Ground has officially broken on The Avenue, a significant mixed-use residential and retail development located along Fifth Avenue South in downtown Naples, Florida. The project, which spans 4.3 acres, commenced construction on January 22, 2024, and is being developed by APREA, with DeAngelis Diamond acting as the general contractor. This initiative aims to enhance the vibrant character of the area while promoting community engagement.
The Avenue stretches between 5th and 6th Avenues South and 9th and 11th Streets, situated just east of the Four Corners intersection where U.S. 41 turns toward Miami. The groundbreaking follows a notable sales period in December 2023, which generated approximately $20 million in residential transactions, indicating strong market interest and confidence.
A ceremonial groundbreaking event drew local officials, community stakeholders, and representatives from various teams involved in the development, design, sales, and construction efforts. Remarks were made by key figures, including Andy Penev of APREA, Matt Kragh of MHK Architecture, Christine Lutz, Director of New Developments at The Dawn McKenna Group, and Reggie Morgan of DeAngelis Diamond.
Development Details and Design Vision
The Avenue is planned as a mixed-use development featuring 50 residential units alongside over 75,000 square feet designated for retail, dining, and wellness spaces. The design aims to maintain the pedestrian-friendly atmosphere of Fifth Avenue South while fostering connections to the surrounding Old Naples neighborhood. This will be achieved through active ground-floor uses and landscaped promenades.
“This project represents a long-term investment in the future of downtown Naples,” stated Andy Penev. “We set out to create a place that brings people together, where architecture, street life, and thoughtful design work in harmony to strengthen and elevate Fifth Avenue South.”
Phase One of The Avenue is set to launch sales in March 2025. This phase will offer two- to four-bedroom residences, priced from $3.4 million to $7.9 million. Each residential unit will feature ceiling heights between 10 and 11 feet, expansive outdoor terraces, and nine-foot sliding glass doors. Interior finishes will include Italian-crafted kitchens, stone countertops, and spa-inspired bathrooms.
Future Plans and Community Impact
Phase Two, planned for the 1000 Block, introduces a streetscape designed by Morris Adjmi Architects. This design draws inspiration from European architecture, featuring limestone and stucco finishes, as well as large areas of glazing intended to enhance the street-level experience. This phase will also expand retail and dining options, create landscaped pedestrian areas, and provide residential services including concierge operations and a 24/7 doorman.
“Breaking ground on The Avenue marks a new era for downtown Naples,” remarked Christine Lutz. “December’s record sales and the enthusiasm from our team, community leaders, and project partners at the ceremony truly show the energy and confidence surrounding this development. The Avenue will redefine how people live, gather, and experience Fifth Avenue South.”
The Avenue development signifies a transformative step for downtown Naples, promising to blend modern living with the area’s historic charm while fostering a vibrant community atmosphere. As construction progresses, the project is expected to attract residents and visitors alike, contributing to the economic growth of the locality.
