The high-end boutique shopping and world-class dining along Third Street South in downtown Naples has long been a potentially ideal location for John R. Wood Properties to open a branch office. Yet for the last five years, low tenant turnover in this highly desirable location as well as property owners that frowned upon real estate offices residing on the first floor of Third Street South establishments have made it a difficult proposition to come by.
A few months ago, JRW finally got their chance when the perfect duo of events came together. First, Hoffman Real Estate, a commercial property owner with claim to several dozen properties in Naples, mostly on Fifth Avenue South and Third Street South, bought the space. Next, a long-time gallery decided to close their doors, bringing a spectacular building back on the market for lease. To JRW’s advantage, Hoffman Real Estate does not place restrictions on real estate offices. After several months of due diligence and negotiations JRW is pleased to announce that we have secured a long-term lease located at 271-275 Broad Avenue South, directly across from the Third Street Plaza which is soon to become the new “Old Naples Hotel”.
The new and very prime location strategically positions us to better serve our Port Royal, Aqualane Shores, and Old Naples clientele. It also brings our total number of JRW offices to 15. Coco Amar will continue to manage all offices in Old Naples, including this new Third Street South location.
We are currently working to acquire necessary permits and expect interior renovations to take several months. A more formal announcement will be made when we are ready for the grand opening, which we anticipate sometime at the end of this year or early 2019.