Ft. Myers Development News

[SDK4]

Thats the way it should be, when you build up and not out you should have lots of open space around a project.

[smiley]

Ain't nothing better than tall condo sprawl. . . like to see an old person walk from one of those scattered ranch houses to the waterfront shopping and back. . . what fine entertainment.

I applaud Ft. Myers going up, but their planning sucks . . .

[Quegiebo]

Originally Posted by smiley

Ain't nothing better than tall condo sprawl. . . like to see an old person walk from one of those scattered ranch houses to the waterfront shopping and back. . . what fine entertainment.

I applaud Ft. Myers going up, but their planning sucks . . .

Ouch, Smiley!

[FloridaCondoGuy]

The project that Landier showed was the new CondoTel in Cape Corals development Tarpon Point. This project launched its sales on Jan. 14th and they had over 100 sales. Prices are from $600K and up. They still have units available.

I have more info if anyone needs it.

[SDK4]

Originally Posted by smiley

Ain't nothing better than tall condo sprawl. . . like to see an old person walk from one of those scattered ranch houses to the waterfront shopping and back. . . what fine entertainment.

I applaud Ft. Myers going up, but their planning sucks . . .

I for once do agree. One think I do not like about tall buildings is their place on the coastline. Leave the skyscrapers for the cities, not clustering them along our beaches.

[Landier]

The commercial is a decade behind the residential, but that wont last - there's too much of a population base here now and limited vacant land to use. Redevelopment projects are starting (I have 3 or 4 in my office right now) and those can only usually be justified by building many multitudes of intensity higher... We're just starting...

[Landier]

Oh yeah, by the way, the City of Cape Coral hit 150,000 in population within the city limits today. That is approximatly the population in their future land use plan for 2015.... oops

For reference, the 2000 Census was 102,000!! Anyone scared yet?

[FloridaCondoGuy]

Buyers grab 133 Cape hotel condos in first day
By Dick Hogan
Originally posted on January 17, 2006



Buyers reserved $112 million of hotel condominiums in one day at Cape Coral's first such project.

At a drawing Saturday afternoon, 133 people plunked down $25,000 checks to Grosse Pointe Development Co. to buy units in The Resort at MarinaVillage in Tarpon Point Marina. The reservations accounted for three-quarters of the 19-story tower.

One expert said condo hotels are one of the hottest trends in the state and the ones like MarinaVillage without nearby competition may be the best buys.

In a condo hotel, owners typically have the choice of living in their units or letting a management company — SunStream Hotels & Resorts in this case — rent them out and provide a stream of income.

"The one in Cape Coral will probably do well because there's nothing like it" in the city, said Deerfield Beach-based Jack McCabe, a multifamily housing market analyst with McCabe Research & Consulting. "In Fort Lauderdale Beach there's five big ones in a couple miles. To me you're reaching saturation point there."

One MarinaVillage buyer, Bruce Jorgensen, said he's optimistic that prices and demand will continue to go up there.

Jorgensen, 60, is a retired United Airlines pilot who lost most of his pension and $500,000 worth of stock when the company went into bankruptcy reorganization three years ago. He got a real-estate license and said he bought units Saturday for himself and for some of his clients.

"They're in high demand," he said. "The expensive, bigger ones went first."

The units range from $630,000 to almost $1.4 million and are from 1,200 to 2,200 square feet.

Nick Cross, director of sales and marketing for Grosse Pointe, said he expects to get reservations on the rest of the 184 units by May, at which time buyers will each have to put up a total of 10 percent down. Construction is scheduled to begin in July.

Enough buyers are signed on already to satisfy lenders, however, and, "We're not in a hurry to get them sold," Cross said,

He added Grosse Pointe took the plunge because there's a shortage of hotel rooms in Cape Coral: only 394 rooms "and there's nothing on the water."

McCabe said that when condo hotels started to become popular several years ago, they were mostly buildings right on the Atlantic Ocean or the Gulf of Mexico. Now, he said, they're popping up inland in places such as Cape Coral and downtown Fort Myers, where New York-based Homes for America has contracts on 108 of Monaco Resort & Spa's 370 units, which start at about $300,000.

