Featuring the perspectives of: 

Edgardo Defortuna, President, CEO and Founder, Fortune International Group

Mark Wilson, President and CEO, London Bay, developer of The Ritz-Carlton Residences, Estero Bay

Will supply chain issues continue to hamper new construction in 2023? 

Wilson: With inflation expected to peak this year and plateau in 2023, it will pave the way for more stabilized construction and goods, which I gladly welcome after the tumultuous influx in the last 24 months. 

Defortuna: This issue of supply chain continues to be a valid and important question throughout 2023. There are multiple external factors that are having a logistical impact on gaining materials, of course including Hurricane Ian. I have also noticed that several multifamily projects have been put on the backburner, and because these projects are on hold, it is having a lasting effect on the supply and demand. At Fortune International Group, we make an active effort to take supply chain issues into consideration as we work on new construction, including storing excess supplies and speeding up our timelines to stay on schedule. 

Will you add inventory in 2023? Can you tell us about your plans? 

Wilson: This year, London Bay announced sales for the first tower of The Ritz-Carlton Residences, Estero Bay, the most amenity-rich property in Southwest Florida within 500 acres of natural preserve. It is a destination for casual luxury never seen in the region. Surrounding it will also be the new coastal village of Saltleaf, planned with up to 800 residences plus dining, a marina, golf, gathering places and nature trails. There is incredible and exciting work ahead in 2023 to bring these visions to life, which have been extremely well received. We are also nearing the completion of another condo development on Fort Myers Beach that we look forward to delivering and continuing our unrivaled senior living community of Life Plan in Naples.