The developers behind a Naples mixed-use project have nailed down $202 million in financing and are set to begin vertical construction.
The loan is for The Avenue, a development that will bring 75,000 square feet of retail, dining, wellness and lifestyle tenants and 50 luxury residences to Fifth Avenue South.
Aprea and JSB Capital Group are the developers.
The money for the project is coming in two forms, $109 million of C-PACE financing and a $93 million traditional construction loan.
Bayview Commercial Mortgage Finance is the lender. Terms were not disclosed.
C-PACE financing, according to the U.S. Environmental Protection Agency, is a tool that allows “property owners to finance the upfront cost for qualified energy, water, resilience and public benefit projects with funding through a voluntary assessment on the property tax bill.”
The funding, according to a statement from the developers, comes as the residential portion of the project “continues to outpace expectations” in terms of sales and the retail portion has “generated significant interest and early leasing.”
According to a spokesperson, there are 20 purchase agreements for residences in place, which is 40% of the units. Prices range from $3.4 million to nearly $8.5 million.
An update is upcoming on the retail portion of the project, the spokesperson says.
The Avenue will span 4.3 acres at the gateway to the Fifth Avenue shopping district between Fifth and Sixth avenues and Ninth and 11th streets just east of Four Corners where U.S. Highway 41 turns toward Miami.
Developers broke ground in February, and completion is slated for early 2028. The spokesperson says in an email that “cranes arrived on site this past month and dewatering is underway ahead of concrete operations.”
The Avenue has been in the works for several years now.
In June 2024, M Development settled a lawsuit filed against Naples alleging the city had blocked the project. The parties agreed to do away with underground parking and agreed to forgo big box retailers.
Colorado-based M Development bought the property in 2021 for $43.5 million. According to an October 2024 statement announcing the Dawn McKenna Group would be the sales team listing the residential units, JSB Capital “recently acquired M Development’s interest” in the project.
