Overview

Highlights

• Convenient Access from lighted intersection of Colonial Blvd.
• Great Site for: Multi-family with 43 units entitled by right, with potential of up to 80
• Self-storage

Description

A redevelopment portfolio of contiguous land centrally located in Fort Myers within minutes of Downtown Ft

Myers, Hwy 41 North & South, I-75, and Cape Coral via Mid-point Bridge. Priced for its land value, this assemblage

of three properties (4 legal parcels) provides a total of approximately 2.13 Acres, with two improved lots

and two vacant lots. Redevelopment can provide direct access from DeLeon St which has a signalized intersection

with a 7-11 at Colonial Blvd. Zoning allows cost effective redevelopment for Multifamily of between

16 and 25 units per acre. Heavily traveled Colonial Blvd averages traffic counts of over 56,000 daily (FDOT

AADT).

This is an ideal site for a modest multi-family housing development with convenient neighborhood amenities,

such as the bus stop and 7-11 on Colonial Blvd, a Publix-anchored shopping center, and the Edison Mall. Two

of the existing buildings have short-term leases (12-18 months), that provide for approximately $2500 of

monthly rental income that can help offset holding costs while redevelopment plans are created and permitted.

Self-storage is also a great use for this location.

The zoning of these parcels is a mix of NC and CG, which allows residential density of 16 and 25 units per acre

respectively. All combined, this would provide for a total of 43 dwelling units (subject to site development

feasibility for the amount of parking needed as determined by the unit size mix). The total number of actual

units could possibly be greater based upon the size of each unit. The City of Ft Myers uniquely applies a fractional

unit count based upon the size of units. For example, a Studio or 1Br apt of less than 750 sf is calculated

PROPERTY DESCRIPTION

as a 1/2 (.5) unit. A 2br unit of less than 1200 sf is considered .75 units. Therefore

the theoretical limit could be as high as 86 units, also depending on the

number of parking spaces that can be provided on the site. The site may also

be eligible for Bonus Density that could also allow up to an additional 13 dwelling

units (30%).

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