Aspen, Colorado-based M Development has sold its interest in developing the former St. George & the Dragon property into luxury condos, retail and office, but the company’s project managers and team will continue to develop the project in downtown Naples. will be instructed.
The project, now called The Avenue, is a 4.3-acre site spanning nearly two city blocks on Fifth Avenue South since M Development, as Fifth Avenue South Holdings LP, paid $43.5 million for the properties. It will be developed by JSB Capital Group, which has provided capital. In 2021.
JSB, which has offices in Miami and Baltimore, will work with M Development project manager Andy Penev and the team that guided the project through numerous approval processes in Naples and a lawsuit that was settled in June.
The team also includes MHK Architecture & Planning, New York City-based Morris Adjmi Architects, Naples-based Architectural Land Design, and Miami-based L&ND Landscape Design. The team has hired The Dawn McKenna Group, which has offices in Naples and four states, to lead its sales and marketing efforts. Preconstruction sales ranging from less than $3 million to $8 million will begin in January before construction begins early next year.
“Dawn McKenna Group is uniquely qualified to bring The Avenue to the market due to its deep knowledge of the Naples market and unparalleled success in selling some of the best addresses in the country,” said Peneff. he said. “Their proven track record and extensive network of contacts are valuable assets to our team.”
The announcement was made Oct. 23, the same day Naples’ Design Review Board unanimously approved the final design plans, allowing the developer to apply for building permits. The settlement does not require further City Council approval, but the DRB will review preliminary plans for the remaining project in the 1000 block of Fifth Avenue South in November.
The team change comes four months after the city settled a lawsuit with Fifth Avenue South Holdings that accused Naples of interfering with M Development’s project. The lawsuit was filed three months after the city council voted to cancel the underground parking plan due to concerns about flooding following Hurricane Ian. M Development planned two underground parking garages and branded it an illegal moratorium that would prevent administrative staff from approving the pending plans. But the city’s attempt to kill the project was blocked by a state law that prohibits municipalities from imposing stricter post-hurricane building codes until October 2026.
The settlement became official on October 16, when the City Council approved new boundaries for the development. Under the agreement, plans for underground parking and large retail stores will be scrapped, reduced in size and intensity, traffic circulation will be improved, and alleys and rights of way will not be surrendered, allowing them to be used for public works projects or shaded pedestrian shopping. It became like that. sidewalk.
This luxury mixed-use project will be built near Four Corners, the gateway to downtown Naples. It is bounded by 6th Avenue South, 9th Avenue, and 11th Avenue. The two-story luxury condominium will sit atop 75,000 square feet of boutique shops, restaurants, and commercial facilities on a lushly landscaped outdoor walkway reminiscent of an old European town. The first floor garage accommodates residential and commercial uses.
Homes range from two to four bedrooms and include amenities such as rooftop pools, state-of-the-art fitness centers, and club rooms perfect for coworking and social gatherings. Other amenities include a doorman, on-site management, concierge service to coordinate your home watch, shuttle service, electric Moke America Naples Beach House Cruiser, outdoor activities, theater reservations, personal training, grocery delivery, and home set-up assistance. and so on.
