Surrounding the picturesque Gulf coast cities from Fort Myers to Naples, Collier and Lee County have become increasingly popular with home buyers looking to move to the region. Residential and commercial real estate developers have been working tirelessly to maintain enough supply for the increasing demand.
With increased development, residents will see a benefit to their house prices through new facilities and amenities, from shopping centres to schools and hospitals.
Here are some of the exciting projects expected to add value to Naples in 2020.
Towers East Naples
Opposite from the Gulf Coast, the city is expanding into Florida as more residents look to make the move to relaxed, friendly Naples. These two high-rise projects in East Naples could encourage growth of a previously underdeveloped area of the city. The monthly NABOR report from the end of 2019 showed that closed sales in East Naples were up 21% with almost 200 closed sales that month. This project is sure to see those numbers higher year over year. One of the complexes, known as Gateway, will include 150 hotel rooms, 24 high-rise apartments and a mix of retail and dining experiences within the building. All of the projects within this complex, which has room to expand by 5 acres, are mixed-use licensed spaces to ensure this community has easy access to amenities and entertainment. Construction is due to start in 2020.
University Expansion
The Florida SouthWestern State College will make further commitments to expand the Collier County Campus, adding jobs, student space and augmenting the university status and student experiences. The primary phase of the Keiser University campus in Naples, expected to be 6 storeys and over 40,000 square feet, will begin construction in 2020, adjacent to the US 41 highway.
Public Sport Complex
Collier County will soon have a high-tech, public-access, amateur sports facility. Forecast to be completed in June 2020, this $80 million development will be constructed in phases with the first phase including 4 of the 19 total playing fields, the reception and welcome areas. Impressively, it will also feature a lake and a 5000-seater capacity championship stadium to encourage both sporting variety and healthy competition amongst amateur teams. Expected to be totally completed by 2021, this sports complex will bring value to Naples’ suburbs and will hopefully become a community destination, encouraging healthy social values and amateur competition.
More Hotels in the Counties
Within Lee and Collier County, there are new hotels planned with existing complexes seeking to expand to accommodate the increasing demand. The existing, luxury, waterfront hotel Ritz-Carlton in Naples has been approved to develop a new building with parking to accommodate another 74 rooms. However, as yet, the project timeline has not been formalised and submitted to the relevant authorities at City Hall. Here, Naples is capitalising on its luxury offerings and relaxed lifestyle.
Up in Fort Myers, the plans for Luminary Hotel, interconnected with adjacent convention centre, are set to come to completion later in 2020, with the $90 million project having started construction in March of 2018. This large complex features 243 rooms, 8000 square feet of meeting space and connects directly to the newly renovated Harbourside Event Center. It is worth noting that this development is one of five planned for downtown Fort Myers in the coming years by hotel group Marriott International. Fort Myers is seeing spectacular growth for investors and families. If you would like to know more about the exciting property opportunities available in Fort Myers or Naples, get in contact with Propeterra today and one of our expert real estate advisors would be happy to discuss these with you.
One Naples
This project has been controversial within the local Naples community. Planned to stand one block from the stunning Vanderbilt Beach, the mixed-use complex has received backlash from the local community for its unreasonable height that has blocked views of the Gulf. Whilst rezoning and other amendments have been made to the planned development, it is still likely to go ahead with two 18 storey residential towers and ground-floor retail and leisure spaces. This controversial plan has alienated many Naples locals within the area so it will be interesting to see how this succeeds when it hits the market in the coming years. The improved, purpose-build retail and restaurant space at ground level is sure to be a useful community addition to the local neighborhood.
Financial Services Skyscraper Headquarters
Two banks have seized the current opportunity in Naples/Fort Myers’ real estate market to develop new headquarters in desirable downtown locations. FineMark National Bank and Trust has seen considerable, steady growth in the last decade, growing into a new 60,000 square foot building in Fort Myers. This $27 million project, expected to be completed by late 2020, will feature two buildings and a 250 car capacity parking garage. From an office of 10 to 200 associates and doubling its assets in just over a decade, FineMark bank is taking over Southwest Florida.
Downtown Village Square
After almost a decade of bureaucracy surrounding the initiation of this Cape Coral development, work is set to begin sometime in 2020. Stretching from Cape Coral Parkway to 47th Terrace, Downtown Village Square will be developed in phases. The 58,000 square foot office building is set to come first with parking, luxury condominiums and retail space following. First proposed in 2006, Downtown developments are an obvious sign of the prosperity of the city and Naples is certainly showing signs of modernisation in recent years, whilst ensuring not to detract from its relaxed atmosphere.
The Gulf Coast cities of Fort Myers and Naples are continuing to see expansive growth in 2020 through these projects and many more. If you are interested in owning your own property in America, look no further than the Paradise Coast. Contact Propeterra today to discuss your next opportunity.
