After a lot of back and forth, Stock Development has officially closed on Daruma Japanese Steakhouse and Sushi Bar in North Naples for $10 million. The steakhouse has been in business for over 30 years, and will continue to operate until September of this year.

The steakhouse was the final piece of the puzzle for Stock Development. For several years now, they’ve been acquiring properties on the Northeast corner of Vanderbilt Beach Road and Gulfshore Drive. With the Daruma property secured, Stock now owns the entire corner, including the Beach Box Cafe and The Beach Store.

According to the Collier County property appraiser’s website, the market value of the .78-acre steakhouse property was $2.5 million. Although that valuation is generally undershot, it’s easy to see how badly Stock Development wanted the property. The sale price was 300% higher than that valuation.

This original Daruma location was purchased in 1987 by Lin Heui-Li Chang for $700,000. Since then, Daruma has opened two locations in Sarasota and one location in South Fort Myers at the Bell Tower Shops.

The Plans

Demolition will begin sometime around the middle of this year, beginning with the Beach Box Cafe and The Beach Store. Once demolition is complete, Stock Development will begin construction of One Naples, a luxury, bay-front condominium community.

One Naples will consist of five buildings– two, 12-story high-rises and three, 5-story mid-rises, totaling 128 residential units. The larger towers will have units ranging from 4,000 square feet to penthouses at over 8,000 square feet. The mid-rise buildings will feature smaller units at around 3,000 square feet and will be situated facing the bay.

Among a long list of tower amenities, the most notable are a 70+ slip marina, restaurant, bar, and full-service spa. The towers will be centered around a community park, which will be constructed on the Daruma property after demolition.

The Estero-based contractor, Suffolk Construction, is hoping to begin building by the end of 2022.