The Real Deal Miami

Southwest Florida town may pay $24.5M for 62 acres of riverfront

Estero, which rejected an earlier offer to pay $36M for the land, wants to ensure public access to green space along the Estero River
September 09, 2018 04:30PM

The Estero River in Lee County (Credit: H. Leo Kim | Naples Daily News)

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.

Estero wants to buy the land from Village Partners because of its access to the Estero River, which cuts through southern Lee County to Estero Bay.

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