Fifth Avenue South

In the short period since 1992, Fifth Avenue has been transformed into a street that is buzzing with activity day and night. Seven years ago, the City of Naples first teamed up with the 5th Avenue Property Association to restructure building codes in the hopes of revitalizing the Naples downtown area. Since then, an evolution and resurgence has indeed taken place.

The character of the downtown 5th Avenue district has stabilized in one sense as a professional business district containing over 15 national brokerage firms, while a retail revitalization has occurred through the addition of a number of fashionable clothing and accessory boutiques, trendy restaurants and theatre entertainment.

The new codes, developed by the City, the Property Association and renowned planner Andres Duaney, spurred the growth of commercial businesses, recreation and multi-family housing. Combined with the area library and public school system nearby, this collectively creates a wonderful quality of life downtown. We will continue to see beautiful new buildings scheduled for completion in the remainder of 1999, with several new projects already planned for the year 2000:

**Fifth Third Bank, Florida, will be a majority first floor tenant of its new building due to open in the 600 block of 5th Avenue Two other retailers, Baxter Shoes and Port Royal Jewelers, will also share the first floor of the three-story building. The second floor will house office space, with the top floor being occupied by private residences.

**Baxter Shoes and Port Royal Jewelers have signed agreements to move into the new Fifth Third building, because their previous locations across the street will soon undergo renovations as part of a new three-story building being developed. Balconies will surround the exterior of most of this new building, enabling four residential units planned for the third floor to enjoy spectacular views of the plaza and amphitheater below. The second floor will house office space. A restaurant has already committed to the first floor, and at press time reservations were still being taken for first floor retailers.

**In the 1950s, the Wynn family first moved their market from Crayton Cove to 5th Avenue. At first, the family thought the street was too far north to survive and had to be convinced otherwise by my father-in-law who brokered the deal, Edwin Watson, Sr. Soon, Wynn's Family Market will once again be located on the Avenue with the completion of a new two-story building. Along with the family's deli/bakery gourmet shop, The Wynn's will bring in three other first floor tenants including authentic marine wildlife artist Guy Harvey's gallery, Island Pursuit footwear and apparel shop and world-renowned African art gallery, Native Visions. The second floor of the building will be occupied on the west side by Fleet Bank, whose offices will overlook the plaza and theater below. Some vacancies were still available at press time. The building will also feature covered parking with two entrances and exterior balconies for second floor tenants.

**The NationsBank Building on the corner of 5th Avenue and 8th Street South will begin renovations in the fall, resulting in an entirely new structure that will be attached to the current building. The three-story building will contain a combination of retail businesses, a restaurant, office and residential units.

**The space formerly occupied by Annabelle's restaurant in the 500 block of 5th Avenue will soon be home to a new two-story structure, enabling the restaurant to expand and occupy both floors.

**Code revisions called for 5th Avenue to have a zoning overlay district, requiring new or renovated structures to bring first floor frontage further out towards the street, while second floors are to be recessed allowing room for balconies. The former Ad Miller Building at corner of 3rd Street and 5th Avenue is a prime example of a building that will undergo renovations to meet these regulations. While the building will not be completely demolished, patrons will not recognize the new facade, as plans call for a complete overhaul in order to bring the building up to code, including the addition of balconies. Negotiations are currently under discussion to bring A-rated tenants to both the first and second floors of this refurbished building scheduled for completion as soon as next summer.

In its infancy stage of redevelopment, the test block for 5th Avenue revitalization occurred from 9th to 8th Street South. The initial concentration of restaurants and boutiques in this area has created a perception that a majority of the action is on east side of the street. However, this myth will soon disappear as new and refurbished buildings are completed. One such building that will have a major impact is an anchor hotel occupying an entire city block at the corner of 5th and 3rd Street South. Previously the Beachcomber, the new owner will create a very exclusive boutique hotel called Hotel Escalante. Currently under construction, the hotel will have approximately 38 rooms and 26 suites and will encompass 3rd to 2nd Street South and 5th to 6th Avenue South. The hotel is scheduled to open late fall 2000.

The residential component in the Old Naples area will continue to complement the commercial zoning, enabling more people to come and enjoy the ambience and quality of life of the downtown area. This is occurring with the redevelopment of neighboring streets, including the completion of 6th Avenue South by late fall 1999, and the revitalization of 4th Avenue South in the coming years.

An overhead snapshot of the 5th Avenue area shows five or six multi-family projects currently under construction to the south and a few multi-family developments present to the north, although that number is expected to significantly increase over the next 18 months. The plan to create a overlay district has definitely worked and should continue to grow, be successful and compliment Naples.

As supply and demand continues on 5th Avenue, the addition of regional and national quality retailers will move onto the street offering more choices to Naples' seasonal and year-round residents.

Pamela Sue Watson has over eight years experience as commercial investment specialist in Naples and is currently with Prudential/WCI Commercial Services in Naples.