This week the Red Coconut property was listed on Loopnet where property owner Seagate states they’re looking for a partner or outright buyer of the former 10-acre piece of land. It looks now like Seagate may be ready to throw in the towel on Fort Myers Beach.
Seagate’s plan to redevelop the 10-acre property was approved in a 3-2 vote by the Town Council in December of 2024. The approval was for 5 buildings, including two 17-story structures. Several months after that vote a group of residents that live in a nearby neighborhood organized and challenged the town’s decision by filing a Writ of Certiorari. The residents were asking the court to look into whether the town properly followed their Comprehensive Plan and Land Development Code in the approval process of the Seagate project. The Writ was filed in March of 2025 and there is no end in sight when the court wil make a decision. The best outcome for the residents who filed the Writ would be for the court to tell the Town Council they have to look at the proposal all over again. The court cannot simply negate the vote.
The Seagate approval also ingnited a recall election that resulted in Karen Woodson and John King being recalled by the voters. King was allowed to keep his seat when his recall petition was thrown out by a judge. Woodson and King voted in favor of Seagate. The third yes vote was by Jim Atterholt who resigned his seat three years before his term expired.
The LoopNet listing says the property is “approved for 141 residential units, including 137 units within two high-rise condominium towers and 4 single-family homes. Approvals also include a restaurant and private beach club, enhancing the sites appeal. This represents a prime chance to create a landmark residential destination in a highly sought-after waterfront location.”
Nothing on the LoopNet page mentions the writ still wallowing in the court system or the angst the approved project has caused in the community. But, of course, those would clearly not help a potential sale. Seagate bought the Red Coconut property nearly 3 years ago for $52 million. The LoopNet listing appraises the property at just over $43 million. Seagate did not include a sale price in their Loop Net posting.
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