Naples News: McCabe plans new building, hotel suites off Fifth Avenue South
For Naples developer and hotelier Phil McCabe, business is looking up.
That’s why he’s putting up a new three-story building at the corner of Fifth Avenue South and Park Street in downtown Naples.
The multimillion-dollar project will include more suites for his hotel across the street, the Inn on Fifth, which during the past three months has experienced some of its best occupancy rates in its 14-year history.
He sees other promising signs on the street, including an improvement in vacancy rates, which he estimates have fallen to 5 percent from 20 percent a few years ago.
“It’s all going in the right direction,” McCabe said.
He owns three buildings on Fifth Avenue South, not including his hotel. He has 26 tenants along the street and only a few empty spots.
“We are on the other side of this recession,” he said. “It’s time for something like this. Fifth Avenue needs this kind of investment.”
A new building like this hasn’t been undertaken on the street in years, as the economy stumbled and the real estate market crumbled.
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