$192K owed in Coastal Realty case

By Dawn De Busk Staff Writer

NAPLES — There should be a sum by summer.

That sum will be the amount of money the Town of Naples is entitled to receive from incomplete projects that were approved for the Brandy Pond Crossing subdivision, also known as Front Nine Homes.

Coastal Realty Capital put up the money, as a sort of contingency fund, in case some items weren’t finished at Front Nine Homes. When the town tried to get money from the letter-of-credit in 2020, there was no funding.

On Jan. 18, Naples Town Manager John Hawley updated the board on the latest development since a judgment was made a few months ago.

The town’s claim is more than $192,000, he said.

“On Dec. 29, we received court documents that the Town of Naples vs. Coastal Realty Capital had been settled and a consent judgment was being circulated and was going to be to be filed in court, closing this case,” Hawley said. “What that means for Naples is that we now have to wait for the receiver, who was the court-appointed person, to liquidate the company to determine how the assets will be divided among the outstanding creditors.”

The town has been contacted and asked to provide the court-appointed receiver with what is owed.

“The receiver has notified all known creditors and has given them until June to make a claim on the assets. I’m