Summerlin Road

A critical north-south artery runs from its inception at the Midpoint Memorial Bridge at Colonial Boulevard through central and south Fort Myers. And although its address might sound more rural than central, Summerlin Road actually traverses the heart of Lee County, running parallel to McGregor Boulevard and U.S. 41 and intersecting such arteries as College Parkway, Cypress Lake Drive and Gladiolus. Summerlin eventually winds past Lee Memorial Health Park toward the Sanibel causeway, intersecting along the way with San Carlos Boulevard leading out to Fort Myers Beach.

In fact, it is the road's north-south connection, providing total Lee County accessibility for residents and businesses alike, that makes it a very appealing address for commercial and retail developers. The north-south arterial roads are critical in this county because we don't have enough," explains Frank D'Alessandro, CEO of Grubb & Ellis|VIP-D'Alessandro Realty.

Warren Barry, CCIM for ARVIDA Realty Services concurs, noting that the expanded transportation network in the area and county accessibility have heightened interest in the real estate along the winding road. "Summerlin Boulevard has become very popular because of the transportation network that has been created, especially with the Fowler extension and Midpoint Memorial Bridge," says Barry.

Barry represents 2.5 acres located at the southeast corner of Summerlin Road and Matthew Drive. It is planned for a 20,000-square-foot, multi-tenant medical center. The anchor tenant, Primary Care Associates, specializes in internal medicine at 523 Cape Coral Parkway, Cape Coral. "Under their expansion plan," says Dr. Tannenbaum, medical director of Primary Care Associates, "Primary Care Associates will occupy an additional 8,000 square feet at the new Summerlin location."

The remaining 12,000 square feet will be leased to other medical practitioners by ARVIDA. "The doctors choose this area because of its central location, which connects their patients from Cape Coral, Lehigh and Fort Myers," adds Barry.

Location Fuels Growth

Most area realtors, leasing agents and developers agree that location is the prime reason Summerlin Road has experienced such a fuel in growth in recent years, beginning with out parcels that were developed for a specific purpose but which have other lots on the property that allow for further on the property. For example, the Winn Dixie at the corner of Boyscout Drive and Summerlin was a primary land development project, but more parcels were allocated on the property to build a gas station and mini-mall with a coffeehouse and sub shop. D'Alessandro also notes that the Albertson's grocery store on Cypress Lake Drive and Summerlin was built as an anchor, but the other roadside parcels were developed into the University Grill Restaurant, Hess Gas Station and SouthTrust Bank.

Continuing south on Summerlin past Cypress Lake Drive is yet another large piece of land currently being developed for two groups. John Stultz of the Mel-Re Group is currently developing two parcels of land for Florida Community Bank and RE/MAX Realty Group. "The bank is being developed on 1.16 acres of land while RE/MAX has their parcel on 1.34 acres," explains Stultz. He adds that the obvious appeal to Summerlin is "the location, ease of accessibility and plenty of financial opportunities."

For commercial and retail businesses, another attraction is the strong residential demographics of the area coupled with anchor tenants, according to D'Alessandro. "The demographics of the area support retail and commercial development," he says. As an example, he notes that an approximately 36-acre parcel on Summerlin adjacent to Sam Galloway Ford is being developed for mixed use by two or three different developers. "It will have retail in the front with apartments in the back," he explains.

This type of development is popular because commercial and retailers like the mix of residential "rooftops" and businesses. For example, the northeast corner of College Parkway and Summerlin Road is being developed for hotel and office space. "There is a lot of business on the east and west of College Parkway and a lot of rooftops, so this development will accommodate both needs," explains D'Alessandro.

According to D'Alessandro, larger anchor tenants like Publix, Albertson's or Winn Dixie will attract smaller businesses to the property such as sub shops, hair salons and mail facilities because the larger businesses are the anchors for them.

Prices Vary

Because many of the properties mentioned are under contract, prices per square foot were not available at press time. However, Barry says that a 20,000-square-foot facility at Matthew and Summerlin, based on preliminary estimates, is expected to come in at a range of $16 to $18 per square foot with a $25 tenant improvement allowance. D'Alessandro offers that outparcels sold to SouthTrust and Hess Gas Station lease for between $10 and $12 per square foot. Prices on property, particularly those of out parcels, usually depend on visibility, convenience and size.

Summerlin's desirable address is further enhanced by the fact that it has the ability to offer developers new construction possibilities, an option that is becoming fewer and farther between for developers in other areas of the county. In fact, many developers are now looking for "build to suit" opportunities based on location and demographics.

Summerlin Road has been around for almost two decades and may remain one of the last available corridors in the county with development possibilities. The corridor has the ideal location, accessibility, demographics and zoning to support it all.

Helena Finnegan is a freelance business writer.