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Luxury: Naples development The Avenue secures construction funding

Luxury: Naples development The Avenue secures construction funding

Laura Layden | Fort Myers News-Press & Naples Daily News

The Avenue is going vertical.

After securing more than $200 million in construction financing, the developers of the mixed-use project in downtown Naples are going up with it.

Named for its high-profile location off Fifth Avenue South, the project broke ground in February. Soon, the first phase will begin to rise, with the second phase following about six months later, said Andy Penev, founder of APREA, the lead developer.

APREA has partnered with JSB Capital Group, which is serving as a co-developer and capital partner, to bring the long-anticipated project to life.

Vertical construction should be visible by August.

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The developers recently closed on a $202 million construction financing package with Bayview Commercial Mortgage Finance, including $109 million of C-PACE financing and a $93 million traditional construction loan, reaching a major milestone.

Read the full article and see photos on naplesnews.com.

Ready to explore the most exceptional properties of Southwest Florida? Contact me today to begin your journey. Contact David at David@DavidFlorida.com or 239-285-1086.

Mile of momentum. Old 41 rapid transformation reshapes downtown Bonita

Mile of momentum. Old 41 rapid transformation reshapes downtown Bonita

Phil Fernandez | Fort Myers News-Press & Naples Daily News

The In the Know questions from you about what’s become a one-mile expanse of monster construction along what at one time had been a lonely stretch of Southwest Florida highway are many, such as these.

“Hi Phil. I enjoy reading your column, and now I find myself writing to you about the developments going on in my backyard: Old 41 in downtown Bonita Springs. So much has been done over the years to restore and maintain the ‘downtown’ nature of the village,” said reader Barbara McMahon. “Can you tell us what the plan is for the area from Terry to Bonita Beach Road?

“Right now there is major construction of a luxury apartment complex − Imperial 41 − that spans both sides of the river. And just a block south, the area where the Lee Sheriff had a satellite station is fenced off for construction, and the park across the street is also fenced off. (The) city has developed Old 41 into a lovely walkable road with islands and great landscaping. Will it be overwhelmed?”

Read the full article on naplesnews.com to get answers to questions like “What’s behind Imperial 41 housing in Bonita Springs, Florida?, How did Lee County’s Imperial 41 come together in Bonita?,” and more.

Are you looking for a home in beautiful Southwest Florida? Contact David at David@DavidFlorida.com or 239-285-1086.

Naples waterfront development ‘The Viceroy’ moves closer to approval

Naples waterfront development ‘The Viceroy’ moves closer to approval

Laura Layden | Fort Myers News-Press & Naples Daily News

A long-planned, mixed-use waterfront development in Naples has cleared another regulatory hurdle.

On May 13, the city’s Planning Advisory Board voted unanimously to recommend approval of a conditional use petition to city council.

Years in the making, the project, overlooking Naples Bay, has faced challenges as it has evolved.

Formerly known as The Prom and now as The Viceroy, the development is planned on 1.81 acres of long vacant land, near the intersection of Riverpoint Drive and the Fifth Avenue South bridge downtown.

Plans for the three-story development include short-term lodging, along with other retail and commercial uses, supported by surface and underground parking, as well as street parking.

Read the full article and see renderings on naplesnews.com.

Ave Maria could add thousands of homes, sparking resident concerns

Ave Maria could add thousands of homes, sparking resident concerns

 Laura Layden | Fort Myers News-Press & Naples Daily News

The town of Ave Maria could grow by more than 2,000 acres.

On May 7, the Collier County Planning Commission voted nearly unanimously to recommend in favor of the expansion.

A final decision will be made by county commissioners. A hearing is scheduled for June 9.

Ave Maria Development LLLP (Limited Liability Limited Partnership) has applied to add 2,042 acres to the town. To do so, it needs approval to expand the boundaries of the already designated stewardship receiving area (SRA) for development from 5,928 acres to 7,970 acres.

The expansion would allow for more residential and commercial development.

Barron Collier Cos. is the force behind the town, in partnership with Tom Monaghan, the creator of Domino’s Pizza and founder of Ave Maria University.

Ave Maria: A first for Collier County development
Ave Maria was the first SRA and town to develop under the county’s Rural Lands Stewardship Area, or RLSA, program.

The voluntary program allows developers to build more intense towns and villages on property with lower conservation value, in exchange for preserving more environmentally sensitive land, through a credit system. The program is designed to prevent urban sprawl, addressing state concerns about the protection of wildlife and wetlands out east, dating back to the 1990s.

Read the full article on naplesnews.com.

Are you seeking a home in the Bonita Springs – Naples, Florida area? Contact David at David@DavidFlorida.com or 239-285-1086.

Collier County development approved decades ago moves forward in North Naples

Collier County development approved decades ago moves forward in North Naples

Laura Layden | Fort Myers News-Press & Naples Daily News

A planned housing development first approved more than 40 years ago in Collier County could soon take shape, but it could look different.

On April 28, Collier commissioners greenlighted amendments to the Imperial Lakes Planned Unit Development (PUD) in North Naples.

Originally approved in 1982, the PUD has been in waiting for the expansion of Veterans Memorial Boulevard, west of Livingston Road.

With the expansion still not completed, the developer has agreed to design, permit and build the western extension of the boulevard to the Seminole Gulf Railway to provide access to the new community.

New community could include a mix of housing options
The approved amendments to the PUD will give the landowner and developer, going under the name N.A. Realty Trust Inc., the option to build a mix of housing, including single-family and two-family homes, as well as other multifamily homes.

The developer could still build the original plan, which allowed for up to 430 multifamily homes in five-story buildings.

The long vacant site spans nearly 80 acres. It sits north of the private Imperial Golf Club and to the west of the Castlewood at Imperial community, near Aubrey Rogers High School.

Naples land use attorney Rich Yovanovich, who represented N.A. Realty Trust at the public hearing, said the developer had worked to limit the height and types of homes built in the corner closest to Castlewood to address residents’ concerns about the visual impact.

Read the full article on naplesnews.com.