Naples
With $45 million loan, apartment construction starts
A Cincinnati developer behind a Naples apartment complex on Vanderbilt Beach Road is taking the first step toward building the community after securing construction financing. CIG Communities has begun the initial site work on the 20-acre property that will be called Saltgrass Reserve when completed. Work includes the demolition of two existing homes on the property and the construction of a deceleration and acceleration lane to make it easier to access the community, according to a statement. The second phase of construction will include site clearing and the addition of utilities. The total construction project is expected to take 21 months, with leasing at Saltgrass Reserve planned to start September 2027. The work is starting after CIG secured $45 million in construction financing for the project from its largest group of investors and First Horizon Bank. When complete, Saltgrass Reserve will have 208 units including studios, one-, two- and three-bedroom apartments ranging in size from more than 500 square feet to 1,500 square feet…