MIAMI, Florida—May 28, 2020—Lee & Associates South Florida proudly announces the sale of a 2 acre multifamily development parcel located 2543 First Street in Fort Myers, Florida. The property closed on May 15^th, 2020 for $3 MM.

The development site consists of a total of 2 acres and is one of the last remaining vacant land parcels along the eastern bank of the scenic Caloosahatchee River in downtown Fort Myers. The parcel is conveniently located within walking distance to Downtown Fort Myers dining, shopping and entertainment venues, the Yacht Basin and Historic District. It’s ideal positioning on the hard-signalized corner of First Street and Edison Bridge exposes the property to roughly 16,000 vehicles per day.

Lee & Associates South Florida President, Matthew Rotolante, represented the seller, Compass USA SPE LLC. Sight FMRW LLC, a subsidiary of Sight Real Estate out of Tampa, were the purchasers. Sight Real Estate will be developing the property as one of Fort Myers newest class A multifamily communities in the downtown area. Development plans for the midrise Riverfront First Street Apartments have been submitted for city approvals and intend on bringing the area over 200+ new residential units ranging from studio to 3-bedroom apartments, an onsite parking structure, and first class amenities to include a pool deck, club house and fitness facilities with expansive views overlooking the picturesque Caloosahatchee River.

With a post COVID-19 closing, the buyers were able to successfully secure financing for their acquisition as much uncertainty continues to resonate through a rocky economy. Impacts to commercial and construction lending, as well as disruption in the multifamily sector have been seen as financial fallout from the pandemic continues to reveal itself.

Matthew Rotolante
President
Lee & Associates