In the Know: Hot corner lots spring to life with apartments, strip malls, drive-thrus – News-Press

In The Know: Three hot corners of development in Lee County Fort Myers News-Press

Three hot corner lots are springing to life across Lee County, demonstrating how the construction industry so far has been able to carry ondespite the coronavirus pandemic.

From Cape Coral to east Fort Myers to the Alico Road corridor, money is still moving into the hands of construction companies, whichare looking to finish three prominent projects, all of which broke ground in late 2019.

Another lot on part of a hot corner is ready to build, but the owner is waiting for some red tape to be cut and for COVID-19 economic repercussions to clear.

The three sites cover a vast range of product types, from multi-family housing to a gas station, self-storage, strip malls with drive-thru restaurants.

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Heres a look at what these three places are on their way to becoming.

CAPE CORAL APARTMENTS

An apartment complex is going in on the corner of Pine Island Road and Barrett Road. Three hot corner lots are spring to life around Lee County. What's in the works just south of Babcock Ranch, just north of Gulf Coast Town Center, and off Pine Island Road near US 41? (Photo: Andrea Melendez/The News-Press/USA Today Florida Network)

At the southeast corner of Pine Island Road and Barrett Road, Continental Properties and its contractor, Kaufman Lynn Construction,has broken ground on an apartment complex.

The Springs at Cape Coral will have 292 units inside of 11 buildings. There will be 19 total buildings on the sprawling corner property, including a clubhouse and a car care area, the better to hose off dead lovebugs caked onto car grills.

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The site broke ground in December, and the project should be finished by summer 2021.

As far as manpower, were actually being helped by it, superintendent Jarrid Erwin said of COVID-19-related issues. Some other jobs have been shut down, and weve had workers diverted to our site.

This is the corner of Alico Rd and Ben Hill Griffin Parkway just in front of Twin Peaks. A strip mall is going in. Three hot corner lots are spring to life around Lee County. What's in the works just south of Babcock Ranch, just north of Gulf Coast Town Center, and off Pine Island Road near US 41? (Photo: Andrea Melendez/The News-Press/USA Today Florida Network)

Price points for the apartments have yet to be unveiled. There will be detached garages and units will range from studios to three bedrooms.

Continental Properties, based in Menomonee Falls, Wisconsin, also owns the Fairfield Inn by Marriott hotel thats taking shape off Pine Island Road, behind Outback Steakhouse.

RACETRAC, SELF-STORAGE AND MORE

On the Northwest corner of Hwy 31 and Palm Beach Blvd a lot of development is being planned. A Racetrack gas station will be open this summer and rumors of other developments like a large self-storage facility and a strip mall with a fast food restaurant are just a few. Three hot corner lots are spring to life around Lee County. What's in the works just south of Babcock Ranch, just north of Gulf Coast Town Center, and off Pine Island Road near US 41?(Photo: Andrea Melendez/The News-Press/USA Today Florida Network)

At the northeast corner of State Road 31 and Palm Beach Boulevard, a RaceTrac gas station is nearing completion and should open this summer.

The hard corner of the lot used to have another gas station that was torn down to make room for a strip mall that will have three to five tenants comprising 6,200 square feet.

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Steve Royal of the Royal Companies has owned that parcel since 1997 and has been sitting on it ever since.

Weve been waiting for that area to get a little more ready for commercial development, Royal said. We started this project about three years ago.

The project has been paused for two reasons, he said: Getting permits from the Florida Department of Transportation for entry and exit, and, like most everything else, COVID-19-related concerns.

An apartment complex is going in on the corner of Pine Island Road and Barrett Road. Three hot corner lots are spring to life around Lee County. What's in the works just south of Babcock Ranch, just north of Gulf Coast Town Center, and off Pine Island Road near US 41? (Photo: Andrea Melendez/The News-Press/USA Today Florida Network)

The FDOT issues should be resolved by mid-June, Royal said.

If we can lock down 50 percent of our tenants or higher, well move forward, Royal said. There are a couple of moving parts. COVIDs going to change the dynamics of a lot in the commercial retail sector. With the price points we had in structure, we had to go back to the tenant and see that theyll be able to survive with in the new post-COVID world.

