FL Mixed-Use Community Adds Multifamily Component

Edera at Coconut Point will be the only residential rental property within the 500-acre, master-planned, mixed-use development.

By Timea Papp

Michael Nunziata

Michael Nunziata

Real estate investment, development and management company 13th Floor Investments purchased 6.6 acres of land on the southwest coast of Florida, within the village of Estero, Fla. The acquisition is part of the firm’s plan to develop Edera at Coconut Point, a garden-style, multifamily project that will encompass 180 market-rate rental units.

Edera will be part of the Coconut Point Development of Regional Impact located on the east side of U.S. 41 between Williams Road on the north and the Bonita Springs municipal boundary on the south. As the only multifamily rental property within the development, Edera at Coconut Point will complement the master-planned community’s retail, office and hotel components. 13th Floor Investments’ plans call for significant beautification and interconnectivity efforts at the adjacent 7.5-acre lake, including a walking trail and an observation deck. The property will feature hotel-style amenities such as an oasis pool, gym and yoga studio, business center, dog park and bike-sharing program. 13th Floor, in a partnership with Key International, recently completed 1010 Brickell, a luxury condo tower in Miami.

Burgeoning community

Developed by Oakbrook Properties and the Simon Property Group, Coconut Point is a 500-acre, master-planned, mixed-use property that boasts more than one million square feet of retail space, 30,000 square feet of office condos and on-site Hyatt and Marriott hotels. Additionally, the area is home to the new Hertz world headquarters, with more than 600 employees on-site and an additional 1,200 local jobs to be created by 2018.

“The Village of Estero is home to some of the region’s largest employers, which is fueling a robust and growing population, as well as new high-wage job opportunities. We are excited to support this momentum and deliver much-needed housing to this dynamic and burgeoning community,” said Mike Nunziata, principal of 13th Floor Investments, in prepared remarks.

Image courtesy of 13th Floor Investment

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