7.8-acre land near downtown Fort Myers fetches $7M

The Tampa-based buyer hopes to start building apartments, offices and a hotel on the land by the end of the year

Miami /
Feb.February 25, 2018 01:55 PM

Joe Bonora

An affiliate of a Tampa-based company paid $7 million for a 7.8-acre vacant parcel near downtown Fort Myers.

City Walk Fort Myers LLC bought the land from Madison Ave. Investment Group LLC. The land is bounded by McGregor Boulevard, Altamont Avenue, Virginia Avenue and West 1st Street.

Tampa-based Aileron Capital Management, led by managing director Joe Bonora, owns the limited liability company that bought the 7.8-acre parcel in Fort Myers. Fischler Property Co. arranged the transaction.

Bonora told the Fort Myers News-Press that he plans to build a hotel, rental apartments and retail space on the land.

Bonora also told the newspaper that his company hopes to have approvals for development of the land in place later this year and to start construction in the fourth quarter.

Madison Ave. Investment Group LLC, the seller of the land, bought it about three years ago for $3.5 million. The land previously sold in 2003 for $6.25 million.

Fort Myers Mayor Randy Henderson told the Fort Myers News-Press that the planned development of the land “will help create much-needed new downtown living options.” [Fort Myers News-Press] – Mike Seemuth


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...