The minnpost.com has a story about a recent speech given by housing researcher John Mcllwain titled, “The Suburban Century is Over.” Mcllwain predicts a shift in American housing and lifestyle preference away from the white picket fence suburbia towards a more urban lifestyle.
In TV terms the wonderful suburban neighborhoods of Leave It To Beaver, The Brady Bunch and Bewitched are fading and the urban lifestyles of the Odd Couple, Mary Tyler Moore and Frazier are coming of age.
What does this mean for the Southwest Florida and the greater Fort Myers area? While no one is ever going to confuse Southwest Florida with the Upper West Side, we do have some really dynamic urban areas like 5th Avenue in Naples. In recent years, a handful of urban-oriented projects have been developed or renovated that address this shifting lifestyle demographic.
Developments in the Fort Myers area offering an urban lifestyle experience include:
High Point Place – Riverfront high-rise in downtown Fort Myers walk to restaurants, Publix, Starbucks, offices, parks, theatres and museums.
Residences at Coconut Point – Condos located on the upper-levels of the Coconut Point Mall which has emerged as the destination in South Lee County.
Rapallo – Gated condos and villas adjacent and very walkable to the dynamic Coconut Point Mall
Cape Harbour – Waterfront boating community with vibrant boardwalk featuring restaurants, retail and community events.
Patio De Leon – Downtown Fort Myers renovated historic condos located above commercial space.
Earnhardt Condominiums – Downtown Fort Myers renovated historic condos located above commercial space
When the market turns and development starts up again, it would sure be wonderful to see more project like these completed rather than starter homes on random 1/4 acre plated lots in the hinterlands.
One of the misfortunes of the Southwest Florida housing bust is that the magnificent Oasis I luxury high-rise in downtown Fort Myers has only one resident. This is truly a shame as the Oasis is a first-class project that delivers a hint of Miami Beach to the River District scene.
The lonely resident is a New Jersey firefighter who spends part of the year in Fort Myers. Most owners in his Oasis I building have swapped their unit for a like one in the adjacent Oasis II building. Unfortunately, his lender did not go for the swap idea and he is stuck owning in an otherwise empty building.
Every mention of the Oasis pulls this Maria Muldaur song from deep in the recesses of my mind:
Unfortunately for the lonely NJ firefighter, it must seem like Midnight at the Oasis all the time!
The auction of 75 units at the Fort Myers riverfront high-rise building, the Riviera, will take place today. The auction is being held off-site at the Harbourside Event Center and starts at 11:00 AM. If you are planning on bidding, you will need a cashiers check for $10,000 per unit.
We have seen significant price reductions throughout the high-rise community in River District and a significant uptick in interest from potential buyers. Traffic on our Fort Myers high-rise web page has been particularly strong in recent weeks. The units at Alta Mar, Beau Rivage and the Riviera priced under $150K have been drawing significant interest.
The eclectic neighborhoods making up historic Old Fort Myers offer an introspective view into the early days of our city. It is not hard to envision early settlers flocking to the neighborhoods surrounding the winter estates of great men like Thomas Edison, Henry Ford and Harvey Firestone.
It is most exciting to drive around Old Fort Myers and see the early architecturally important homes undergoing restorations. This renewal is happening in many of the venerable Old Fort Myers neighborhoods including Allen Park, Dean Park, Edison Park and Seminole Park. This renewal is most pleasing as so often in Florida, old neighborhoods fall into disrepair and are lost forever.
Another exciting Old Fort Myers development is the reinvigorated Edison Restaurant that has opened at the “Fort, ” the oldest country club in Southwest Florida. The new team at the Edison Restaurant has created a fun place to grab a meal or catch up with old friends or make a new one.
Exploring Historic Homes [News-Press] Desirability of neighborhood withstands test of time in Fort Myers [News-Press]
Living in an urban setting where life goes on without jumping in the car several times a day can be very rewarding. I had this experience in my late twenties living in Downtown Boston. Walking to work, jogging along the river and trying new ethnic restaurants…..what could be better!
Unlike some of our older livable cities like New York, Chicago, Washington DC and Boston, much of Florida was developed around the automobile. For many years, we have specialized in suburban-orientated, amenity-rich, gated communities, not urban focused settings.
The News-Press ran an uplifting story today about the growing urban scene in Downtown Fort Myers. I truly enjoyed reading about some of our residents who are enjoying an urban lifestyle. Many housing options are available in the downtown River District including high-rise condos and single-family homes in Historic Dean Park.
Downtown Fort Myers offers convenience with a historic vibe [News-Press]
As the Red Sox continue their spring training relocation dance with Sarasota, it appears that the most viable spots in Lee County for a new Red Sox complex are in Estero. A new spring training complex in Estero makes all the sense in the world.
First and foremost, Estero is close to the Coconut Point Hyatt where the Sox brass including Larry Lucchino stay during spring training. No more schlepping up US 41 through all those lights for the Red Sox bigwigs.
