A town just south of Fort Myers may buy 62 acres of riverfront land for $24.5 million, or nearly $400,000 per acre.
The village government of Estero negotiated the price with the land owner, Village Partners LLC, which acquired the 62 acres more than a decade ago.
The village might borrow to buy the land along the Estero River and repay the debt by selling portions of the property, according to Estero village manager Steve Sarkozy.
Estero had declined when Village Partners offered the 62-acre property in the summer of 2017 for $36 million.
Village Partners assembled the 62-acre site by acquiring a portion of the property east of U.S. 1 in 2007 for $11.4 million after buying two nearby parcels in 2015.
The land is at the northeast corner of Corkscrew Road and U.S. Highway 41. It would be the first land acquisition by Estero since the community incorporated as a village in late 2014.
The village council may make a final decision on the proposed land buy at its Sept. 20 meeting at Estero Village Hall. [Naples Daily News] – Mike Seemuth