Ground has officially broken on The Avenue, a significant mixed-use residential and retail development in downtown Naples, Florida. The project covers approximately 4.3 acres along Fifth Avenue South and commenced construction on January 22, 2024. Developed by APREA and managed by general contractor DeAngelis Diamond, the site is strategically located between 5th and 6th Avenues South and 9th and 11th Streets, just east of the Four Corners intersection where U.S. 41 turns toward Miami.
The groundbreaking ceremony attracted local officials, community stakeholders, and the development team, showcasing strong community support. During the event, key project members including Andy Penev of APREA, Matt Kragh from MHK Architecture, Christine Lutz, Director of New Developments at The Dawn McKenna Group, and Reggie Morgan of DeAngelis Diamond expressed their visions for the project.
The Avenue is designed as a vibrant mixed-use development that will feature 50 residential units alongside over 75,000 square feet dedicated to retail, dining, and wellness spaces. This initiative aims to enhance the pedestrian-friendly nature of Fifth Avenue South while creating seamless connections to the surrounding Old Naples neighborhood. The design emphasizes active ground-floor uses and landscaped promenades to promote community interaction.
“This project represents a long-term investment in the future of downtown Naples,” said Andy Penev. “We set out to create a place that brings people together, where architecture, street life, and thoughtful design work in harmony to strengthen and elevate Fifth Avenue South.”
The initial sales phase of The Avenue launched in March 2025, offering two- to four-bedroom residences priced between $3.4 million and $7.9 million. Each residential unit is thoughtfully designed with ceiling heights ranging from 10 to 11 feet, expansive outdoor terraces, and nine-foot sliding glass doors. Interior features include Italian-crafted kitchens, stone countertops, and spa-inspired bathrooms, appealing to high-end buyers.
In addition, Phase Two of the development, planned for the 1000 Block, will introduce an innovative streetscape designed by Morris Adjmi Architects. This design will draw inspiration from European architectural styles, incorporating limestone and stucco finishes, and large areas of glazing that engage the street level. This phase aims to expand retail and dining options, enhance landscaped pedestrian areas, and provide residential services such as concierge operations and a doorman available 24/7.
“Breaking ground on The Avenue marks a new era for downtown Naples,” stated Christine Lutz. “December’s record sales and the enthusiasm from our team, community leaders, and project partners at the ceremony truly show the energy and confidence surrounding this development. The Avenue will redefine how people live, gather, and experience Fifth Avenue South.”
The Avenue promises to transform the downtown Naples landscape, fostering community connection and enhancing the local economy. With its ambitious vision and strong backing, this development is set to become a landmark in the region.