With one of the proposed Estero sites, it may be possible to share some parking with Germain Arena during spring training. This is a major plus for those concerned about the paving over of our paradise for a facility used only a few times a year. The access to I-75 from the proposed Estero locations is also outstanding, easing one of the major flaws associated with City of Palms Park.
Estero is home to the wonderfully upscale Coconut Point Mall, itself becoming a destination location for Southwest Florida. There is some really cool synergy in that Bob Kraft built a BassPro Shop next to Gillette Stadium in Foxboro…..it certainly makes sense to me that John Henry should build the Sox spring training home next to the BassPro Shop in Estero!
There are also linkage opportunities between the Red Sox and Florida Gulf Coast University. Having the Red Sox next door would certainly help put FGCU on the map up north in Red Sox Nation. An Estero location also expands the Red Sox drawing card to all of Collier County including Naples and Marco Island where many Beantown snowbirds like to hang.
A couple of neighborhoods in close proximity to a proposed spring training site that would prove very appealing to upscale Red Sox fans are Miromar Lakes and the Residences at Coconut Point. Miromar Lakes is recognized as one of the finest developments in Southwest Florida, with both a country club and magnificent freshwater lakes. The Residences at Coconut Point offer an interesting and unique urban living experience.
Let’s hope that Ray Judah and the rest of the Lee County leadership have the skills and resources to pull off a deal with the Red Sox in Estero.
Estero sites key to Lee County’s Red Sox designs [News-Press]
The News-Press has an article about Fort Myers high-rises and some of the challenges developers are facing in today’s market. This market sector was impacted by to heavy investor involvement in the first couple of projects including Beau Rivage and Alta Mar. The market swooned as these projects were coming to completion and those with a short-term investment strategy were unable to find end-users to facilitate an exit.
The misfortune of these high-rise quick-flippers creates an opportunity for today’s end-users looking for a Fort Myers high-rise deal. Currently, price start at $235,000 for a 3/2 at Beau Rivage and 149,900 for a 1/2 at Alta Mar. These prices are well below replacement cost for this type of waterfront construction. This is truly an end-user buying opportunity.
The luxury urban lifestyle commonly associated with South Beach has come to the Fort Myers landscape courtesy of the Related Companies and their new project, the Oasis. This development features five 32-story high-rises sited along the Caloosahatchee River in the Downtown Fort Myers River District. With 1,079 units at full build-out, Oasis is the largest high-rise riverfront development in Fort Myers.
The common amenities including the riverfront pool are unparalleled in Fort Myers. Poolside, the white theme is prevalent with luxurious canopied white lounging beds, white tables and fountains.
The Oasis condo finishes also set a new bar here in Fort Myers. Tower II high-end finishes include floor-to-ceiling windows, glass railing balconies, granite counter tops, stainless steel appliances and imported Italian cabinetry.
Currently, five resale units are available at the Oasis starting at $579,000.
The urban lifestyle that is so treasured along 5th Avenue South in Naples is slowly taking shape here in Fort Myers. At the west end of the River District, the tallest building in Southwest Florida is a fantastic anchor for our urban revitalization. Steps away from historic McGregor Boulevard, the Publix Supermarket, Starbucks and the First Watch Restaurant, High Point Place delivers urbanism to Fort Myers in a meaningful way.
At 32 stories tall, the views from High Point Place are truly stunning. Late in the day with the sun setting over the Gulf, the vivid colors of the glistening Caloosahatchee are truly spectacular!
A first class list of amenities includes a riverfront pool and jacuzzi, fitness center, saunas, gathering room with a catering kitchen and bar, conference room, garage level storage lockers, and a resident car wash bay. The adjacent marina rounds out the amenities list or the boating crowd.
Currently, there are 28 units at High Point Place available for sale in the Fort Myers MLS. Prices range from $499.9K for a 2BR/2BA on the 4th floor to $1.185M for a 2BR/3.5BA on the 24th floor.
The Downtown area of Fort Myers along the Caloosahatchee River has been formally named the “River District.” The goal of the new name is to accentuate the positive riverfront location and bring more people and businesses to the area.
The new River District logo released by the Fort Myers Redevelopment Agency is both catchy and visually attractive. I applaud Don Paight and his team at the Redevelopment Agency for recognizing the importance of segmenting the area around the river from the greater downtown.
Fort Myers high-rise deposits returned Investors in the proposed riverfront 28-story high-rise the Vue, to be located at at 13oo Hendry Street in downtown Fort Myers, were offered their deposits back. The project has run into difficulties gaining approval from the National Park Service due to its towering presence over Centennial Park.
With lackluster resale results at Fort Myers first downtown tower, Beau Rivage, the Vue investors are breathing a sigh of relief at the return of their deposit. Ultimately, a scaling back of the number of riverfront tower projects will help make the existing ones stronger.
