A rare opportunity in the heart of Old Naples. This premium .23-acre corner homesite sits at the sw corner of 1st Avenue South and 5th Street South, just 5 blocks from the beach and a short stroll to the world-class dining and boutique shopping of famed Fifth Avenue South. Located in sought after X500 flood plain, 490 1st Ave S offers long-term peace of mind, superior elevation, and build flexibility. No flood insurance required. Surrounded by mature banyan trees and lush palms, the property provides an inviting tropical landscape with excellent design potential. A private alley allows for rear-entry garage access, enhancing curb appeal while maximizing space for an impressive front façade and expansive outdoor living. Preliminary concept sketches by MHK Architecture illustrate a stunning 4,000+ sq ft custom home featuring 4 bedrooms, 4.5 baths, a private guest suite with elevator access, loft, additional laundry, spectacular pool, and oversized 2-car garage with alley access. Whether you envision timeless coastal architecture, West Indies charm, or a clean modern aesthetic, the design possibilities here are exceptional. Create your own piece of paradise in one of the most coveted walkable beach neighborhoods in Old Naples.