Home News Fort Myers’ Royal Palm Square sells in $12 million deal, new owner envisions mixed-use community –

Fort Myers’ Royal Palm Square sells in $12 million deal, new owner envisions mixed-use community –

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Just east of Colonial Boulevard and just east of McGregor Boulevard, Fort Myers retail center Royal Palm Square has new owners with a new vision for the future.

Alessio Holdings purchased 14 acres of land from ALS Commercial II LLC for $ 12 million in a transaction that included $ 3 million worth of equipment. The deal closed on Thursday includes the Broadway Palm Dinner Theater and nine other buildings.

Alessio, an Illinois-based company, established its presence at Fort Myers earlier this year. Buy 99-year-old Richards Building in downtown Fort Myers for $ 2 million When Buy 159 acres for $ 10 million in the southwest quadrant of Interstate 75 and 82. The land was recently cleared with a plan for a 500,000-square-foot light industrial building. The Kittle Property Group plans to build apartments on 23 of the 159 acres after purchasing a portion of the land from Alessio for $ 7 million.

“The new vision for Royal Palm Square is to be a place to live, work and play,” said Sawyer Smith, a spokesman for Alessio and a lawyer at Fort Myers. Alessio plans to transform Royal Palm Square into a multipurpose community centered on cultural arts and quality of life.

“The concept is still in its infancy,” Smith said. “It will take years to spot this. For now, Royal Palm Square remains the same.”

The shopping center is two of the 44 existing tenants that are not fully leased, the largest of which is the Broadway Palm Dinner Theater.

Will Father, owner of Broadway Palm, is in constant contact with Alessio and is confident that his business will continue to be a staple of the Fort Myers entertainment scene.The theater will enter 30 yearsth October year, and Placer plans to celebrate 40th Year there too.

“I’ve been in Royal Palm Square Mall for 30 years and have seen a lot of changes,” he said. Wizard of Oz It starts on Saturday. “I’ve seen a lot of ups and downs. There were probably four or five landlords during that period. I’m pretty excited about the new landlord. It looks like a great company. They’re great here in southwest Florida. I have a vision. I am fortunate to have long-term debt. I will continue to do business for the next 10 years. “

Built in 1981, Royal Palm Square struggled to survive the new traffic flow that occurred when the Midpoint Bridge was completed in October 1997. This bridge connects Fort Myers and Cape Coral from Colonial Boulevard to Veterans Parkway. However, this bridge diverted Fort Myers shoppers from easier access to retail centers. It has evolved over the years under a variety of owners who have moved from pure retail stores and restaurants to restaurants, academies, accounting firms and other destination businesses.

Royal Palm Square is zoned for the general commercial market, allowing 25 units per acre. Current zoning will allow up to 350 units of apartments on all lands, but long-term commitment to Broadway Palm will reduce the number of units.

“Plaser is a great steward for our community and the Alessio family looks forward to his continued success over the next few years,” Smith said.

According to public records, the former owner of Royal Palm Square borrowed a $ 5 million mortgage for real estate in 2017.

Matt Simmons, a real estate appraiser at Maxwell, Hendry & Simmons, said he was looking forward to seeing Royal Palm Square’s new vision.

“It was the talk of the town when it was built,” Simmons said. “The idea of ​​mixing retail stores and offices was really new and bold when it was built. It went through various stages. When the Midpoint Bridge entered, Royal Palm Square found its new foothold. But I know the previous owner did a lot for the property. Over the years, the tenant composition has been strengthened. Such a footprint is in place. It’s hard to find a big land that’s there. I’m curious about what the new owners are thinking. “

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