"Our goal is to break ground in May" with 70 percent of the units under contract, said Will Cohill, director of sales and marketing for the builder.

Seventy of Monaco's units are designed for people who actually want to live at least part of the year and the rest would be mainly for use as rentals, he said.

Federal securities law prevents him from making specific representations about Monaco, Cohill said, but it's not uncommon to get a 15 to 25 percent return on condo hotels.

"That's pretty optimistic," McCabe said. "A word of caution: If they buy them because they think they're going to get a great rate of return, or they think their unit is going to be rented most of the time, they're going to be disappointed."

But, he said, condo hotels are proving popular among people who like the level of service associated with a hotel.

Kim Wallace, a 48-year-old businessman from Ontario, said that's the case with him. He owns a house in Cape Coral but also picked up two MarinaVillage units Saturday: one for himself and one for his parents.

He bought the unit for himself with an eye to retirement and a less-demanding lifestyle, Wallace said. "It's a little less work. The thing that's so attractive about Tarpon Point is that the amenities are all there within reach."

[FloridaCondoGuy]

High Point moving quickly
Twin high-rises part of Fort Myers downtown renewal

By Ralph N. Paulk
rpaulk@news-press.com
Originally posted on January 29, 2006


Amanda Inscore/news-press.com
High Point Place, a 32-story condominium, is under construction in downtown Fort Myers. The first phase is expected be completed later this year.

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High Point Place, a 32-story condominium, is rising steadily in downtown Fort Myers.

The first phase of the project is expected to be completed later this year. Even as buyers move in, the builders will move forward, hoping to complete the entire project by the fall of 2007.

One by one, the floors have been joined together, giving life to a twin-tower high-rise.

Fort Myers Mayor Jim Humphrey said the high-rise is an integral part of the downtown redevelopment plan that's designed to encourage and inspire downtown living.

Also, a critical aspect of the plan is to revitalize the downtown business community, Humphrey said. The idea, too, is to infuse interest in retail, dining and entertainment along the riverfront.

High Point Place is one of 11 redevelopment projects to receive the blessing of the Fort Myers planning board and city council. The others are: Alta Mar, Legacy Harbour, The Vue, One West, Beau Rivage, Cypress Club, Monaco, Oasis, The Riviera and The Vue.

"We feel good about the progress we're making," Humphrey said. "Our city is changing, and it's changing for the better."

Meanwhile, metal scaffolds are climbing like ivy on the concrete walls of High Point Place. Gigantic cranes, with steel arms hovering above an unfinished roof, have become a part of the Caloosahatchee River landscape.

Although a lot of work remains, buyers have already claimed all of its 273 units. In fact, "for sale" signs disappeared only months after the groundbreaking ceremony last spring.

Despite the sold-out sign on its Web site, high-rise seekers are still hoping previous applicants will renege on their deals.

The developer, Ohio-based Cameratta Properties, said buyers closed their deals with a 20 percent ante — or the minimum of $80,000 for a $400,000 unit and $200,000 for a $1 million condominium.

"The demand is definitely there for condominiums," said Cheryl Yano, spokeswoman for Cameratta Properties. "The price is probably 20 to 25 percent higher, but we still have calls even though we've been sold out for several months."

The contractor has endured few problems. Yano said there have been the inevitable increases in the cost of materials such as concrete and steel.

"The cost to build the high-rise has gone up from the original estimate because of several factors," Yano said. "But the biggest has been the cost of materials."

The contractor, Kraft Construction Company, is among the largest contractors in Southwest Florida. It has maintained an even pace even as it focuses on another major downtown project, First Place Village.

Kraft Construction won't break ground on First Place Village, which will be located between West First Street and McGregor Boulevard, until later this year.

First Place Village is one of the few downtown high-rises not being built on the waterfront. But it's more diverse than most, providing a grocery store, a retail shop, office space and 356 residential units.

So far, the developer has not established an asking price, according to Yano. Some real estate brokers estimate the units are likely to cost in the $750,000 to $1.5 million range

[Landier]

Townhomes to replace Fort Myers' Page Mobile Village

http://www.news-press.com/apps/pbcs..../1008/NEWS0106

Any development that removes mobile home parks is a plus!

