Aerial view showing Cape Coral's vibrant real estate market with various developments.
Cape Coral’s real estate market is experiencing significant growth with high-profile property sales, luxurious residential projects, and commercial expansions. Recent transactions include office buildings on Del Prado Blvd., while the luxury market thrives with impressive sales figures. Additionally, new developments and affordable housing initiatives are underway, addressing the community’s needs post-COVID-19. The demand for office space is rising, driven by recent population growth and local businesses seeking to expand. Overall, the region showcases a robust transformation in its real estate landscape.
The real estate market in Cape Coral is undergoing significant transformations with several high-profile transactions and new developments taking shape. Notable sales include a pair of adjoining office buildings along Del Prado Boulevard that recently changed hands for a combined total of $1.43 million.
The buyer, an investor from Naples operating through an LLC, acquired the two properties which together encompass 4,449 square feet. The first building situated at 4202 Del Prado Blvd. measures 2,182 square feet and was sold for $781,000. This property was previously owned by Advanced Integrative Medicine, which had purchased it for only $118,275 in 2022. Meanwhile, the second building at 4206 Del Prado Blvd. is slightly larger at 2,267 square feet and sold for $650,000. Rodgers Real Estate Inc. had acquired it in 2009 for $250,000.
LSI Cos., with broker Mike Trivett at the helm, facilitated the transaction but has not revealed the intentions of the new owner regarding these properties.
The luxury real estate market in Southwest Florida continues to show resilience, with some projects achieving remarkable sales figures. Tower 500 in Naples, part of the Kalea Bay development, has reached over $330 million in sales, with expectations that it will sell out before construction concludes in September. This soaring 22-story luxury tower offers 120 units, each featuring stunning Gulf views, with prices starting at $3.5 million. Currently, 66 units have already been sold.
Other sales earlier in the region include the Ritz-Carlton Residences Estero Bay, which topped $700 million in transactions, alongside a significant residential trio in Port Royal that fetched $225 million. These numbers demonstrate that the luxury market remains robust, even as the broader market faces challenges.
In terms of commercial real estate, Saunders Land has made strides by expanding into North Carolina, adding two new brokers to its team. Kenneth Chesson will head operations in Williamston, while Bill Frisbie takes on the role of regional managing director in Raleigh. This firm is known for its expertise in commercial and land sales, having previously completed two major land deals totaling $38 million in Florida.
Additionally, Austin-based ResProp Management has made significant investments in St. Petersburg with the purchase of the Gateway on 4th Apartments for $37.03 million. This 304-unit complex, built in 1974 and situated on 15 acres, will undergo renovations to introduce updated amenities, such as new washers and dryers, with financing supported by a $33 million loan arranged by Berkadia.
Looking towards future residential constructions, the Sarasota City Commission has approved plans for the rehabilitation of the historic Mira Mar building and the construction of twin 18-story condo towers. Seaward Development will lead this ambitious project, which aims to preserve the building’s original structure that had previously suffered damage.
In Lakewood Ranch, a new StudioRes by Marriott hotel is set to rise, backed by a $12.44 million construction loan. Located conveniently off University Parkway and Interstate 75, this hotel will feature extended-stay accommodations and a variety of amenities, broadening the region’s hospitality offerings.
The demand for office space in Southwest Florida is surging in the aftermath of the COVID-19 pandemic, marked by a remarkably low 4.5% vacancy rate. The state has seen more than a million new arrivals since 2020, generating increased demand for employment quarters. SalusCare is proactively seeking additional office space in Cape Coral in light of past losses from Hurricane Ian and current shortages.
Moreover, under the Live Local Act, Coast Life Companies is working on the construction of affordable apartments, aiming to add 5,000 new units to Cape Coral. The development plans include a four-story building that combines both residential and professional office spaces.
In line with these developments, Premier Women’s Care of Southwest Florida is also expanding its footprint with a new 40,797-square-foot medical office building in Cape Coral, expected to open in fall 2025.
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