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One of the Baltimore area's best-known development firms has acquired a 37.6-acre tract in Fort Myers, where it plans an “upscale” apartment community.
Knott Realty Group plans at least 400 new multifamily units at 9851 Ben C. Pratt Six Mile Cypress Parkway, a site it acquired in December for $5.2 million.
“Much of Collier County's land has become overpriced, and Sarasota is largely considered overpriced, so that's pushing people to Lee County, Port Charlotte in Charlotte County and North Port in Sarasota County,” says Skip Thinnes, a senior vice president at commercial brokerage firm Lee & Associates, who represented Knott and the seller in the transaction.
“And there aren't many large apartment projects ongoing in Cape Coral or the surrounding area, so this makes a lot of sense for them.”
Knott officials did not return calls for comment. Thinnes says the company does not yet have a specific timeline for its development.
Lee County is among the fastest-growing areas of Florida in population, a trend that has spurred development of multifamily projects countywide.
Though it is based in Timonium, Md., Knott is no stranger to Florida development. The company has developed flex space in Fort Myers, at 7800-7916 Drew Circle, near the Southwest Florida International Airport; and in Lakeland, at 2850 Interstate Drive, according to its website. The company also owns land in Lakeland, at 4210-4260 Pipkin Road.
In Maryland, Knott has developed dozens of projects over the past quarter century, including the headquarters for the Centers for Medicare & Medicaid Services, a 57-acre office complex; the Emerson Corporate Commons parks; and the community of Bowling Brook, which contains more than 360 apartments on a 208-acre site.
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