The Avenue is going vertical.
After securing more than $200 million in construction financing, the developers of the mixed-use project in downtown Naples are going up with it.
Named for its high-profile location off Fifth Avenue South, the project broke ground in February. Soon, the first phase will begin to rise, with the second phase following about six months later, said Andy Penev, founder of APREA, the lead developer.
APREA has partnered with JSB Capital Group, which is serving as a co-developer and capital partner, to bring the long-anticipated project to life.
Vertical construction should be visible by August.
The developers recently closed on a $202 million construction financing package with Bayview Commercial Mortgage Finance, including $109 million of C-PACE financing and a $93 million traditional construction loan, reaching a major milestone.
C-PACE is a public-private tool that allows property owners to finance the upfront cost for qualifying energy-efficient, resilient and public benefit projects. The financing is paid back through annual assessments on local property tax bills.
“Seeing construction scale vertically after years of planning is incredibly rewarding. We’re building something that will redefine the gateway to Fifth Avenue South and become a cherished addition to downtown Naples,” Penev said.
The Avenue will have 50 luxury condo residences, spread across four three-story buildings, with more than 75,000 square feet of commercial space underneath them, designed for restaurants, boutiques and “wellness concepts.”
“We’re in the process of curating and merchandising and really creating that retail neighborhood,” Penev said.
The 4.3-acre site, spanning nearly two city blocks, sits east of Four Corners, where U.S. 41 turns east toward Miami. It’s between the historic Tin City and the well-known Fifth Avenue shopping and dining district.
The assembled property included vacant lots and empty, non-conforming buildings damaged by Hurricane Ian, making it ripe for redevelopment.
Each building in The Avenue will feature commercial on the first floor, with residential on the top floors. There are two buildings in each phase.
Construction is being led by Naples-based DeAngelis Diamond.
Homeowner move-ins are anticipated to start in early 2028. Sales have exceeded expectations, with a majority of the buyers already owning homes in Naples or other parts of Collier County, Penev said.
For residents, The Avenue will offer a “full-service lifestyle,” supported by an on-site concierge and on-site management, with its lobby manned around the clock. The on-site team will facilitate the coordination of in-home deliveries, private dining arrangements, home watch, personal training, theater reservations, shuttle services — and more.
With three rooftop pools, the development is designed to feel like a five-star resort, while maintaining individual privacy in the home.
The residential condos will have private parking on the ground floor of their respective buildings (and higher, in some cases). A parking garage will support the commercial side of the development.
In 2024, APREA took over the project after the original developer, M Development, settled a lawsuit with the city, allowing construction to move ahead, with tweaks that addressed concerns about parking, traffic and intensity.
Construction of the final phase is expected to be completed by the fall of 2028.
Laura Layden is a senior business and government reporter. Reach her by email at laura.layden@naplesnews.com.
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This article originally appeared on Naples Daily News: Luxury: Naples development The Avenue secures construction funding
Reporting by Laura Layden, Fort Myers News-Press & Naples Daily News / Naples Daily News
USA TODAY Network via Reuters Connect
By Laura Layden, Fort Myers News-Press & Naples Daily News | USA TODAY Network
