Land that had been owned by the Freeland family since 1981 just sold, and a 300-unit apartment complex is being planned for the 46-acre site off U.S. 41, just across the street from San Carlos Boulevard.
NRP Group bought the land for $8.5 million on June 30 in a deal brokered by Alex Henderson and Max Molloy of Fischler Property Co. They also will be the leasing agents of up to 30,000 square feet of retail that will be fronting the complex on 2.5 acres off U.S. 41.
Grand Bay is the tentative name of the complex, which eventually will have a traffic signal installed at the San Carlos Boulevard intersection.
About 31 acres at the back of the property, which leads to Estero Bay and wetlands, will be preserved.
NRP Group also developed the Las Palmas apartment complex off Alico Road.
“We dedicated our time to finding areas just north of Estero that had a lack of housing options in that corridor,” Henderson said. “There’s really a gap of housing in that area.”
Molloy noted the development’s proximity to a lot of retail, with about 60,000 vehicles per day driving by it.
The project was granted additional density by Lee County government, providing at least 128 of the units be attainable housing, meaning tenants must spend less than 30% of their household income on rent.
The Freeland family sold the land as it also is trying to redevelop Moss Marina on Fort Myers Beach following the devastation of Hurricane Ian in September.
The timing of the sale was unrelated to that project, Henderson said, as the land had been under contract for about 20 months during the rezoning and entitlement process.
“The timing was fortuitous,” he said.
NRP Group could not be reached for comment on its construction timetable for Grand Bay.
A second and unrelated multifamily development is already under construction just next door.
Estero Vista, which is just north of the Estero boundary and in unincorporated Lee County, will have 144 units in three buildings with a clubhouse, pool, volleyball court, playground and dog park.
