Colorado developer settles lawsuit with Naples

Author: Aisling Swift, Gulfshore Business
Published: Updated:
Credit: M Development

Six months after suing the city of Naples, an Aspen-based developer agreed to settle, paving the way for a luxury mixed-use project featuring condominiums, boutique retailers and restaurants that will serve as a gateway to downtown. 

The settlement with Fifth Avenue South Holdings LP, which plans to extend upscale Fifth Avenue South’s shopping district to historic Tin City on Naples Bay, came during a June 19 City Council executive session. Key terms involve forgoing big-box retailers, including Whole Foods Market and Restoration Hardware, and eliminating underground parking. 

When announcing the settlement, Mayor Teresa Heitmann called Andrew Penev, head of development for M Development and its affiliate, Fifth Avenue South Holdings, a “crucial property owner.” 

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