Ryan Menard
CAPE CORAL, FL—Thompson Thrift Retail Group, a business unit of Indianapolis-based Thompson Thrift Development, has acquired 13 acres of land here. The company plans to develop a $20 million mixed-use development on the site.
The site is located at the northwest corner of Pine Island Road and Del Prado Boulevard in Cape Coral, the largest master-planned community in the US. The Pine Island Road corridor sits in the heart of Cape Coral and is a state highway that stretches more than 20 miles from Interstate 75 westward to Pine Island. On a daily average, more than 30,000 cars travel Pine Island Road, with a similar number of vehicles traveling along Del Prado Boulevard.
As part of its development plan, TTRG expects to raze a vacant Circle K building to make way for the construction of approximately 50,000 square feet of single-level, multi-tenant space. First Watch, Tire Kingdom, Firehouse Subs, and Encore Nails have already committed to the site, which TTRG is targeting to open the first phase of the development in the fourth quarter of 2020, and other tenants remain in various stages of negotiation.
Ryan Menard, vice president of development for TTRG, tells GlobeSt.com that construction will begin this spring on the two-phase project.
"Cape Coral has been one of the country's fastest growing cities for the past few years," Menard said. "We look forward to working closely with the city and future tenants to develop a project with strategic purpose and skilled design that will bring a much-needed redevelopment to this key intersection while providing additional amenities and employment opportunities for this rapidly growing local economy."
Dannielle Robinson, senior associate of retail services at Colliers International, said, "This has been a pretty complicated assemblage, but Thompson Thrift was able to navigate the various hurdles and move this project forward. Based on the amount of pre-leasing interest we have received, the timing is right, and we are excited to partner with TTRG to finally bring this concept to reality."
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