M Development sells interest in Naples luxury development project

Author: Aisling Swift, Gulfshore Business
Published: Updated:

Aspen, Colorado-based M Development sold its interest in developing the former St. George & The Dragon property into luxury condominiums, shops and offices, but its project manager and team will continue to guide the downtown Naples project.

Now called The Avenue, the project spanning 4.3 acres on nearly two city blocks on Fifth Avenue South will be developed by JSB Capital Group, which has provided the equity since M Development, as 5th Avenue South Holdings LP, paid $43.5 million for the multiple properties in 2021.

JSB, based in Miami and Baltimore, will work with Andy Penev, M Development’s project manager, and the team that shepherded the project through numerous Naples approval processes and a lawsuit settled in June.

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