M Development gets green light to move forward with luxury development

After suing the city of Naples, an Aspen, Colorado-based developer's plans were approved, paving the way for a luxury project of condominiums, boutique retailers and restaurants that will serve as a gateway to downtown.

Naples City Council unanimously approved a subdivision replat that changes the boundaries of the 900 block of Fifth Avenue South, 936 Fifth Ave. S. and Sixth Avenue South, nearly 2.5 acres of a 4.32-acre site owned by M Development as 5th Avenue South Holdings LP. The approval formalizes terms of a June 19 lawsuit settlement.

That agreement reduces intensity, improves traffic circulation and alleyways and rights of way won't be vacated — allowing them to be used for public utilities and a tree-shaded pedestrian shopping walkway. Key terms involved dropping plans for underground parking and big-box retailers, including Whole Foods Market and Restoration Hardware, and retaining existing alleys. The replat was required as part of the settlement.