NAPLES — A Colorado-based developer has bought 4.27 acres in downtown Naples and intends to build a luxury, mixed-used development on the property.
M Development, which is from Aspen, bought the property on Fifth Avenue, between the 900 and 1000 blocks, for $43.5 million.
The company will announce the details of the project in the coming months, says the real estate firm Franklin Street, which announced the sale. But what’s being built will include retail and luxury residential units.
The property sits just east of the Four Corners, which is the entry point to the city’s prestigious commercial district, Olde Naples, Third Street South and the Port Royal and Aqualane Shores neighborhoods.
Franklin says the location is within walking distance of Tin City, a tourist destination, and Cambier Park, which, it says, is referred to as Naples’ Central Park.
M Development is known for working on development projects in well-off areas, including Aspen, Palm Beach and the Buckhead neighborhood in Atlanta.
Tom Kersting, managing director at Franklin Street, says in a statement that because of where the property is situated, “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.”