[FloridaCondoGuy]

It will be nice to see those townhomes replace any mobile homes.

I look forward to this new development.
www.firststreetvillage.com

[mike0809]

I have lived here in Fort Myers since 1989, and have seen so much growth it's almost rediculous. I think every road in this area has been widened, and in the last 10 years, although we are still waiting on the I-75 expansion, which is supposed to be underway in the next few years. I would have to say the most growth has taken place in the last 5 yrs by far. We saw steady growth back in the early 90's through the year 2000, then everything just took off even faster. Our airport became international around 96 and now has just opened a brand new much larger terminal with room for expansion up to around 72 gates. Two new upscale malls (both with over 1 mill sq ft.) are under construction now, which will be much needed to keep up with the growth. As for downtown Fort Myers, it is already starting to look different, as they are now repainting the Sheriton hotel (I think it is Marriot now) a peach looking color and it looks like they're putting in new glass too, like a bluish color. It looks much better already. Anyways, the new highpointplace condominiums are now taller than the previously Sheriton, which "was" the tallest building in downtown. And highpointplace is still rising. I would have to say one of the biggest changes in this area that I've noticed is not just the growth, but the demographics of the people too. I agree, back in the early to mid 90's this place seemed to be occupied by almost all retirees and ederly. But in the last 5 or 6 yrs, it has changed dramatically. There are much more younger professionals here now, in fact the meadian age in swfl is now around 39. And did I mention there are so many kids now that lee county needs to build some 70 new schools in the next 10 yrs just to keep up with the growth. Several new high schools opened up in lee county this last year alone. Needless to say, Fort Myers has definitely changed alot in the past several years, much more to do now, and did I mention the women here are really hot? It is starting to become a protege of the east coast, not only in developement, but the culture is becoming much more diverse too. There are alot of international visitors here and they are not only visiting but also moving here too. I would have to say most of the foreigners moving here are from Germany, the Caribbean, and South American. I work in retail and it seems that about half the people that come into my store either speak German or Spanish. But I guess that's a good thing because it brings diversity to the area. Anyways, to sum it up, I think Fort Myers can definitely support new growth in the downtown area and it's good to finally see downtown changing and growing. I do think swfl will be very similar to the east coast today in about 10 yrs or so, in relation to developement and influence.

[Landier]

mike, nice to have your input, keep it up, this threed is starting to reflect the growth of this area and will soon kick the ass of the others in the Florida forum

[Landier]

12-story downtown hotel proposed
By Pete Skiba
pskiba@news-press.com
Originally posted on February 07, 2006

The nearly completed Hampton Inn, which owners plan to open in a couple of weeks, may have started a downtown hotel-building boom in Cape Coral.

Developers propose a 224-room hotel that would reach for the sky in another part of the downtown area, but within walking distance of the Hampton Inn at 619 S.E. 47th St.

The new hotel would be part of the Piazza di Venezia multimillion-dollar project and would need rezoning to allow it to go to 12 stories. The Piazza di Venezia project is planned to go between Tarpon Court on the west and Coronado Parkway to the south of Cape Coral Parkway in a zone that currently would permit buildings to only six stories.

The owner of a proposed smaller, or boutique, hotel with 73 rooms needs financial help to buy land for parking. That hotel would add another style to the emerging downtown.

Both projects are expected to come up for discussion during the Cape Coral Community Redevelopment Agency's regular board meeting at 5:30 p.m. today.

Redevelopment board members hope hotels in the downtown would bring business and tourists to the city. Other attractive businesses such as bookstores, art galleries and perhaps a live theater might find it worthwhile to locate in the redevelopment area.

The redevelopment area covers Cape Coral's downtown business district. It runs from near Bimini Basin east to the Caloosahatchee River and several blocks on either side of Cape Coral Parkway. It also extends north on Del Prado Boulevard to about Southwest 44th Street.

