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.