FRP and Woodfield Get to Work on Fort Myers-Area Mixed-Use
At full build-out, the project will include a mix of sizeable multifamily, retail, office and hospitality space.
FRP Development Corp. and Woodfield Development have started work on the first stage of a multi-phase mixed-use development at 23281 Lyden Drive in Estero, in Lee County, Fla.
The project will include 296 apartment units in a number of three- and four-story residential buildings, along with 30,000 square feet of retail space. The initial residential units are slated for completion in the third quarter of 2027.
Santander Bank provided an $81.5 million construction loan to facilitate the project. Development of this stage is being led by general contractor Brooks & Freund, in collaboration with Humphreys & Partners Architects and interior design firm ID & Design International.
Plans ultimately call for the development, located along U.S. highway 41 and directly across from Coconut Point, to include about 600 apartment units, 80,000 square feet of retail space, 20,000 square feet of office space and a boutique 190-room hotel. The nearby Coconut Point is a major open-air lifestyle destination mall including about 1.2 million square feet of retail—more than 125 stores—as well as dining and entertainment offerings.
READ ALSO: The Mall Gets a Residential Address
Designed by Dover Kohl & Partners, the master-planned community will feature a walkable town center. Common-area amenities include resort-style pools and sundecks with private cabanas, an outdoor grilling area, club and entertainment spaces, a private dining room and a gaming lounge with a golf simulator and billiards table. The community will also have coworking facilities, a fitness center and a sky lounge overlooking the community’s central park.
The Estero development is the latest joint venture project by the FRP and Woodfield partnership. The companies previously delivered Riverside, a 200-unit multifamily community in Greenville, S.C., and the redevelopment of a former downtown Greenville office building into .408 Jackson, now home to 227 apartments and DeMarco’s restaurant.
The partnership is also currently developing Woven, a mixed-use community in West Greenville, S.C. The project will include 214 apartments and about 13,000 square feet of commercial space.
Fort Myers Multifamily sluggish in short term
The Fort Myers multifamily market in the second quarter of 2026 was characterized by elevated vacancies, softened rents, and increased construction, according to Lee & Associates. While new development is moderating, thousands of units remain under construction, fostering competitive conditions at least in the short term. The multifamily market is thus favoring disciplined, equity-rich buyers, the company notes.
Still, over the longer run, population increases are expected to help absorb much of the new product, especially in Southern markets including Fort Myers, along with Austin, Phoenix and San Antonio. The South has consistently seen the highest in-migration of any U.S. region since at least 2015.
Investors have taken note. Last month, the Embassy Group paid $67 million for Spectra, a 324-unit multifamily community in Fort Myers. Late last year, TerraCap Management acquired West End at City Walk, a 318-unit property in Fort Myers, as part of a two-Florida property portfolio deal.
