Aspen, Colorado-based M Development acquired the 4.27-acre site
NAPLES, FL (November 12, 2021) – Franklin Street has arranged the sale of a 4.27-acre development site in downtown Naples for $43.5 million. The flexibly zoned site is situated along the 900 and 1000 blocks of Naples’ famed Fifth Avenue – considered one of the most exclusive addresses in one of the wealthiest per capita cities in the country.
Franklin Street’s Tom Kersting and Pat Kelly represented Brookline Companies in the disposition. The buyer, Aspen, Colorado-based M Development, is planning to develop a first class mixed-use project with luxury residential and retail components. Further details on the project will be announced in the coming months.
“We look forward to bringing a beautiful, luxury project to this prestigious Fifth Avenue location,” said Brandon Tarpey with M Development. “What we envision for this site is a mixed-use destination that will complement the surrounding area with best-in-class retailers and luxury residences from which to enjoy all Downtown Naples has to offer.”
M Development, which focuses on value-add redevelopment opportunities in affluent communities, is responsible for a variety of transformative projects in Aspen, Palm Beach, as well as Atlanta’s Buckhead submarket.
“This site presented a one of a kind opportunity to acquire critical mass in one of the country’s most exclusive and affluent submarkets,” said Kersting. “With 4.27 acres in this central location, M Development has an opportunity to develop a project that has its own unique sense of place and makes a significant impact on both the landscape and the dynamics of Downtown Naples.”
The highly visible site is strategically located at the center of downtown Naples, with ease of access to numerous shopping and dining venues, including both world-class brands as well as local staples with old Florida charm. The property is located immediately east of “Four Corners,” which is the gateway to the Fifth Avenue South shopping district, Olde Naples, Third Street South and the prestigious Port Royal and Aqualane Shores neighborhoods.
A signalized intersection provides access to the property and connection to the affluent residential neighborhoods to the south and west. The property is walkable to Tin City, a popular waterfront tourist area, as well as Cambier Park, which is often referred to as the city’s Central Park.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.
