Hoffmann to acquire McCabe building on Fifth Avenue South

Author: Tim Aten, Gulfshore Business
Published: Updated:

Local developer and entrepreneur Phil McCabe has agreed to sell a prominent downtown Naples building to Hoffmann Commercial Real Estate, according to the Hoffmann Family of Companies.  

Hoffmann recently signed a definitive letter of intent to acquire the retail portion of the 5th and 5th building from the McCabe family. The three-story building at 465 Fifth Ave. S. features two floors of luxury condominiums above ground-floor retail shops and underground parking on the corner of Fifth Avenue South and Fifth Street South.  

A pending sale price has not been released for that quarter-acre parcel, but the last recorded sale price was $4.7 million in October 2007 when McCabe purchased it, according to Collier County property records. That was before McCabe demolished the one-story strip of retail units there and redeveloped them into luxury real estate. McCabe completed the new 10,845-square-foot mixed-use building with upscale residences and retail spaces in 2018.

To read more at Gulfshore Business, click here.

Copyright ©2024 Fort Myers Broadcasting. All rights reserved.

This material may not be published, broadcast, rewritten, or redistributed without prior written consent.