C o m p l e t e d   P r o j e c t s Philbrook’s first endeavor, Charleston Square, is an innovative project based on a new-to-Naples “neighborhood village” concept that blends high end residential condominiums with commercial space. First conceived during the elation of the late 1990’s, it began fortuitously with the construction of the commercial “Bay Building” together with negotiating the buyout of leases and the re-location of tenants from the building that was to be razed for the residential/commercial “Courtyard Building”. Then, luck turned. Philbrook brought the Courtyard Building project to market just days before September 11, 2001. As the economic downturn deepened, travel came to a virtual stop, and the sales of the upscale residential condominiums slowed to a trickle. The viability of Charleston Square was called into serious question. Philbrook found it necessary to completely revamp the project. Market research led to a repositioning of the community and a redesign of its offerings. The marketing program underwent wholesale change, with the assistance of a team associated with the area’s most successful real estate sales company, and an advertising agency intimately familiar with the market. Permitting obstacles were overcome so that density could increased, and, in turn, the price point lowered to conform to market demand. New architectural plans were created. A new marketing plan and sales materials were developed to create awareness of the project and feature its competitive advantages. Condominium and legal documents were amended. All this was required without the benefit of any sales, and so without access to permanent financing. Through prudent selection of team members and excellent leadership, Philbrook was able to substantially offset incremental costs. In fact, within two years of its restaging, Charleston Square was sold out, proving the value of its concept and the perseverance of its developer.

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