Seth Mendelsohn owner of ESH Fort Myers LLC, purchased the 2220 First St. property from iStar Financial. The 5.3 acres sold for $12.5 million on Dec. 23. This deal is going to help tremendously with the reshaping of Downtown Fort Myers and its continued growth. Seth Mendelsohn who is principal owner of Silver Hills, a Shaker Heights, Ohio-based real estate investment company that focuses on Florida, is a Florida native and extremely excited to help Fort Myers reach its potential.
The new ownership group intends to develop a five-story 327-unit apartment complex with a 580-space parking garage. Construction costs are estimated at $75 million. The goal for completion is slated for 2021.
ESH Fort Myers LLC plans to disclose their plans once they are passed the permitting phase.
City Walk, which is currently under construction at Altamonte Avenue, First Street and McGregor Boulevard, will have 318 units, which means 650 new apartments will be opening over the next two years near downtown!
Once these developments are completed and occupied, they are going to have a SIGNIFICANT POSITIVE impact on downtown Fort Myers retail and restaurants.
Joe Bonora who is the developer for City Walk is in full support of the development at 2220 First Street. “For Downtown to really develop, you need housing options...The more people living down there, the retail, the office space, that’s the infrastructure that downtown really needs..”
While the waterfront property apartments at 2220 First Street head to the permitting phase, City Walk walls will start going up soon, as the area will be transformed over the next two years.
So much growth happening in SWFL and all the more reason to invest in SWFL Real Estate. Give me a call! Lets talk business! 239-994-3681