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

TRD MIAMI /
Sep.September 09, 2018 04:30 PM

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

 

Related Articles

arrow_forward_ios
The Vue at Brickell building and Gaston Tomaghelli

Feds freeze Miami condos tied to Argentinian drug trafficking and money laundering scheme

Joe Carollo and a Coconut Grove House

Busted: City doles out code violations to Miami commissioner’s Coconut Grove home

Dean Trantalis, Ken Valach, and a Alexan Tarpon River rendering

Condo association sues Fort Lauderdale after city rejects plans for downtown site

David Beckham, Jorge Mas and a rendering of the Overtown stadium

David Beckham, partners to close on county site in Overtown after all

President Trump and Mar-a-Lago (Credit: Getty Images)

Revenue fell at Trump’s Palm Beach properties in 2018

Govorner Ron DeSantis (Credit: Getty Images)

Florida governor signs business rent tax rollback, the third in recent years

Donald Trump and Trump Doral (Credit: Getty Images)

Trump Doral’s financial results falter due to Trump name: report

A Florida bill may allow for remote notarizations

Florida Legislature passes bill that could boost foreign investment in real estate

arrow_forward_ios