Inn on Fifth's McCabe buys parking lot for future

BUYER: McCabe Family Limited Partnership (Gulf Shore Investment Properties Inc.), Naples
SELLER: WR Development II LLC
PROPERTY: 760 Third Ave. S. and 3000 Eighth St. S., Naples
PRICE: $2.5 million
PREVIOUS PRICE: $2.8 million, May 2006
LAW FIRM ON DEED: Cohen & Grigsby PC, Naples

PLANS, DESCRIPTION: Naples developer Phil McCabe purchased a parking lot at the corner of Third Avenue South and Eighth Street South for $2.5 million.

The price equated to $87 per square foot for the land.

McCabe, who already owns much of the roughly three-acre block between Seventh and Eighth Street South, purchased the property to add to that balance.

“I'll be redeveloping that block,” he says. “I've been assembling land there for it for the last 15 years. There are two small pieces I'm still working on, but we will be breaking ground there on May 1st.”

McCabe says he's still developing his plans for the site, but that it will be an expansion of his The Inn on Fifth.

The developer recently completed a renovation of the hotel and construction of an expansion, a three-story residential building housing 32 new club-level suites, an executive board room and 12,000 square feet of retail space. He has also has demolished the existing McCabe's Irish Pub & Grill to build a new restaurant building there more in keeping with the upscale four-diamond hotel, McCabe says.

Purchase entity McCabe Family Limited Partnership mortgaged the property to seller WR Development II LLC for $1 million.