Fifth Avenue South’s Four CornersA Rich History and a Promising Future
The four corners of Fifth Avenue South, where 9th Street (U.S. 41) turns toward Marco and west to the beach, is now mostly vacant. At one time it was the site of a sliver of Naples history where community leaders and politicians pored over big decisions, and families celebrated anniversaries, birthdays, and holidays. Perhaps the ghosts of a quieter and more reserved Naples still roam the grounds where the revered restaurant St. George and the Dragon once stood. It was a time when women wore dresses and men suits and ties and waited patiently in line, as there were no reservations. They sipped martinis, sometimes slurped the sherry-seasoned conch chowder and savored the restaurant’s prime rib specials, including one called the King Arthur cut which was enormous, but don’t take it from me, here’s what a long-time customer posted some years back.
"Christmas time throwback to one of the more memorable restaurants in downtown Naples-this place really pulled out all the stops for Christmas! The old days of dark dining rooms, prime rib, multiple martinis! It was always a celebration to go there over the holidays at St. George and the Dragon..."
The restaurant, a family-owned operation by George and Marylin Ginos and their children Kevin and Eileen, opened its doors in November 1969 and continued operation until July 2012. Marylin, who passed away in 2017, actually had the property on the market for around $5 million in 2012. She finally sold it in 2014 to Adam Smith, a local real estate developer, who built Lake Park Diner. Smith moved the famous bright red phone booth that stood in front of St. George and the Dragon and placed it at the diner on 7th Avenue South, where it remains a reminder to long-time residents of the Naples of yore.
Fast forward to today, the spot where St. George and the Dragon was located and adjacent properties damaged by Hurricane Ian now comprise a 4.32-acre development site, which M Development of Aspen, Colorado purchased from Brookline Companies in 2021 for around $45 million. The new development will be called "The Avenue."
Initial plans for a luxury mixed-use project of stores and residences included underground parking, a Whole Foods grocery store, and a Restoration Hardware, but this plan was put on hold last year when Naples City Council expressed significant concern about the underground parking and potential flooding.
As a result, Fifth Avenue South Holdings, an affiliate of M Development, filed a lawsuit against the City of Naples in 2023, claiming any City actions would virtually shut the project down. However, earlier this year a negotiated settlement was reached, and the development will go forward, but without Whole Foods or Restoration Hardware, and no underground parking.
Instead, there will be above ground parking in the southwest corner of the project to support the commercial side of the development, which will include 75,000 square feet of high-end restaurants and luxury boutiques with generous storefronts. Previously proposed commercial square footage was around 125,000 square feet when the big box stores were in the plan.
M Development’s Andy Penev, head of development for the company, says, "The Avenue will be an elevated, elegant, and inclusive addition to Naples, which will serve as a natural connector between Fifth Avenue South, Old Naples, the Design District, and Naples Bay, while reviving and transforming a central and vital part of downtown."
Boutique shopping and dining will line all sides of the development, including the alley, and 50 sophisticated residences with resort-style amenities will sit on top. Each residence will have private ground-floor parking.
The trend toward mixed-use development, including urban living on iconic main streets, like Fifth Avenue South, is growing. Projects like this one are designed to meet the desire of downtown dwellers for convenience, access, and a unique quality of life. When you combine the 50 new residences included in this project and existing ones along Fifth Avenue South, the street will boast approximately 150 luxury residences.
The entire M Development project is geared toward pedestrian engagement with wide sidewalks, vias, which are pedestrian breezeways, and a feature alley, all surrounded by beautiful architecture, high-quality materials, and lush landscaping. According to Penev, the project is designed to work in harmony not only within its own location, but also with the broader downtown Naples, enhancing the existing fabric of the area and seamlessly integrating with its surroundings.
When asked why M Development chose Fifth Avenue South as the site of the project, Penev responded, "Fifth Avenue South is the heartbeat of Naples. It has a pivotal role in Naples' cultural and social scene and is also one of the most desirable areas to live. It inspired us to contribute to its growth with a project that is both respectful of its rich heritage and forward-thinking in its design."
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