The hotels would become part of a developing downtown that promises high-rise condominiums, retail offices and parks. The $400 million Piazza di Venezia would occupy 20 acres with almost 2 million square feet of offices, residences, movies, restaurants and possibly a Publix supermarket in addition to the hotel and convention center.

"We have to go to 12 stories at least for this one building," said Jerry D'Angelo, the project architect.

The entire 432-acre redevelopment area could be rezoned under a plan by the the board. Under the plan, the area would be divided into three zones: Core, Gateway and Edge.

The Core and Edge districts would be allowed maximum heights of six stories while the Gateway district would allow 12 stories.

The Piazza di Venezia developers want their project included in the Gateway zone to the west of their project that extends from Lucaya Drive along Cape Coral Parkway to Tarpon Court. The massive project would be in an Edge zone if the zoning were adopted today as written.

[Landier]

I know 12 stories doesn't sound like much, unless of course you consider that the tallest commercial structures are around 3 stories. (and only a couple condo developments which are taller than that)

I know the city of Cape Coral wants to move in stages, so here's the next stage, and in another 2-3 years we'll start to see even the next stage beyond that

I've seen a few potential projects come into my office in the last couple weeks that would make your jaw drop....

I can't wait until I can share them. (I know, I'm such a tease - sorry)

[FloridaCondoGuy]

I heard that The Cypress Club was getting ready to break ground on March 24th. This will be an exciting time for Downtown. Now we need Oasis, Vue, and Monaco to break ground, and we are moving towards an impressive skyline.

www.thecypressclub.com

[FloridaCondoGuy]

Councilman sues to stop condo complex
Suit says variances violate city codes


A Fort Myers city councilman has filed a lawsuit to stall construction of a downtown condominium project.

The complaint, filed in the 20th Circuit Court in Lee County, alleges the Fort Myers Board of Adjustments overstepped its authority in allowing significant density and height changes for developers of the proposed Billy's Creek Condominium.

In addition to the five-member board, the Palm Beach Boulevard property owners — GFS Financial Group and Thomas Gussel — were listed as defendants in the complaint, which was filed last Friday.

Councilman Warren Wright and political activist Charles Bigelow claimed in the complaint that the approved variance deviates substantially enough that it's equivalent to a zoning change, which can be adopted only by the City Council.

"It's disturbing that something this important doesn't have to go to City Council," said Bigelow, a former Lee County commissioner. "The board of adjustment has the final approval, and this is why we're going to court."

Russell Schropp, the board's chairman, declined to comment on the lawsuit.

"I have heard about the suit, but I've been informed no one has been served," said Mayor Jim Humphrey, who questioned why a sitting city councilman would file suit against the city.

Wright, who represents Ward 1, where the property is located, said the owners failed to present the kind of hardship required for the board to approve the variance request. He filed the suit independent of the City Council.

"Our allegation is that there are no hardships," Wright said. "Every constraint is varied as if the law doesn't exist.

"I'm very perplexed why city staff (planners) would get behind such a project so vehemently," Wright said.

Wright said such changes should be reviewed and considered by elected officials. He said the process was trumped by desire to make money.

"The fact is they just want to make more money," Wright said. "That for me, is unacceptable."

Wright and Bigelow oppose the manner in which the changes were made as much as the building changes.

"We believe that the way this thing is being approved is illegal," Bigelow said. "The city planning department seems indifferent to the rules."

The property is designated as a future land use element of the city's Comprehensive Plan for intensive commercial, meaning it can not be converted to residential property.

The board, on the recommendations of city planners, granted a conditional-use approval that allows construction of 130 multi-family developments on 2.3 acres of commercial property.

The condominium plans consist of two 14-story towers, which includes parking and 7,000 square feet of commercial space.

"They went around the city council to drastically change the zoning ordinance and the codes at a time when we're trying to redevelop this area," Wright said.

[FloridaCondoGuy]

Its official, The Cypress Club broke ground today. It is nice to see another project actually get started...

[Dale]

Originally Posted by FloridaCondoGuy

Its official, The Cypress Club broke ground today. It is nice to see another project actually get started...

Great news ! One of my favorite designs. I've even seen ads for it in Chicago Magazine.

[Dale]

By the way, when does VUE break ground ?