Before I start going vertical with my building, I have to make sure our tenants can meet their obligations in the post-COVID world. Weve got two tenants who are doing better during COVID. But we also have another tenant who isnt sure how theyre going to be affected as far as COVID.

Given that one or two of those five units will be a drive-thru fast casual or fast food chain with a national brand, Royal said he just wasnt sure how things would play out over the next two months.

The hottest sector was the entertainment services sector, which was gyms and restaurants, Royal said. That has absolutely gotten killed. Restaurants cant make it on 50 percent occupancy. Were former food guys, and you cant make it on that. One thing that has taken off is pizza takeout. Their sales are through the roof.

With this corner area, thats just the beginning. There are three additional properties in play.

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A road cutting across the corner piece of property behind the new RaceTrac heads east and leads to an empty lot that will be developed into a 100,000-square-foot self-storage facility.

Real estate agent Chris Magnus is involved with booking businesses for that parcel and two others.

On the Northwest corner of Hwy 31 and Palm Beach Blvd a lot of development is being planned. A Racetrack gas station will be open this summer and rumors of other developments like a large self-storage facility and a strip mall with a fast food restaurant are just a few. Three hot corner lots are spring to life around Lee County. What's in the works just south of Babcock Ranch, just north of Gulf Coast Town Center, and off Pine Island Road near US 41? (Photo: Andrea Melendez/The News-Press/USA Today Florida Network)

Theres a 0.62-acre parcel, just west of the gas station and north of Royals proposed strip mall, on the market for $700,000.

Theres the self-storage site, on the market for $1.6 million.

And theres a 0.86-acre parcel behind and to the north of the gas station on the market for $1.5 million.

Right now, we have an existing 15-acre parcel out there, Magnus said. Weve done some improvements on it. Weve got roads going in. We should be finished with those by June. Weve got streetlights in. RaceTrac is expected to open next month as well. Theyre going to have two entrances on 80 and two on 31. There will be great access to get to and from the property.

Babcock Ranch, a planned community of 50,000 residents, is just nine miles to the north, and surrounding communities like the Verandah should more than support more businesses and restaurants at that corner, Magnus said.

I think that will serve Babcock Ranch very, very well, Magnus said. But State Road 80 is the main artery to get to I-75 from there. Theres a ton of traffic there. I think anybody who goes in there will have the ability to do very well.

RaceTrac does such a nice job, they really are a huge traffic generator. Were excited to get the project completed.

On the Northwest corner of Hwy 31 and Palm Beach Blvd a lot of development is being planned. A Racetrack gas station will be open this summer and rumors of other developments like a large self-storage facility and a strip mall with a fast food restaurant are just a few. Three hot corner lots are spring to life around Lee County. What's in the works just south of Babcock Ranch, just north of Gulf Coast Town Center, and off Pine Island Road near US 41?(Photo: Andrea Melendez/The News-Press/USA Today Florida Network)

The smallest available parcel looks to be a good fit for a restaurant. Despite the coronavirus pandemic uncertainty, Magnus said he did not expect a big delay in getting something signed and developed.

Its really hard to know what people are thinking, Magnus said. Youve got some entities that are doing very, very well despite the conditions, and some entities that arent. We think theres a lot of opportunity out there.

ALICO ROAD STRIP MALL

At the northwest corner of Alico Road and Ben Hill Griffin Parkway, just north of Gulf Coast Center and immediately south of Twin Peaks restaurant, walls will begin to go up soon on a 12,000-square-foot strip mall.

This is the corner of Alico Rd and Ben Hill Griffin Parkway just in front of Twin Peaks. A strip mall is going in. Three hot corner lots are spring to life around Lee County. What's in the works just south of Babcock Ranch, just north of Gulf Coast Town Center, and off Pine Island Road near US 41? (Photo: Andrea Melendez/The News-Press/USA Today Florida Network)

The strip mall broke ground about three weeks ago, and it could be finished within four months. Construction is being managed by Bluewater BuildersInc., based in Coral Springs.

Verizon Wireless will be one of the five tenants.

A fast-food or fast-casual restaurant, yet to be announced, will be on the corner portion of the property. There will be three more units for other businesses yet to be determined.

Connect: David Dorsey (Facebook), @DavidADorsey (Twitter).

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In the Know: Hot corner lots spring to life with apartments, strip malls, drive-thrus - News-Press