3611 Cleveland Ave, Fort Myers, FL 33901

The present zoning for this 5 acre site is Commercial Intensive (CI), the citys most liberal of commercial districts, and which allows for mixed use, including office, retail, hospitality, and high-density multi-family residential (25 units per acre) or Assisted Living Facility (ALF). Its close proximity to Edison Mall and Lee Memorial (Lee Health) Hospital creates potential for use by health services and senior living. This would also be a great supermarket site.
A new site plan for its highest and best use is likely to be mixed use with two frontage retail pads (or small strip center), and multi-family residential or assisted living in the rear. The site is entitled for up to 125 residential units by right (25 per acre), with the potential of up to 190 units, depending on the total combined parking requirements, and size of units. The City of Ft Myers uses a fractional equivalency based on size whereby units of 1200 sf or less are a 3/4 unit, and those of 750 sf or less are a 1/2 unit. There is potential for up to 241 units for an Assisted Living Facility (ALF). The number of units for an ALF is based on the number of beds, whereby 1.93 beds equal 1 unit (125 X 1.93 = 241 beds). The parking ratios are far less for an ALF as well (1 space per 3 beds), thus making the 241 beds that much more feasible, and potentially creating more capacity on the site for additional commercial space.
Residential redevelopment will enjoy Impact Fee Exemptions (for all but School Impact Fees of approx. $1,038 per unit). This will save over $7,400 per unit. Additional incentives for redevelopment include off-site storm water management and potential Tax Increment Financing (TIF). The development of an ALF would also be exempt from all impact fees, including the School Impact fees.
* Seller will selectively consider a short-term mortgage at market rates call for more information.

Highlights

• 5 Acres
• Mixed Use Redevelopment Opportunity
• Traffic Count: 56,000 AADT