Captiva
Rebuilding of historic inn underway
Construction has begun on a new Captiva Island Inn, the historic hotel demolished after being substantially damaged during Hurricane Ian in 2022. The rebuilt inn, at 11508 and 11509 Andy Rosse Lane, will feature two elevated buildings totaling 8,454 square feet, says Stevens Construction, which calls this the “first ground-up Captiva accommodations to begin construction since Ian.” The Fort Myers construction company, which is charged with the project, says each structure will have five guest units with private entries, great rooms, kitchenettes, bathrooms, and front porches. Guest parking will be provided beneath the elevated buildings. The Inn has been designed with resiliency in mind and will sit on 208 concrete pilings, the release states, “to provide lasting stability and storm protection.” Work on the Inn officially kicked off Oct. 15 with a ceremonial groundbreaking and is scheduled to be finished in fall 2026. The Captiva Inn first opened in 1950. The Stevens Construction team working on the project includes Nick Burkel, Dawson DeGroot, Zach Brown and Morgan Thie. MHK Architecture is the architect of record and Quattrone & Associates is the civil engineer.
Fort Myers and Sarasota
Local renters among most mobile in US
Renters in Fort Myers and Sarasota are on the move more than almost anywhere else in the country. That’s according to a new study out from RentCafe.com. The study found that nearly half of renters in both cities switch apartments within two years, above the national average of 38%. In Fort Myers, the number of renters who moved frequently jumped 26.7% over the past five years, to 46%. While the overall number of renters dropped slightly, according to the report, the number of apartments in the city grew 7%. That, the study’s authors say, gave renters “more flexibility to relocate.” In Sarasota, 44% of renters changed apartments within two years, a 15% increase in the past five years. Helping drive the frequency of moves is one of the country’s strongest apartment construction markets, with the number of new apartments increasing nearly 20% in five years.
Tampa
New York investment bank extends lease
Thousand & One is the first new office tower delivered in downtown Tampa since 1992.
Courtesy image
Solomon Partners, the New York-based investment bank, has renewed its lease at the Thousand & One tower at Water Street Tampa. Terms of the lease and the size of the space were not disclosed. Strategic Property Partners, Water Street’s developer, says in a statement the firm had previously operated under a sublease and is now under a direct lease, “a shift that underscores its long-term commitment to the Tampa market.” With the renewal, Thousand & One’s occupancy is at 92%, with about 36% of tenants now new to the area, the release states. Thousand & One is a 20-story office tower with 360,000 rentable square feet. It opened in the $3 billion Water Street development in 2021. According to SPP, 24,000 square feet remains available for lease, including “a rare opportunity for a full-floor buildout.”
St. Petersburg
Miami developer gets $121 million loan
Key International, a Miami real estate development and investment firm, has obtained a $121 million construction loan for the development of a 39-acre mixed-use development on Tampa Bay. The property is just off the Gandy Bridge as you enter Pinellas County from Tampa. The loan was issued by ABANCA USA, the U.S. division of an international financial group based in Spain. Terms were not disclosed. Construction on the Amara Bay Residences & Marina at 12000 Gandy Blvd. N. in St. Petersburg started late last year and the first buildings are expected to be done by late 2026. Key International’s plans call for 415 luxury apartments, a 150-slip marina, an 8,000-square-foot restaurant and 3,000 feet of walkable waterfront. Other amenities will include two pools, a clubhouse and a boardwalk with fitness paths and a kayak launch. Key International was founded in 1970 and has a portfolio with 10 million square feet of property, with more than 6,000 residential units and over 3,300 hotel units.
Sarasota
Industrial site hits the market
An industrial building with commercial possibilities is up for sale at 7575 Commerce Court in Sarasota.
Image courtesy of Ian Black Real Estate
A 44,164-square-foot industrial property is for sale in Sarasota. The property is at 7575 Commerce Court near U.S. Highway 301 and Interstate 75. According to a marketing flyer from Ian Black Real Estate, the Sarasota commercial real estate firm listing the property, the two-unit block building has a layout that can accommodate several commercial uses with extensive office space and conference rooms. One unit is 18,746 square feet and includes 15 private offices, open workstations, training areas and lab rooms. The second is 25,418 square feet and has an open office area, numerous private offices, research clean rooms and warehouse storage. The asking price is $11.42 million. The current owner, an LLC with a Stamford, Connecticut, address paid $2.19 million for it in 2003. Ian Black’s Michelle Fuller, Nick Devito II and Brie Tulp are listing the property.
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