FORT MYERS, FL-In a sign of life for the Fort Myers market, Halvorsen Holdings broke ground on the first phase of a 70,000‐square-foot neighborhood shopping center. Dubbed Publix at Eagle Landing, the center is being built on about 20 acres of land.
“Publix at Eagle Landing will provide local residents with a premier grocer along with goods and services in a convenient, close‐to‐home location,” explains Tim Berg, president, Halvorsen Real Estate Corp. “With its close proximity to Interstate 75 and minimal competition, the center is positioned to be the leading neighborhood center in the area.”
The initial phase includes a 46,000‐square foot Publix Super Market and 12,200 square feet of small shop space ranging from 1,260 square feet to 1,440 square feet. The Publix will include an in‐store pharmacy as well as its typical specialty departments. What’s more, four outparcels are available for ground lease or purchase. The first phase is scheduled to open Spring 2012.
“We are taking a strategic approach to the development of this center,” continues Berg. “We recognize the impact of the economic downturn and will not oversupply the market with retail space. Publix at Eagle Landing will fill the grocer void in this trade area with a preferred retailer in a high quality shopping center.”
According to the 2010 Census, the Cape Coral/Fort Myers metropolitan statistical area was ranked as the fifth fastest growing MSA between 2000 and 2010 with a 40% change in population. Nearly 33,000 people reside within three miles of the shopping center and boast an average household income of nearly $50,000. And Realtor.com reports that the Cape Coral/Fort Myers market is ranked third in the nation for potential appreciation of home values. In a previous year comparison, prices are up over 24% for March 2011.
“The Publix at Eagle Landing development illustrates Publix's continued desire to open new stores in strategic locations,” Anthony Blanco, managing partner at Plaza Advisors, tells Globest.com. “While some portions of Lee County are still seeing increased vacancy rates, Publix at Eagle Landing should perform very well by virtue of Publix's new store, the relative lack of nearby competition and its ideal location between Interstate 75 and US Highway 41. I also believe the developer's desire to develop the property in phases makes a great deal of sense and will help avoid an oversupply of retail space in the trade area.”
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