Land

Core at Six Mile Cypress

9751 Ben C Pratt 6 Mile Cypress Pkwy, Fort Myers, FL, 33966, US

Deal room

Executive Summary

Core at Six Mile Cypress_Property for Sale

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Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Core at Six Mile Cypress (the “Property” or “Site”), a ±11.94-acre development site located in the rapidly growing Fort Myers MSA. Ideally located on Six Mile Cypress Parkway just south of Colonial Boulevard, the Site is within immediate proximity of Fort Myers’ top retail, entertainment, and employment destinations. The Site sits adjacent to the Publix-anchored Shops at Village Walk and is less than a mile to Fort Myers’ new Topgolf. Additionally, it sits directly in between two of Fort Myers’ premier multi-family communities achieving near top of market rents within the MSA – Decorum ($2.46 psf) and The Lotus at Village Walk ($2.23 psf). Additionally, the Site benefits from an affluent resident base with an average household income $139,595 within a one-mile radius. With zoning in place for 298 multifamily units, the Site is strategically positioned for a developer to execute on this sizeable project located in the heart of one of the premier growth markets of Florida.

Attributes

Land area net

11.94 acres (520,106 sf)

Investment highlights

One-Of-A-Kind Development Site: The Site possesses Commercial General (CG) zoning, which allows for 25 units per acre or 298 units total on the Site’s ±11.94 acres, allowing a developer to deliver a project with meaningful scale in one of the nation’s most rapidly growing markets.
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: With 9.1% year-over-year asking rent growth, the multi-housing rents in Fort Myers are among the highest in Florida.The disruption caused by Hurricane Ian has resulted in increased demand for multi-family housing within the MSA. (CoStar)
Strategic and Convenient Location: The Property occupies an excellent location in close proximity to numerous “recession-proof” anchors that support constant demand, including hospitals, universities, retail and recreation. The Property is within a 5-minute drive to I-75 and US-41 and within a 15-minute drive of 74,135 jobs. Situated directly on 6 Mile Cypress Parkway, less than 5 minutes from Publix and Top Golf, within a 25-minute drive from Ft. Myers Beach and just 15 minutes from Downtown Ft. Myers, home to the finest dining options and a plethora of shopping and entertainment options.