Have you heard about the Manhattan broker whose real estate office is open all night. His name is Michael Shvo and his outrageous antics, including this late-night twist, are often the talk of Gotham City’s real estate trenches.
This story led me to ponder whether an all night real estate brokerage would work in Fort Myers. Judging by the lack of evening crowds at most downtown establishments, we are probably not ready for something like this.
Fast forward about five years to a time when the high-rises like Beau Rivage and High Point Place are fully inhabited, First Street Village is teaming with residents and the Starbucks at First Street and Broadway has late night lines, this is the kind of environment for a late night real estate office. The time is now to invest in Downtown Fort Myers before the revitalization is complete.
First Street Village brings a fresh exciting approach to development in Downtown Fort Myers. The mixed-use project will include 356 luxury residential units, 38,000 square feet of office space, and 98,000 square feet of retail space to be anchored by a Publix supermarket.
Located on 12.5 acres between McGregor Blvd. and West First Street, I expect this project to have a similar impact on Downtown Fort Myers that notable projects like The Inner Harbor in Baltimore, Faneuil Hall in Boston and South Street Seaport in Manhattan have played in revitalizing downtown neighborhoods.
The developer of First Street Village is Ohio-based Cameratta Properties, who is also developing the Highpoint Place riverfront tower.
Please drop me a note if you would like to be added to the First Street Village registration list to receive ongoing updates about this exciting project.
Downtown Fort Myers Historic District is home to many of the oldest buildings in Lee County. This is an area that I remain bullish on for real estate investments. Just like waterfront property, they are not making any more historic downtown buildings.
With several renovations complete it is exciting to see national companies announce plans to open franchises in this area. The Starbucks opening later this year in the Kress Building will serve as a natural drawing card for other establishments. Quiznos is also opening a restaurant in the Kress Building.
Riverfront 32-story highrises taking shape High Point Place, the “Uptown Waterfront Tower” is rising in Ft. Myers on the banks of the Caloosahatchee River. The project developer is Cameratta Properties of Broadview Heights, Ohio. The Carlyle Group, a highly respected private equity firm with more than $17.5 billion under management, has provided funding for the project. I have had previous experience with the Carlyle Group and their involvement in this project is a big plus for me.
At 32 stories, High Point Place will be the tallest residential building in Ft. Myers and will contain a total of 273 units. Condo units are two and three bedrooms ranging from 1760 sq. ft. to 2230 sq. ft. The project is 100% pre-sold and pricing is estimated in the $850,000 to $1.5 million range.
Holiday Inn Corporation is building a boutique-style hotel in Downtown Ft. Myers. The boutique chain, known as Hotel Indigo will be built on Main Street between Monroe and Broadway. The Hotel Indigo chain offers personalized serviced in a smaller upscale setting.
This project is great news for the continued revitalization of Downtown Ft. Myers. While our regions sprawl typically defined by new gated communities can stretch to places like Babcock Ranch and Alva, there is only one downtown Ft. Myers. I remain bullish on real estate investments in the Downtown area, particularly in architecturally interesting historic buildings.
Gated communities have served as the development staple for at least two decades in South Lee County. But as a man once wrote, “The present now will later be past … For the times, they are a-changing.”
Representatives from the Lee County government put down notions Monday evening that the county’s land development and zoning regulations prohibit building communities where residents can live, work, shop and play. The communities, called mixed-use by builders and planners, represent a return to the town or urban center where residents wake up, step outside a short distance to buy a coffee and newspaper, get to work on foot or via public transportation, and pick up their children from a school that is within walking distance from the home.
Starbucks investing in downtown Ft. Myers Any long time Gulf Returns reader has endured my whining about the lack of Starbucks in SW Florida. It seemed to me that this area was one of the last populated places left on earth without an invasion from our friends in Seattle. Well that has changed in a big way this year with the opening on College Parkway, an event that I memorialized by saying “We have arrived.” Starbucks hasn’t stood still, soon there will be three Starbucks in the Market Square Area at the intersection of US 41 & Daniels Parkway.
From a real estate perspective, the Starbucks announcement that perks me up the most is the plan to open a store at the intersection of First Street and Broadway in downtown Ft. Myers. During each visit to downtown Ft. Myers, I think about unrealized potential and about the opportunity to invest.
Heading out to party in Ft. Myers doesn’t exactly elicit the same level of enthusiasm as say South Beach, Rush Street, Georgetown or the Village. A downtown needs more than a few restaurants and a club or two and a really cool cigar bar to matter. I think that Starbucks will pull along other establishments that could very well make Ft. Myers relevant. The smart money is already has a stake in this hidden gem that is about to explode.
Starbucks plans store downtown for 2006 [News-Press]
The minnpost.com has a story about a recent speech given by housing researcher John Mcllwain titled, “The Suburban Century is Over.” Mcllwain predicts a shift in American housing and lifestyle preference away from the white picket fence suburbia towards a more urban lifestyle.
