FOR SALE with IMPACT FEE EEMPTIONS 5 ACRES MIEDffiUSE ...€¦ · FOR SALE - IMPACT FEE EEMPTIONS 5...

Lee & Associates|Naples-Ft. Myers 6300 Techster Boulevard, Suite 1Fort Myers, FL 33966w w w. l e e - a s s o c i a t e s . c o m

To learn more, please contact:

Jeff ForsytheSenior Vice PresidentDirect: [email protected]

Y O U R L O C A L M A R K E T EXPERT

Jennifer CastriottaSenior Vice PresidentDirect: [email protected]

FOR SALE with IMPACT FEE EXEMPTIONS5 ACRES MIXED-USE REDEVELOPMENT SITE3611 Cleveland Avenue, Ft. Myers, FL 33901

g PRICE: $2,499,000

g LAND SIZE: 5 Acres

g DESCRIPTION:

Conceptual Site Plan. This plan assumes variances to present city zoning and site codes. (see Description for more details)

g ZONING: CI, Commercial Intensive, (CFM)

g TRAFFIC COUNT: 56,000 AADT

2,500 SFRetail W/

Drive-Thru

190Apartments

8,000 SFCommercial

Building

The present zoning for this 5 acre site is Commercial Intensive (CI), the city’s most liberal of commercial districts, and which allows for mixed use, including office, retail, hospitality, and high-density multi-family residential (25 units per acre) or assisted living (ALF). Its close proximity to Edison Mall and Lee Memorial (Lee Health) Hospital creates potential for use by health services and senior living. This would also be a great supermarket site.

A new site plan for its highest and best use is likely to be mixed use with two frontage retail pads (or small strip center), and multi-family residential or assisted living in the rear. The site is entitled for up to 125 residential units “by right” (25 per acre), with the potential of up to 190 units (with approved PUD), depending on the total combined parking requirements, and size of units. Residential redevelopment will enjoy Impact Fee Exemptions (for all but School Impact Fees of approx. $984 per unit). This will save over $7,000 per unit. Additional incentives for redevelopment include off-site storm water management and potential Tax Increment Financing (TIF).

The Conceptual Site Plan depicted incorporates design decisions which are based upon an interpretation of the City of Fort Myers land development codes for its present zoning as well as the Cleveland Redevelopment Area Overlay and Cleveland Pedestrian Safety Project (construction now in progress). Prospective buyers are advised to seek advice to validate these assumptions independently and are urged not to rely upon this presentation alone.

FOR SALE - IMPACT FEE EXEMPTIONS 5 ACRES MIXED-USE REDEVELOPMENT SITE

3611 Cleveland Avenue, Ft. Myers, FL 33901

YOUR LOCAL MARKE T EXPERT

LEE COUNTY

The Conceptual Site Plan depicted is not a fully engineered plan and does not contain many essential elements such as location of dumpsters, handicap parking, etc. However, the overall plan does account for adequate space for these and other requirements not shown. All set-backs and landscape buffering have been incorporated to show the feasibility of building sizes, parking areas, and traffic access. A number of variances have been assumed which would require a PUD approval, but the feedback from city staff indicates that the city would view these positively, especially if the project incorporates “workforce housing”.

• Incorporated into this plan is off-site storm water management, which is available through credits using the Fort Myers County Club nearby. No on-site drainage requirements are shown due to this.

• The apartment complex incorporates 5 stories over a first level parking garage, not exceeding 70’ in total height. The present code allows 5 stories at a total height of 70’. This plan incorporates one additional story.

• The apartment complex consists of 190 units. A density of 25 units per acre, or 125 for the entire parcel is allowed by right. This plan shows an increase in density, which can be allowed by a Conditional Use Permit or PUD.

• The residential unit mix incorporates an equal mix of Studio (500 sq ft each), 1BR (750 sq ft), and 2BR (850 sq ft) units.

• The parking ratio for the apartment complex is approximately 1.5 per unit, with overflow and guest parking shared with frontage retail parking. 9’ wide parking stalls are also assumed.

• The Cleveland CRA overlay restricts parking and driveways in the front setback areas. This plan shows no parking in the front setback but does show a drive for the retail drive-through. Other projects in the Cleveland CRA appear to have been granted this variance.

Conceptual Site Plan. This plan assumes variances to present city zoning and site codes. (see De-scription for more details)



L e e & A s s o c i a t e s | N a p l e s - F t . M y e r s , 6 3 0 0 Te c h s t e r B o u l e v a r d , S u i t e 1 , F o r t M y e r s , F L 3 3 9 6 6


The information contained herein was obtained from sources believed reliable, however, Lee & Associates makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice.

OLD 41 RD

OLD 41 RD

ESTERO PKWY

TREE

LIN

E A

VEWINKLER AVE

SUM

MER

LIN

RD

BOY SCOUT

Page FieldAirport

31

82

82

80

80

78

78

867

867

VETERANS PKWY

Estero BayPreserve

State Park

Lovers KeyState Park

78

GATEWAY

BUCKINGHAMTICE

BEACH

PALM

BLVDFORTMYERS

SHORES

OLGA

ALVA

WHISKEYCREEK

SanCarlos Bay

SAN CARLOSPARK

TerminalAccess Rd

Southwest Florida

InternationalAirport

Southwest Florida

InternationalAirport

Old US 41

HANSON

Hurricane Bay

Matanzas Pass

LUCKETT

Jet Blue Park

for the Red Sox

DANIELS

PKWY E

XT.

