"Florida is one of the most desirable areas to live today, and we feel it is underserved," says NRIA COO
SECAUCUS, NJ / ACCESSWIRE / January 7, 2022 /National Realty Investment Advisors (NRIA), a leading developer of luxury real estate on the East Coast, is pleased to announce that the firm will soon begin a redevelopment project in the riverfront district of Fort Myers, Florida. The project, located on and around West First Street, will include the refurbishing of an existing hotel, marina, restaurant, residential and retail area, as well as the development of two new 25-floor residential towers and one five-story residential building.
"Southwest Florida has great growth potential," says Glenn La Mattina, NRIA's COO, of NRIA's choice to invest in Fort Myers. "Florida is one of the most desirable areas to live today, and we feel it is underserved. There is a considerable need for additional housing for new migrants and long-time Florida residents. We can help fill that need."
NRIA closed on the 4.7 acres of land on West First Street in Fort Myers in 2021. The property currently includes the hotel at 2038 W. First Street, the marina with 131 boat slips at 2044 W. First Street, retail space, Joe's Crab Shack restaurant at 2024 W. First Street, a parking lot, and three houses.
NRIA has initial approval to plan the development of three new buildings at the location, including the two 25-floor residential towers on the Caloosahatchee River and a five-story residential building that will include a parking garage across the street. In total, the redevelopment project will offer 352 residential units.
In addition, more than 38 boat slips will be added to the existing marina, which will continue to operate as usual. Joe's Crab Shack will also remain in place and continue to operate with a new long-term lease. The existing houses will remain as well.
As part of the project, new restaurants and retail establishments will line West First Street and the riverfront, creating an energetic downtown feel, according to NRIA's La Mattina.
"This development will be a trendsetter for the area," he says, "incorporating modern design with old-world Floridian style."
"It's going to be a beautiful and vibrant extension of downtown Fort Myers," adds Rich Stabile, senior vice president of acquisitions, construction management, and sales for NRIA. "The views of the water are spectacular. Centennial Park is right around the corner. You can walk everywhere. You couldn't ask for a better location."
With a history of over a decade of delivering the highest quality in construction, NRIA, headquartered in Secaucus, New Jersey, has earned its reputation as one of the leading real estate developers in the nation.
For more information about NRIA, visit www.nria.net.
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