Although previously under purchase agreements, the Bleu Provence restaurant and the McCabe family’s retail portion of The Residences at 5th and 5th in Naples are not part of the Hoffmann Family of Companies portfolio or its recent historic real estate sale.
In June, Naples-based Hoffmann founder David Hoffmann said his company was expected to close in late July or early August on the Bleu Provence in Old Naples and that part of the longtime local restaurant’s retail wine shop would be converted into a private club. The restaurant sale did not close as planned, said Jacques Cariot, who co-founded Bleu Provence with his wife, Lysielle, in 1999. The Cariots and their two sons will continue to operate the award-winning restaurant, they said.
“We are pleased to announce that Blue Provence Restaurant and Bleu Provence Fine Wines will remain in the hands and ownership of the Cariot family,” the business posted on its website and social media pages this week.
Hoffmann said the deal didn’t happen as planned, but it’s not necessarily a dead deal.
“What I explained to Jacques is that, ‘Hey, we’ve had a little bit of strategic redirection here, but I’m going to let the contract expire and you can keep my deposit.’ I said, ‘I’m fine with that, but if you find another buyer, by all means, keep my $50,000 deposit and move forward with that buyer, if you and your wife are comfortable with it. However, if this deal is closed, and I put this behind me, and it’s still available, I’m probably going to come back and reissue my contract.’ So that’s where that’s at. It’s not a dead issue from my point of view. I don’t think it is from his either.”
Hoffmann said selling 27 of his downtown Naples properties to Aspen-based M Development was so complex and time-consuming that he couldn’t think about anything else recently. The monumental sale of that real estate, mostly on Fifth Avenue South and Third Street South, closed on Wednesday.
“And the same thing with McCabe’s,” Hoffmann said. “We thought it was going to close earlier, so we had a contract we were working off of. I just resubmitted that. So, they’re reviewing the contract as we speak, so I don’t think it’s a dead issue either.”
Both purchases are still possible, Hoffmann said.
“They’re still in the works, just hanging there,” he said. “We may not do it, but we may do both. It just kind of depends on what happens here and what our focus is moving forward.”
In early August, Hoffmann announced that the company signed a definitive letter of intent to acquire the retail portion of The Residences at 5th and 5th building from the Phil McCabe family. The three-story building at 465 Fifth Ave. S. features two floors of luxury condominiums above ground-floor retail shops and underground parking on the corner of Fifth Avenue South and Fifth Street South. The McCabes retain ownership of the stately structure, Phil McCabe said.
“I think David Hoffmann would like to buy it, but his plate was full at the time. I think they were very focused on the present deal,” McCabe said. “We still own that retail. David Hoffmann may have jumped the gun on it here a couple of months ago, but that purchase didn’t happen.”
McCabe said he and his sons remain the proud owners of the retail space there that is fully leased for the first time.
“We’re the owners. We now are 100% full,” he said. “We finally leased the corner to an amazing tenant.”
The McCabes filled the last retail unit in that building this fall with the signing of David K. Beavis Fine Art to lease the coveted corner space. The award-winning photographer’s gallery is targeted to open in early 2024.
M Development also has expressed interest in buying the retail portion of the building, McCabe said, but the developer also has had its plate full with the deal to purchase the Hoffmann properties. McCabe notes that unlimited capital will lead to future real estate deals in downtown Naples.
“No telling what’s coming, including perhaps the sale of my retail,” he said.
McCabe lives in the building in a three-story townhome that includes rooftop space and underground parking. He plans to eventually move to the Four Seasons beachfront residences when they are completed as part of the Naples Beach Club redevelopment project.
Meanwhile, Jacques Cariot knows Hoffmann was excited about buying the Bleu Provence restaurant, but the transaction’s circle wasn’t closed for some reason, he said.
“I’ve known David for seven years. He’s a very nice guy,” Cariot said. “I have no hard feelings and nothing bad to say about him.”
Cariot said he has received hundreds of emails and texts regarding the status of Bleu Provence. The restaurant continues to be open daily for dinner, and the Cariot family looks forward to continuing its local hospitality journey.
“I couldn’t wait any longer, you know, because season is almost here,” Cariot said.
Blue Provence will continue operating as usual during the coming season and Cariot hopes to continue seeing the Hoffmanns there as dinner guests.
“I hope so,” he said. “I sent him a text message and said, ‘David, no hard feelings. You’re always welcome. My doors are open for you and your family anytime. We did what we could and whatever happened you are going to be my friend forever.’ That’s what I told him, and I mean it.”
Cariot has personally invested abundantly in Bleu Provence over the years, but more than a financial investment it’s a personal venture.
“I work very hard. I can’t help it. It’s in my genetics and my nature,” he said. “My plan was to create a place, a special place. Every city I travel to, there’s always a special place. I’m trying to create that. It was my goal. It’s still my goal. We’ll see what happens.”
Cariot is recently excited about successfully integrating produce from his small farm in Golden Gate Estates directly to the plates of guests at Bleu Provence. His dream includes making fresh cheese using milk from goats and a dairy cow on his farm.
“This is my new goal,” he said. “If I can achieve that, I would be super, super, super pleased and satisfied.”
When asked about his anticipated retirement plans, Cariot enjoyed a long laugh.
“We retired in ‘97. We moved to Naples to retire,” he said. “After two years at home, my wife couldn’t take it anymore. She took over this little store called Mermaid at the Cove. It was a sandwich shop. And we transformed it into Bleu Provence on Nov. 22, 1999. So, this was already an attempt at retirement.”
That being said, Cariot does plan to step back a bit at the restaurant and let the next generation step up.
“My sons are going to be the new faces. I’m going to try to walk back,” he said. “I intend to work only four nights a week. But they intend to stay at least three nights. So, that’s the plan.”
