Laura Layden | Naples Daily News
A long-anticipated mixed-use project is forging ahead in downtown Naples.
However, M Development, its high-profile out-of-state developer, is no longer involved.
JSB Capital Group, which has provided the private equity for the multimillion-dollar project from the outset, has bought out M Development’s interest in it.
Andy Penev announced he will continue leading the development, named The Avenue. Instead of working for M Development, he’ll steer the project independently. All of the consultants remain the same, including the local architects MHK.
The news, shared via a press release, comes after M Development reached a settlement with the city in June that allowed the redevelopment project to move ahead, with tweaks that addressed concerns about parking, traffic – and intensity.
Read the full post for the details and projections on naplesnews.com.
For more information about buying a home in the Naples, Florida area contact David at David at David@DavidFlorida.com or 239-285-1086.
Laura Layden | Naples Daily News
For years, rumors have swirled about a second Costco in Collier County.
The wholesale club has shown interest in a forested site at the corner of Collier Boulevard and Rattlesnake Snake Hammock Road in Southeast Naples.
A map of the area on LoopNet, a commercial real estate website, even shows a Costco as “coming soon.”
Yet, there are rumblings the members-only warehouse has changed its mind. As is often the case with retailers in the exploratory or early planning stages for a new site, Costco isn’t commenting on its interest, or non-interest, in the location.
It’s never easy to track the comings and goings of retailers, as they expand, contract and evolve. They’re often a secretive bunch. This much is clear: Retailers big and small are looking to expand – or in some instances to establish a presence – in Collier County, through traditional stores.
Some stores are closing or relocating this year, making it even harder to keep up with the musical chairs of retail tenants locally.
As of May, major retail chains had announced plans to shutter nearly 3,200 stores across the country in 2024, a 24% increase over last year, according to research firm CoreSight. Experts blame the closings on several factors, including inflation and higher operating costs.
Family Dollar is among the biggest casualties, with at least 600 stores expected to close in the U.S. this year, and more over the next few years, as leases expire, due to a lackluster performance in 2023.
Here retail isn’t dying, but rather evolving.
Read the full article on naplesnews.com.
Buy a home in the evolving Southwest Florida area of Naples, Bonita Springs, and Marco Island, Florida, contact David at David at David@DavidFlorida.com or 239-285-1086.
WMG Development has broken ground on The Shoppes at Orange Blossom, a new retail center near Naples. The shopping center, located at the crossroads of Oil Well Road and Big Corkscrew Drive, will be anchored by Publix and will span over 60,000 square feet. Other long-term tenants at the complex include Great Clips and Le Nail Salon.
The project, which is scheduled to be completed in late summer 2025, will be located at the entrance to Big Corkscrew Island Regional Park, a 150-acre outdoor park and entertainment attraction, and adjacent to the Emblem at Orange Blossom apartment neighborhood.
Read more on naplesnewsnow.com.
Phil Fernandez | Naples Daily News
Mercato this month will begin a reboot that we first told you about two years ago at the Naples destination near Vanderbilt Beach Road and U.S. 41.
Most anyone will tell you it can get a bit uncomfortable in the 450,000-square-foot shopping and restaurant district when cars converge with pedestrians or bicyclists, and its new owners a couple of summers ago promised us a reposition as part of “elevating Mercato (to) a people-oriented entertainment hub.”
Well, here’s what to know about what the honchos have tabbed as a more “walkable, experiential oasis (in) strengthening Mercato’s relevance and relationship with the community.”
What is Mercato in Naples, Florida missing? How will it be addressed?
“While Mercato does have a few small social gathering spots, it’s missing a central space that can host large-scale events and encourage guests to stay a while,” said Nick Lombardo, vice president of development at North American Properties, also known as NAP. “We’re looking forward to redefining the Piazza and creating a lively experience for our guests.”
The “reinvention” plans call for tripling the size of the 3,000-square-foot Piazza adjacent to Bravo Italian Kitchen and Narrative Coffee Roasters, and “creating a more connected, pedestrian-friendly environment” throughout the center, Lombardo said.
Get all the details, read the full story on naplesnews.com.
Find a home convenient to great restaurants and entertainment in southwest Florida. Contact David at David@DavidFlorida.com or 239-285-1086.
