pass and Naples Beach Club have been torn down. Their sale prices show the pattern.

The per-unit column is just the sale price divided by the old unit count. It is not what any owner received after liens, fees or the building's own allocation formula. As a comparison, though, it is revealing. A Bahama Club unit and a Harbour Club unit were both older apartments on the same boulevard. Divided by unit count, the first was worth more than three times the second. The apartments did not account for that gap. The land did.

Bahama Club sat on the Gulf, and Kolter Urban plans to replace its 36 units with a dozen residences of more than 10,000 square feet each. Business Observer reported each would have 80 feet of unobstructed Gulf views. Kolter's October 2026 financing announcement lists the residences from $32 million, up from the $30 million starting price reported in early 2025. A developer who expects to sell twelve homes at that level can pay $102 million for the dirt.

The Bay Side Has a Ceiling

Harbour Club's buyer faced a different calculation. Zoning capped the site at 21 units and two habitable stories, so the land could never hold more than about the same number of homes it already held. Borelli's Harbour House plan actually reduces the count to 14 single-family-style residences, each with a private garage, a personal elevator, and generous outdoor living space with pools and spas. The project site lists them from $6.5 million.

"We reduced the density there quite a bit. But those were '60s units, so they were a little small and they had so much land that they weren't using."

Parker Borelli, in Gulfshore Business

The developer is buying the right to build fewer, larger and newer homes, and the zoning envelope limits how much that right is worth. On the Gulf side, with deep beach frontage, the right is worth a great deal. On a bayfront parcel held to two stories, it is worth less, though still enough to tip owners who were weighing an expensive renovation of a damaged ground floor.

The Two Years at 3300 Gulf Shore

Timing can matter as much as frontage. Collier County property records show the 51-unit Executive Club, built in 1969, sold in February 2023 for $60 million to an LLC tied to Youngquist Brothers, a Fort Myers well-drilling company, according to Business Observer. In January 2025 the same outlet reported that Kolter Urban had paid $92.5 million for the site.

The land changed hands twice in about two years, and the second price was $32.5 million higher than the first. Spread across the original 51 units, that is roughly $637,000 apiece. It went to whoever held the site when the post-Ian development wave peaked, not to the owners who sold into the first wave. Kolter is now building 51 residences there, the same number the old building held, with units from just under 2,000 square feet to full-floor penthouses above 7,000. Kolter Urban President Brian Van Slyke told Gulfshore Business the project had more than $60 million in hard contracts, with delivery targeted for summer 2028.

Why Boards Are Running These Numbers Now

Ian started the process. Van Slyke said the Bahama and Executive clubs were "much older construction and kind of built right on the sand," and that they were "casualties of Ian." He also described a second pressure that applies to buildings the storm left standing:

"A lot of these older buildings have a lot of deferred maintenance, and Surfside brought that to light. With a change in the [Florida] Statutes, there's kind of a realization of what it's going to take to bring these properties up to current standards. So, that definitely factors into the board's decision whether to make a further investment or to sell."

What September's Numbers Say

NABOR's September 2026 report for its Naples Beach segment covers ZIP codes 34102, 34103 and 34108, which take in Coquina Sands, the Moorings and nearby neighborhoods. It shows a market moving in two directions. The median condo closed price was $887,500, down 24.1% from September 2025. Over the same period, condo inventory fell 21.3% to 564 listings, months of supply dropped 39% to 6.4, sales rose 10.3% to 64, and sellers received 92.9% of list price on average, up from 91.7%. The report itself warns that small samples can make percentage changes look extreme.

The falling median and the tightening supply both trace back to which sales the median counts. Presales at Olana, Harbour House or 3300 Gulf Shore will not show up as resale closings until those buildings are delivered, so the most expensive condo product on the boulevard sits outside the September figures. Resale closings come largely from older stock, and every building that goes to a developer removes its units from that pool. The year-to-date condo median through September 2026 was $1,052,500, down 7.3%, a steadier figure than the single month.

The Replacements Are Still Arriving

The new supply is mostly still on paper. The Ronto Group reported that Rosewood Residences topped out on Aug. 1, 2025, and is targeting completion near the end of 2026. Its 42 residences were listed from $12.75 million to $45 million. Olana has its $197 million construction loan, and in Kolter's October announcement groundbreaking was still planned for this fall. Borelli expects a 20-month build at Harbour House, with completion in spring or summer 2028. Golub & Company and Barron Collier Companies were redesigning 2020 Gulf Shore and did not expect to break ground until next spring. The city is also working with the citizen-formed Miracle Mile Committee on a streetscape and utilities plan for the corridor.

Until those buildings deliver, the older stock is the market most buyers can actually close on, and its prices depend on how the land beneath each building compares with its neighbors.

Questions to Ask About an Older Building Before You Offer

1. Is the parcel Gulf-front, bayfront, or between the two, and how many feet of frontage does it have?
2. What does current zoning allow on the site, in units and stories, compared with what stands there now?
3. Has the board received or discussed a developer inquiry, and what do recent minutes show?
4. Did the building repair storm damage after Ian, and how was the work paid for?
5. What do the declaration and bylaws say about termination, and how would any sale proceeds be allocated among units?

FAQ

Does the price per unit in the table equal what owners received? No. It is the sale price divided by the old unit count. Actual distributions depend on the building's allocation formula, mortgages and transaction costs.

Are the new buildings in Coquina Sands or the Moorings? Both. Olana, Harbour House and Rosewood Residences are in Coquina Sands. 3300 Gulf Shore is in the Moorings.

If you own in an older Gulf Shore Boulevard building, or are weighing one against new construction, the comparison worth making is between the unit and the land beneath it. Laurie Bellico can put your building's frontage, setting and recent comparable sales side by side and give you a clear, confidential read on what you hold. Get your instant home valuation to start that conversation.