Minnesota developer buys Fort Myers mixed-use project site for $20.45M

A Minneapolis development firm has bought a 61.3-acre site in Fort Myers for $20.45 million. 

Ryan Cos. intends to build a large-scale, mixed-use project on the site, which it’s dubbed Dia Crossings, according to a statement. The property, at U.S. 41 & Alico Road, required full rezoning and the rescission of a former Development of Regional Impact (DRI) designation. Now approved, the site can have 350 multifamily units, up to 200,000 square feet of commercial space and 150 hotel keys.

The seller is Holes Jared Trustee, according to a statement. 

The deal was announced by Fort Myers-based LSI Cos. Alex Henderson and Max Molloy of the firm, along with Phil Fischler of Fischler Property Co., represented the buyer. Michael Frye of Re/Max Realty Group represented the seller. 

“Development at this scale requires a formula of strong economic fundamentals, a team of expert consultants, high-quality leadership, and, of course, a willing buyer and a willing seller,” Henderson says in the release. “Thankfully, this proved true for Dia Crossings, and we can’t wait to see this project take shape in the very near future.”

The deal marks the second time in the past week LSI Cos. has brokered a $20 million-plus deal in Southwest Florida. Last week’s deal was in Charlotte County, where Amazon bought 232.73 acres just off of Interstate 75 in Punta Gorda on Jones Loop Road for $20.14 million.

“This property is one of the last remaining large-scale development tracts along the South Tamiami Trail corridor in Lee County,” Molly says in the release, referring to the Ryan deal. “We are excited to see this mixed-use retail and residential project come to life and look forward to continued efforts in bringing high-quality commercial users to the corridor.”