Simon Property Proceeds With 166-Acre Project

BONITA SPRINGS, FL-Simon Property Group, Inc. has given the green light to the 166-acre, mixed-use project Coconut Point in the Estero/Bonita Springs area. Plans call for the project–which will be located between Fort Myers and Naples–to include 1.2 million sf of retail space. Overall, the Coconut Point community comprises 500 acres planned and permitted by both Simon Property Group and Oakbrook Properties.The project will include Town Center, the main retail portion, as well as 90,000 sf of office condominium space, hotel space and 200 to 400 multifamily units. Simon will consider the development one of its signature properties, according to Thomas J. Schneider, executive vice president of development for Simon Property Group.The Town Center is divided into three areas: the Village, the Community Center and the Lakefront. Anchor tenants lined up for the Village are Dillard’s, Barnes & Noble, a 20-screen, 93,000-sf Muvico theater and four restaurants. Other tenants that have committed to the location include Bath & Body Works, Brookstone, Express/Express Men, Finish Line, Jos. A. Bank Clothiers, Talbots and Victoria’s Secret.The Village, to be developed around a Main Street, will include about 35,000 sf of office space, some for sale and some leased, over the retail space on the west side of Main Street.Approximatley 200 to 325 luxury condominiums are will be developed over the retail space on the east side. The Village is scheduled to break ground in summer 2005 and open in September 2006.The Community Center will have another approximately 40 stores. Stores that already have committed to space there include: Best Buy, the Sports Authority, Bed Bath & Beyond, and Ulta Cosmetics. Plans call for the Community Center to open in October 2005.The Lakefront, between the Village and the Community Center, will have additional restaurant and retail space around an 18-acre lake. At press time, developers were negotiating with restaurants including Brio, California Pizza Kitchen, Cameron Mitchell Seafood, Champps Americana, Claddagh Irish Pub and Kona Grill.With Coconut Point, developers are targeting everyone from residents to seasonal residents to tourists.