Aspen, Colorado-based M Development plans to build two three-story mixed-use buildings and a parking garage in the 900 block of Fifth Avenue South, which also includes the former St. George & the Dragon restaurant site in Naples.

Proposals for 936 Fifth Ave. S. and 975 Sixth Ave. S. were presented to the Naples Design Review Board for preliminary review during a public hearing on August 28. Both projects include three-story buildings with retail space on the ground floor and condominiums on the second and third floors. The project includes a surface parking garage that will serve both the commercial and residential uses of the new complex.

Three key differences set the developer’s proposal apart from the Whole Foods Market project it previously proposed for this 1.76-acre block. The new proposal does not include a large retail store or underground parking, nor does it require clearing the existing alleys down the middle of the avenue. These concessions were integral to the company’s settlement with the city in the litigation this summer.

In December, M Development sued Naples after the city delayed approval of the developer’s pending plans. The company agreed to a settlement in June that will allow it to reconsider its plans for luxury condos and boutiques near Four Corners, where U.S. 41 meets Fifth Avenue South. The settlement also includes the adjacent 1000 block of Fifth Avenue South, where M Development previously proposed a Restoration Hardware gallery, but new plans for that block were not submitted this week.

“This filing is for the 900 block only. The 1000 block is coming soon,” said Andy Penev, head of development at M Development.

The projects in the 900 block are being presented as two mixed-use proposals for strategic location reasons, but they will both work together as the two buildings will have a total of 20 condominiums, Penev said. The building at 936 Fifth Ave. S. will have eight condominiums on the second floor and seven on the third floor. The smaller building planned for 975 Sixth Ave. S. will have three units and a fitness area on the second floor and two units and a swimming pool on the top floor.

The ground floor of both buildings will feature premium retail space, high-quality buildings designed for premium tenants. Approximately 27,000 square feet of commercial space will be located on Fifth Avenue South, 10th Street South and Sixth Avenue South.

M Development has not yet announced any potential tenants for the retail units. “No one has signed yet, but we are talking to several,” Penev said.

M Development plans to officially announce more specific information about the projects in about two months, he said. “It will detail many of the features and the project and possibly some retailers. We haven’t really announced it yet.”

The Design Review Board meeting August 28 was only scheduled for the preliminary review of the plans submitted by MHK Architecture of Naples. The project will return in the fall for final review by the DRB. Due to the agreement, the overall project habit need additionally Approval by City Council.

“The only thing we have to bring to the council is the new parcelling, otherwise the whole thing just has to go through the administrative development plan, the DRB,” said Penev.

Once vertical construction begins, the project will take 20 months to complete, Penev said.

“We are trying to start construction as soon as possible, regardless of whether It is Q4 or Q1. I would assume that Q1 of ‘25 to start construction,” he said. “I think we could start work on site before then, towards the end of the year.”

First, the three-story office building at the corner of Sixth Avenue South and 10th Street South must be demolished. This building previously housed MHK Architecture and other firms.

The rest of the commercial property is already vacant. The former building of St. George & the Dragon, a restaurant that operated for over 40 years until its closure in 2012, was demolished in 2018 as part of another shelved redevelopment plan.

Although they are separate, the projects M Development plans for the 900 and 1000 blocks will complement each other, Penev said. “Absolutely — especially with the alleys,” he said. “What we’ve done here is create this complementary use of both Fifth Avenue, Sixth Avenue and the alleys, so all three are enlivened by retail.”

The alleys that run parallel to the avenues will be beautifully paved and planted, Penev said. “So the alleys will have a canopy of trees that you can walk under,” he said. “We are activating these alleys. So these alleys will actually be paved, planted and lined with shops.”

Although M Development now owns the former Hoffmann properties west and south of the proposed project, the company does not plan to make any changes to the existing buildings, Penev said.

Construction materials planned for the new buildings include a cream-colored limestone-based stucco mixed with the resin of chukum trees, a technique developed by the Mayans of the Yucatan Peninsula that creates a more resilient, waterproof barrier. Other elements include detailed landscaping, dark bronze pergolas and louvres, dark walnut soffits, and aluminum cladding bands above the buildings.

Post-settlement site plans have reduced the total square footage for the projects as originally proposed, so traffic impacts in this area of ​​Four Corners are expected to be significantly reduced. The above-ground parking garage, part of 936 Fifth Ave. S., will have 235 spaces. A small ground-level private garage is planned for the adjacent building at 975 Sixth Ave. S.

“Through constructive and collaborative efforts, we have established terms that secure the project’s promising future while preserving the valued character of our city,” Penev said after the agreement. “Our shared vision with the city is to enhance Naples’ unique charm and lifestyle and deliver a project that matches that ethos.”