Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the Via Coconut Development Site (the “Site” or “Property”), a shovel-ready +20.19-acre development site with approvals in place to break ground on a mixed-use development consisting of 330 multi-family units, 39,600 sf of commercial space, and a 1-acre public park, creating a landmark destination within one of Florida’s most affluent and fastest-growing locales. With final development order expected in October 2022, a developer will have the ability to immediately break ground and capitalize on the area’s significant need for new apartment inventory.
Located between Naples and Fort Myers, Estero’s posh surroundings cater to an affluent resident base with an average household income of $111,111 within a 1-mile radius, attracted to the area’s superior lifestyle afforded by nationally ranked public schools, strong employment drivers including Hertz’s Global Headquarters and Florida Gulf Coast University, and exceptional retail and entertainment destinations such as the 1.2 million square foot Coconut Point Town Center. Additionally, the area touts world-class beaches and numerous championship golf courses, with easy access to anywhere within Southwest Florida and proximity to Southwest Florida International Airport.
The population has grown within Estero at a rate of 16.4% since 2017. Meanwhile, Southwest Florida region, comprising the Naples and Fort Myers MSA’s, has seen 17.9% year-over-year rent growth through August, making it the #1 rent growth market in the country, according to YardiMatrix. Natural and governmental supply constraints have created significant barriers-to-entry in Estero with only 180 units delivering over the past 12 months, further adding to the appeal of the Site and a developer’s ability to quickly deliver inventory to serve this desirable community.
- Final approval on the Site’s development order is expected imminently, providing a rare shovel-ready site in a municipality with high barriers to entry
- Prominent location within one of the fastest-growing locations on Florida’s west coast boasting an average HHI of $111,111, A-rated public schools, and high-end retail destinations
- Situated at the well-trafficked intersection of Corkscrew Rd and Via Coconut Point (20,500 AADT), the Property enjoys a highly visible, landmark location providing easy access to the best that Estero has to offer.
- The Property’s expertly designed site plan will provide a mixed-use, town center feel unlike anything currently in the Estero market.
- With the region’s tropical climate, abundant outdoor recreational opportunities, nationally ranked public schools, and stunning Gulf Coast beaches just minutes away, Estero is attracting a highly affluent population base that is growing at a rapid pace.
- In 2013, Estero was chosen as the new location for Hertz’s Global Headquarters, a major boon for the local economy just one half-mile from the Property with more than 1,110 employees calling Estero home.