15940 McGregor 4.77 Acres of Residential Land Offered at $2,907,064 CAD in Fort Myers, FL 33908

Compass Commercial proudly presents a previously approved 35-unit, 50,628-square-foot multifamily development site in the heart of Fort Meyers, Florida. The subject property is located at 15952 McGregor Blvd, Fort Myers, FL 33908, one of Fort Meyers's primary corridors, connecting downtown to Sanibel Island. The parcel sits at the entrance to Windward Way Condominiums, is in immediate proximity to major retailers, and is only 1-mile north of Sanibel Outlets and Publix. The project had been previously approved, and ownership can deliver the site fully approved or allow any prospective buyer with ample time necessary to ascertain necessary development approvals. The project is perfectly positioned to develop a 65k-70k gross square foot rental or for-sale residential development by any regional or corporate investor. Southern Lee County's strong multifamily demand and a rapidly diminishing supply pipeline have cut the average vacancy rate by nearly half over the past three quarters. While the supply pipeline now only has 180 units underway, the improving market fundamentals place strong demand on housing, with very few fully approved multifamily development projects currently available within the market. The submarket's large geography includes high population growth areas with premiums placed on residential developments within the Ft. Meyers city limits. Southern Ft. Meyers is adjacent to Collier County and siphons demand from the Naples market. In particular, Southern Lee County offers a somewhat more attractive option to renters who commute from the North Naples submarket. Florida Gulf Coast University (FGCU) is located within commuting distance to the subject property, with spillover demand from students unable to secure on-campus housing. Major arterial roads such as I-75 and Tamiami Trail run near the subject property and provide easy access for commuters to reach jobs locally or in nearby markets. Additionally, the site's access to Southern McGregor Blvd provides residential options and easy access to commuters and visitors to Sanibel Island, which is only 3 miles south of the property. All Brokers Protected. Reasonable Ownership Will Consider All Offers and Terms.