Description
Introducing Princeton Development, a rare opportunity to acquire a premier
residential site in stunning Southwest Florida. This exclusive listing offers 3.4
acres of prime land, pre-approved for 72 multifamily units, or can pursue up to
174 single-bed units with a design change. Strategically situated in central Fort
Myers, the property enjoys proximity to key demand drivers and high-traffic areas,
making it an ideal location for a top-notch multifamily project. With its
exceptional potential for growth and returns, this development is lucrative
opportunity for savvy investors seeking to capitalize on the thriving Southwest
Florida market. Princeton Development is a proposed modern, three-story multifamily project
comprised of 72-units. The design resembles stacked townhomes where
two-story units are ‘stacked’ on top of a ground-floor unit. The proposed design
comprises 4 buildings, each with a collection of 18 units with a combination of 2
& 3-bedroom layouts ranging from 960sq.ft. A/C to 1130 sq. ft. A/C. A feature
highlight is private exterior front entrances with no shared lobbies or common
corridors, giving residents more separation than condos. Catering to the
entry-level market, this no-frills complex offers a combination of modernity and
simplicity, urging residents to venture into the town to enjoy all the nearby
conveniences. Princeton Development has had an extensive design review. Once the architect is
re-engaged to complete the building design, anticipation is a 5–6 month timeline
from bldg. permit; a design update to the 2023 building code for drawings is
required. Expected turnaround for the redesign is 2 months followed by 4 months
for permit approval. Initial city comments have already been received to help stay
on track for permitting. Civil permit is approved and just pending issuance to help
break ground prior to receiving the bldg. permit. Also, with a lead time of 3
months for storm structures, having the civil permit ready will help with the
construction schedule. FPL design is complete and awaiting release. This will also
help with the construction schedule due to the long lead time for transformers.
Princeton Development is a financial opportunity that could significantly enhance
the market value of the surrounding area while also providing numerous benefits
to the community, making it a valuable addition to the neighborhood. This parcel is NOT located in a FEMA designated flood zone.