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Business Observer Friday, Jan. 31, 2020 6 months ago

Ohio joint venture forging ahead with downtown Fort Myers apartments

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River frontage spurs $12.5 million land sale
by: Kevin McQuaid Commercial Real Estate Editor

While Miami’s Jaxi Builders evaluates whether to proceed with a trio of condominium towers in its One and Allure projects, an Ohio joint venture is forging ahead with plans for upscale multifamily rentals in downtown Fort Myers.

ESH Fort Myers LLC, a joint venture between Silver Hills Development Inc. and Edwards Cos., both of Shaker Heights, Ohio, closed on a $12.5 million site last year that represents one of the last remaining waterfront sites in the city.

Silver Hills at Fort Myers is expected to contain a pair of four-and five-story buildings at 2220 First St., formerly the site of the planned OneWest project.

When completed in 2021, the $75.5 million project is expected to contain 327 apartments and a 580-space parking garage.

The 5.3-acre site is across from a Publix Super Markets Inc.-anchored shopping center known as First Street Village and near West End at CityWalk apartments, which is under construction.

Silver Hills officials could not be reached for comment and Edwards Cos. did not return a telephone call regarding the project.

Last summer, city officials approved $12.96 million in tax rebates for the developers through 2044.

Phil Fischler, principal of Fischler Property Co., which represented seller iStar Financial in the transaction, says the Silver Hills project will have a “positive impact” on the entire downtown area.

 

 

 

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