Pine Island Rd & Sandoval Pkwy, Cape Coral, FL, 33991, US

Atlantica Land Site

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Atlantica at Cape Coral (the “Property” or “Site”), a ±22.3-acre development site located in the rapidly growing city of Cape Coral. Ideally located on Pine Island Road, with immediate connectivity to Downtown Cape Coral and Fort Myers to the west and Pine Island Center to the east. Additionally, the site benefits from an affluent resident base with an average household income of $103,553 within a 3-mile radius and A-rated elementary and middle schools. The Site sits adjacent to numerous shopping destinations including Publix, Burnt Store Tavern, El Toro Mexican Grill and Walgreens. With approvals in place for 380 multi-family units, the Site is strategically positioned for a developer to execute on this sizeable project located in the heart of one of the fastest growing markets and most undersupplied markets of Florida.

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Attributes

Land area gross

7 ha

Media

Investment Highlights

INSTITUTIONAL QUALITY COMMUNITY WITH SITE PLAN APPROVAL IN PLACE

Atlantica at Cape Coral offers approvals for a 380-unit garden-style community across three four-story elevator-served buildings surrounding a serene pond with units averaging 1,011 sq. ft. The community plans call for luxury finishes including wrap around balconies in select units and a resort-style pool with pool side cabanas overlooking the community pond.

HIGH-GROWTH ECONOMY

A growing corporate base, new developments in the logistics and medical sectors, along with the emergence of clean tech and advanced manufacturing help bolster the Fort Myers’ economy which realized 4.1% job growth in 2022. Fort Myers serves as the headquarters for major corporations such as Chico’s, Gartner, and Hertz in nearby Estero, providing a diverse and rapidly expanding employment base.

EXCEPTIONAL APARTMENT FUNDAMENTALS

Lee County’s multifamily market has witnessed an impressive 69% rent growth over the past five years (according to Axiometrics), placing it among the nation’s most robust growth markets. Rents are projected to grow by 3.1% from 2025 to 2027. Additionally, occupancy rates in Lee County are projected to maintain in mid 90%’s, complementing the area’s remarkable historical rent growth.

STRATEGIC LOCATION

The Site occupies an excellent location near a wide variety of employment anchors that support constant demand, including hospitals, universities, retail, tourism and recreation. Atlantica at Cape Coral sits within a 20-minute drive of two of Lee Health’s prominent hospital campuses, Cape Coral Hospital which employs 1,200 and Lee Memorial which employs 1,400. Lee Health stands as Lee County’s largest employer with over 13,500 employees in the area.

Situated directly on Pine Island Road, less than a 5 minute walk from Publix, within a 15-minute drive from Cape Coral and just 20 minutes from Downtown Ft. Myers, home to the finest dining options and a plethora of shopping and entertainment options.