The Real Deal Miami

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
February 25, 2018 01:55PM

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