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.
Cape Coral’s real estate landscape is experiencing significant transformations marked by a series of prominent transactions and developments. Among the notable events is the recent sale of two adjoining office buildings located at 4202 Del Prado Blvd. and 4206 Del Prado Blvd.. These properties, which total 4,449 square feet, were acquired by a Naples investor through an LLC for $1.43 million.
The office building at 4202 Del Prado measures 2,182 square feet and fetched a price of $781,000. Previously, it was owned by Advanced Integrative Medicine, which bought it for just $118,275 in 2022. Similarly, the property at 4206 Del Prado spans 2,267 square feet and sold for $650,000. This building was previously owned by Rodgers Real Estate Inc., which purchased the property for $250,000 in 2009. The broker for the sale, LSI Cos. with Mike Trivett, did not disclose any intentions of the new owner for the properties.
In a related burst of activity in the luxury sector, the Kalea Bay’s Tower 500 in Naples has eclipsed $330 million in sales and is on track to sell out even before construction completes in September. This 22-story luxury tower features 120 units with breathtaking Gulf views, starting at a price of $3.5 million. Notably, 66 units have already been sold, demonstrating the resilience and strength of the luxury real estate market in Southwest Florida, even amid broader market challenges.
In a different segment of the real estate industry, Saunders Land, a division of Saunders Real Estate, is broadening its reach into North Carolina. The firm recently made two new hires to spearhead this initiative: Kenneth Chesson, the lead broker in Williamston, and Bill Frisbie, who will serve as the regional managing director in Raleigh. This company specializes in commercial and land sales and has previously secured substantial land deals totaling $38 million in Florida.
On a similar note, ResProp Management, an Austin-based real estate investment firm, acquired the Gateway on 4th Apartments in St. Petersburg for $37.03 million. The property boasts 304 units over 15 acres and was originally built in 1974. ResProp plans extensive renovations, including upgrades to amenities such as washers and dryers, with the acquisition financed by a $33 million loan from Berkadia.
In Cape Coral, the Sarasota City Commission recently approved plans for the historic Mira Mar building’s rehabilitation, along with the construction of twin 18-story condo towers by Seaward Development. This project not only aims to preserve the historical building but also addresses previous structural damage and earlier denied demolition permissions.
Additionally, a $12.44 million construction loan has been secured for a new StudioRes by Marriott Hotel in Lakewood Ranch, arranged by Largo Capital. The hotel will offer extended-stay accommodations and various amenities, strategically located off University Parkway and Interstate 75.
The demand for office space in Southwest Florida is significantly rising post-COVID-19, evidenced by a 4.5% vacancy rate. Experts suggest that over a million people have moved to Florida since 2020, leading to a boost in employment opportunities and requests for office spaces. SalusCare is currently on the lookout for more office space in Cape Coral due to previous losses caused by Hurricane Ian and ongoing shortages of available spaces.
Furthermore, the Live Local Act is paving the way for the construction of affordable apartments in Cape Coral. Developer Coast Life Companies is targeting 5,000 new units as part of this initiative. Plans include constructing a four-story building that will house both residential units and professional offices.
To conclude, Cape Coral is witnessing a dynamic shift in its real estate arena, driven by a multifaceted approach to luxury, commercial, and affordable housing developments. The anticipation embedded in these projects underscores a vibrant future for the locality’s real estate market.
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