A Miami real estate investor and developer working with a Chicago private equity firm plan to build 320 apartments on 14.5 acres in North Fort Myers.
The companies, Mast Capital of Miami and BLG Capital Advisors of Chicago, say the apartments will be built across from downtown at Fort Myers at 13370 N. Cleveland Ave. The site is a former shopping center.
According to a statement from the developer, the development will include three- and four-story garden-style apartment buildings. Construction is scheduled to begin in the summer.
The developers would not disclose the sale price, but according to Lee County records, an LLC with an address matching Mast’s paid $12.8 million for the property in September.
Mast had developed properties across Florida and “with acquisitions since December 2020 representing (has) over $2 billion in total project capitalization,” according to the statement. It is investments include 2,300 residential units ranging from garden rental apartments to luxury condominiums.