Street View North - Walgreen’s Pharmacy Street View South - McDonald’s






CLEVELAND AVENUE REDEVELOPMENT AREAThe boundaries for this 3.5 mile stretch of Cleveland Avenue include approximately one block on either side of the road from Edison Avenue to the City limits at Page Field. Predominantly a commercial corridor, Cleveland Avenue serves as a major transportation corridor, carrying traffic north-south and providing connectivity for the Fort Myers-Cape Coral region. From a local perspective, Cleveland Avenue serves as a gateway to the City of Fort Myers and to the Downtown River District in particular.

The City of Fort Myers envisions that this section of the Cleveland Ave CRA will be-come a “medical corridor”, in anticipation of Lee Health’s future plans for the Lee Me-morial Hospital campus.

The main goals of the Plan were to improve the appearance of the corridor and to encourage private investment and quality redevelopment in the corridor. Improving the safety and comfort of the pedestrian realm is also identified as a priority.

While the Plan incorporates an array of benefits that existing properties and busi-nesses can take advantage of, there are three very significant incentives which could be very beneficial for the economical redevelopment of this particular property:

H

Edison Mall

Fort MyersGolf Course & Country Club

CITY OF FORT MYERSFort Myers is the county seat and commercial center of Lee County, Florida. It has grown rapidly in recent years. As a major tourist des-tination within Florida, Fort Myers is the gate-way to the Southwest Florida region and its beach communities of Fort Myers Beach and Sanibel and Capitiva.

Impact Fee Exemptions. Residential redevelopment will enjoy additional Im-pact Fee Exemptions for all but School Impact Fees of approx. $984 per unit. This will save over $7,000 per unit.

Off-site Storm Water Management. For redevelopment of the site the existing buildings will be demolished and a new site plan will need to be engineered. Normally on-site storm water management would involve significant excavation and creation of retention ponds, which would cause a loss of 15-20% of useable acreage. There are off-site storm water management credits available from the neighboring Fort Myers County Club.

Tax Increment Financing (TIF). Redevelopment will undoubtedly create a significant increase in assessed property valuation and therefore increased property tax revenue for the city. For a qualifying project, such as affordable housing, up to 95% of property’s ad-valorem city and county tax increases can possibly be rebated to the property owner over a 10 year period or more. This could conceiv-ably offset the acquisition cost of the property.

POPULATIONThe population of Fort Myers was 62,298 during the 2010 census, and in 2017 was es-timated at 79,943. Between the 2000 census and 2010 census, the city’s population in-creased at a rate of 29.2 percent.Fort Myers is one of two cities that make up the Cape Coral-Fort Myers Metropolitan Statistical Area. The 2010 population for the metropolitan area was 618,754. The popula-tion of Lee County, Florida and the Cape Cor-al-Fort Myers Metropolitan Statistical Area has grown 40.3 percent since the census in 2000, much faster than the average growth rate of 17.6 percent experienced throughout the State of Florida.

TRANSPORTATIONThe Fort Myers Metropolitan Area is served by two separate airports:Southwest Florida International Airport (RSW), IS located southeast of the city. The airport, which sits on 13,555 acres of land, is the 45th busiest airport (by annual passen-gers). In 2017 the airport served 8,842,549 people. It has been ranked as one of the top ten under ten million in the United States.The Fort Myers area is secondarily served by Page Field, which is primarily used for small planes and General Aviation.Buses run by LeeTran provide local service in Fort Myers.






COLONIAL BLVDCOLONIAL BLVD

WINKLER AVE

North

Edison Mall

Fort Myers Country Club

To Cape Coral

To

Caloosahatchee River

River District &Downtown Ft. Myers MLK BLVD SR 82

McG

RE

GO

R B

LVD

To

ColonialElementary

School

SouthwestFloridaCollege

FranklinPark

ElementarySchool

Ft. MyersHigh Edison

Ctr. H

CLE

VE

LAN

D A

VE

g High traffic & visibility. Traffic counts exceeding 56,000 per day (annualized average)

g Entitled for residential density of 25 units per acre, 125 total. Mixed use with retail does not reduce total entitlement

g Flanked by McDonalds and Walgreens

g Close to Lee Memorial Hospital, Edison Mall, and on a major highway with bus service

DunbarHigh

School

Allen ParkElementary

School Ft. MyersMiddle

Academy

Lee Co.SchoolDistrict






2018 DEMOGRAPHICS 5 Minutes 10 Minutes 15 Minutes

TOTAL POPULATION 21,473 73,342 216,524

NO. OF HOUSEHOLDS (HH) 8,583 31,716 94,087

MEDIAN AGE 39.4 40.3 46.2

AVERAGE HH INCOME $60,782 $60,643 $65,162

Additional Reports Available:♦ Community Profile♦ Housing Profile

♦ Business Summary♦ Market Profile

All graphs are based on a ten minute drive time radius

FOR SALE with IMPACT FEE EEMPTIONS 5 ACRES MIEDffiUSE ...€¦ · FOR SALE - IMPACT FEE EEMPTIONS 5...

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