Aerial view showing Cape Coral's vibrant real estate market with various developments.
Cape Coral’s real estate market is experiencing significant growth with high-profile property sales, luxurious residential projects, and commercial expansions. Recent transactions include office buildings on Del Prado Blvd., while the luxury market thrives with impressive sales figures. Additionally, new developments and affordable housing initiatives are underway, addressing the community’s needs post-COVID-19. The demand for office space is rising, driven by recent population growth and local businesses seeking to expand. Overall, the region showcases a robust transformation in its real estate landscape.
The real estate market in Cape Coral is experiencing significant changes due to high-profile sales and new developments. Recently, two adjoining office buildings at 4202 Del Prado Blvd. and 4206 Del Prado Blvd. were sold for a combined total of $1.43 million. Together, these properties encompass 4,449 square feet, reflecting the growing interest in commercial real estate in the area.
The buyer, a Naples investor operating through an LLC, acquired the property at 4202 Del Prado for $781,000. This building, which spans 2,182 square feet, was previously owned by Advanced Integrative Medicine, which bought it for a mere $118,275 in 2022. Meanwhile, the second property at 4206 Del Prado was sold for $650,000 and measures 2,267 square feet, having previously been owned by Rodgers Real Estate Inc., which purchased it in 2009 for $250,000. The deal, facilitated by LSI Cos. with Mike Trivett as the broker, has not disclosed the new owner’s intentions for these properties.
In neighboring Naples, the luxury real estate market is thriving. Kalea Bay’s Tower 500 has surpassed $330 million in sales, with projections indicating that it will sell out before construction concludes in September. This luxurious 22-story tower offers 120 units with stunning Gulf views, starting at $3.5 million, and 66 units have already been sold. This trend highlights the resilience of the luxury market in Southwest Florida, continuing to flourish even amidst broader market challenges.
Notably, earlier sales in the region included the Ritz-Carlton Residences Estero Bay, which recorded over $700 million in sales, and a residential trio in Port Royal that sold for $225 million.
In another development, Saunders Land, a division of Saunders Real Estate, is making strides by expanding into North Carolina. The firm has hired Kenneth Chesson as the lead broker in Williamston and Bill Frisbie as the regional managing director in Raleigh. Known for its expertise in commercial and land sales, Saunders Land has conducted significant transactions, with two recent land deals totaling $38 million in Florida.
ResProp Management, an Austin-based firm, has acquired the Gateway on 4th Apartments in St. Petersburg for $37.03 million. This 304-unit complex, developed in 1974 and spread over 15 acres, is set to undergo renovations that will introduce updated amenities, including in-unit washers and dryers. This acquisition also involved a $33 million loan facilitated by Berkadia.
The Sarasota City Commission has approved a plan to rehabilitate the historic Mira Mar building while also allowing the construction of twin 18-story condo towers by Seaward Development. This project is crucial as it aims to preserve the building, which has suffered structural damage and was previously denied demolition permissions.
A $12.44 million construction loan has been arranged for the upcoming StudioRes by Marriott Hotel in Lakewood Ranch, with financing provided by Largo Capital. This hotel, conveniently located near University Parkway and Interstate 75, will offer extended-stay accommodations along with various amenities.
Additionally, the demand for office space in Southwest Florida is witnessing a surge post-COVID-19, with a low 4.5% vacancy rate. More than a million newcomers have moved to Florida since 2020, driving employment and the demand for office space. SalusCare is actively looking for new office space in Cape Coral to recover from losses sustained during Hurricane Ian amid existing space shortages.
With the implementation of the Live Local Act, Cape Coral is seeing a focus on developing affordable apartment complexes. Developer Coast Life Companies has set ambitious plans to target 5,000 new units, including plans for a four-story building that will feature both residential and professional office spaces.
Adding to the healthcare infrastructure, Premier Women’s Care of Southwest Florida is set to expand operations with a new 40,797-square-foot medical office building in Cape Coral, which is projected for completion by fall 2025.
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