Supes Show Heightened Scrutiny of Potential Naples Developers

The supervisors sent a message to potential Naples property investors this week, effectively telling them that any efforts toward developing the land will be met by extreme scrutiny. With a 3-2 vote, the supes told a group of potential new developers actively engaged in due diligence research on the bank-owned property that they had not provided sufficient financial evidence that they are actually able to deliver on various requirements. Though not great news for the group, comprised of the East Coast hedge fund CrossHarbor, BondRok Partners, and Preserve Communities, the vote doesn’t prevent the outfit from purchasing Naples from First Bank in the future.