Many people have been waiting for these new villas to come on the market. Vertical construction is more than 30 percent complete for the Le Rivage and Le Jardin single‐family home models in the Residences at Mercato www.residencesatmercato.com. Slabs have been placed for the first four villa homes. All six homes are scheduled for completion this fall. The project is being developed by The Lutgert Cos. and built by Lutgert Construction, LLC. A total of 16 homes are currently in the design and construction processes, site work is nearing completion and utilities are in place within the neighborhood. At completion, Residences at Mercato will include 52 single‐family homes within Mercato’s urban‐style retail, office and residential community.
Mercato has had a very influential effect on Naples real estate. The lively and festive atmosphere with music and outdoor dining has breathed new life into North Naples. Coupled with upscale shopping, Whole Foods grocery, ice cream shops, and the Silverspot movie theatre make it a unique draw in Naples. The residential district directly adjacent to the shops on 5th Avenue South and 3rd Street South have become increasingly more sought after over the past 7-10 Years. I attribute this to the rapidly changing demographics Naples is experiencing and I expect the residential development around Mercato to see the same demand. Our average age has dropped dramatically over the past 20 years and with good schools and over 4.9% economic growth projected for 2016 according to an article in Bloomberg Business siting the U.S. Conference of Mayors - http://www.bloomberg.com/news/articles/2015-06-19/these-18-cities-will-see-the-most-economic-growth-next-year Naples will see this trend continue.
For more information on Naples real estate please contact Adam Carriero at 239.641.3876 or adam@gcipnaples.com.