BUYER: Naples 5th Avenue Hotel LLC (Finfrock Development LLC), Apopka
SELLER: GC Partnership Ltd.
PROPERTY: 1355 Fifth Ave. S., Naples
PRICE: $5 million
PREVIOUS PRICE: $2.75 million, April 1992
LAW FIRM ON DEED: Coleman Yovanovich & Koester PA, Naples
SELLER: Gregg Development of Naples Inc.
PROPERTY: 1345 Fifth Ave. S., Naples
PRICE: $2.25 million
PREVIOUS PRICE: $4.25 million, January 2003
LAW FIRM ON DEED: Stichter Riedel Blain & Prosser PA, Tampa
Apopka-based Finfrock Enterprises Inc. purchased a former Joe's Crab Shack 15,173-square-foot waterfront restaurant and the nearby Docks on Fifth marina property for a combined $7.25 million.
The price equated to $1.73 million per acre.
Finfrock plans to clear the 4.2-acre combined property and develop the 183-room Hyatt House Naples, Fifth Avenue.
“It's going to be a select-service hotel with resort-style amenities,” says William Finfrock, executive vice president of Finfrock Enterprises. “It has fantastic water views. We have 62 existing boat slips; 27 of which will belong to the hotel or be accessible by hotel guests. We will rent boats, kayaks and paddleboats and allow guests to stay overnight and have a place to put their boat.”
The hotel's amenities will also include a zero-entry swimming pool and half-acre pool deck, a large dock, indoor and outdoor bar, 4,000 square feet of meeting space and an additional 4,000 square feet on the rooftop for gatherings or events. Its units will also feature balconies.
The buyer will be its own general contractor for the project. Construction work is scheduled to start in March or April and take 10 months to complete.
Finfrock says that the Naples market is underserved for this level of hotel service/amenities.
David Stevens and Patrick Fraley of Investment Properties Corp. represented the seller of the restaurant building, and Clark Pear of Premier Plus Realty Co. represented the buyer.