Seagate lists Fort Myers Beach property for sale
A year and a half since Seagate Development Group won approval from the Town of Fort Myers Beach Council to build a 17-story luxury condo tower, the firm is now listing the Estero Boulevard property with the option for buyers to acquire the property or enter into a joint venture.
The property was listed on the commercial real estate website LoopNet without a price for sale, though the listing puts the 10-acre property’s land assessment at $43.3 million. The owners paid $52 million for the former site of the Red Coconut RV Resort in 2023.
The approval by the town council has been challenged in Lee County Circuit Court last year with a writ of certiorari by a group of residents who live nearby. The legal maneuver, which has been supported through the citizens group Protect FMB, seeks to have the town council reconsider their approval. With three seats on the Town of Fort Myers Beach Council up for election this November, there is a chance that a new town council could act to take up the request from the neighbors.
Messages left with Seagate Development Group CEO Matt Price and Seagate Chairman William Price were not returned.
The property is being listed with the commercial real estate brokerage firm Colliers. A Miami-based broker with the firm confirmed they are handling the listing though there is no asking price. The broker was unable to comment on the listing.
The listing states that the property is “a fully entitled site approved for mixed-use development. The site consists of 10.72 gross acres, with approximately 9.43 acre mixed-use.”
The listing notates that the site is approved for 141 residential units, a restaurant and private beach club, though doesn’t make reference to the ongoing litigation over the approvals. The private beach club would be located on the beach side of the property, while the condos would be on the other side of Estero Boulevard. The listing states that the development “offers beachside living with sunset views of the Gulf of America.”
Tom Brady, who heads Protect FMB, said written arguments have been filed with the court and a judge had ruled that there would not be oral arguments in the case. A judge is currently reviewing the arguments. Brady said Protect FMB maintains that the town council didn’t follow the town’s codes by approving the condo tower, which would be the tallest building on the island. “It’s still out there,” Brady said of the legal case.
“It does seem rather strange that while there is a writ on this property, on the decision to allow them to go forward, that they would advertise this for sale with the ability to build those massive buildings when there is still a court case out there pending,” Brady said.