Naples, Fla. (September 18, 2020) – Closed sales activity in the Naples area housing market maintained steady momentum through August with a 35.2 percent increase in overall closed sales to 1,098 closed sales from 812 in August 2019. According to the August 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), homebuying activity in Naples during the last three months exceeded activity reported in the first three months of 2020, more typically known as our peak resident season. Broker analysts reviewing the report predict this momentum, driven from more closed sales, more new pending sales, and more new listings compared to a year ago, will set the Naples area housing market up for continued positive performance into the fall months.
The market report showed August had the highest month-over-month increase in pending sales compared to any other month reported in 2020, with a 70.4 percent increase to 1,479 pending sales from 868 pending sales in August 2019. Not surprising, homebuyers seeking single-family homes continued to tilt the scales in August as the report showed a 76.4 percent increase for this home category, while pending sales of condominiums increased 63.9 percent.
In comparison, this summer’s closed sales have eclipsed our peak season’s closed sales as there were a combined 3,133 closed sales reported during June, July and August compared to a combined 2,659 closed sales reported in January, February and March.
August’s inventory decreased 29.1 percent to 4,174 properties from 5,887 properties in August 2019. However, despite the month-over-month drop in inventory during August, there were more new listings added over the summer months than new listings added during the peak season months. Broker analysts were quick to point out that some of the new listings added during the summer were likely listings that had been pulled off the market during the Great Lockdown, which occurred in April and May.
“Increased buyer demand is helping to move some of our old inventory,” said a Broker.This increased buyer demand is illustrated by the number of days on the market in August, which decreased 5.9 percent to 96 days compared to 102 days in August 2019. The report also showed the Naples area has only 184 single-family homes under $300,000 available to buyers. And inventory for single-family homes between $300,000 and $500,000 decreased 54.9 percent in August to 446 single-family homes from 990 single-family homes in August 2019.
Overall median closed prices in August increased 26.7 percent to $399,000 from $315,000 in August 2019. Single-family home median prices increased 15.7 percent to $457,000 from $395,000 in August 2019, and condominium median closed prices increased 18.4 percent in August to $290,000 from $245,000 in August 2019.
However, keep in mind that the median closed price is a figure that is “in the middle,” as half of homes listed are above this price and exactly half are below this price. Broker analysts reviewing the report were quick to point out that one sale of a high-worth property (e.g., $2 million+) during a given month can greatly influence this figure, and that it doesn’t mean all home prices increased. As such, when evaluating pricing trends, brokers prefer to use the 12-months ending median closed price statistics. For the 12-months ending August 2020, the median closed price increased 5.4 percent. Interestingly, using this metric, the August report showed median closed prices for homes between $300,000 and $2 million have actually decreased.
The NABOR® August 2020 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
| CATEGORIES |
Aug 2019 |
Aug 2020 |
CHANGE |
| Total closed sales (month/month) |
812 |
1,098 |
+35.2% |
| Total pending sales (homes under contract) (month/month) |
868 |
1,479 |
+70.4% |
| Median closed price (month/month) |
$315,000 |
$399,000 |
+26.7% |
| Total active listings (inventory) |
5,887 |
4,174 |
-29.1% |
| Average days on market |
102 |
96 |
-5.9% |
| Single-family closed sales (month/month) |
421 |
583 |
+38.5% |
| Single-family median closed price (month/month) |
$395,000 |
$457,000 |
+15.7% |
| Single-family inventory |
3,041 |
1,784 |
-41.3% |
| Condominium closed sales (month/month) |
391 |
515 |
+31.7% |
| Condominium median closed price (month/month) |
$245,000 |
$290,000 |
+18.4% |
| Condominium inventory |
2,846 |
2,390 |
-16.0% |
Geographically, closed sales of properties in the Naples Beach area (34102, 34103, 34108) during August increased 84.4 percent and saw an 82 percent increase in median closed price; the South Naples area (34112, 34113) reported the most new listings in August, with a 32.7 percent increase; and the East Naples area (34114, 34117, 34120, 34137) reported the biggest drop in months of inventory to 2.9 months of inventory in August from 6.4 months of inventory in August 2019.
The August report shows sellers are at an advantage with decreasing inventory and rising prices. If you are looking to buy or sell a home in Naples, contact a Naples REALTOR® who has the ability to provide a virtual showing, an accurate market comparison or negotiate a sale. A REALTOR® can ensure your next purchase or sale in the Naples area is a success. Search for your dream home and find a Naples REALTOR® on Naplesarea.com.
June Market Activity Sets the Stage for Strong Summer Sales Naples, Fla.
According to the June 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County, pending sales (homes under contract) increased 61.3 percent compared to June 2019, with single-family homes being the home choice for a majority of buyers. Broker analysts reviewing the report also noted that new listings during June increased 25.8 percent compared to June 2019, which indicates growing consumer confidence for both sellers and buyers leading into the summer Naples real estate market.
The everlasting desirability of the Naples real estate market was undeniable in June, especially in the single-family home market where pending sales increased 83.9 percent to 835 pending sales from 454 pending sales in June 2019. Pending sales of condominiums during June increased 38.7 percent to 634 pending sales from 457 pending sales in June 2019.
“The Naples residential market is showing signs of rebounding after a temporary pause in activity caused by the pandemic during the latter part of March, and through April and May,” said a local Broker. “Naples seems to be the beneficiary of a migration of people making life changes and coming to our market. Contributing factors are our low density and coastal properties.”
While closed sales in May were down nearly 50 percent compared to May 2019, closed sales in June decreased only 4.6 percent to 881 closed sales from 923 closed sales in June 2019. However, according to Brenda Fioretti, Managing Broker with Berkshire Hathaway Home Services Florida Realty, “June had the third highest number of showings this year, behind the historically high showing months of January and February. In comparison, there were 36,912 showings in June compared to 42,299 showings in January and 44,137 showings in February.”
Before the pandemic, the number of closed sales of single-family homes and condominiums were about equal each month; but the June Market Report revealed a shift in buyer preference to single family homes compared to June 2019, as closed sales of single-family homes increased 2.9 percent to 498, while closed sales in the condominium market decreased 12.8 percent to 383. This trend could be attributed to buyers wanting a larger home with more space to accommodate working from and sheltering at home.
Inventory decreased 27.6 percent to 4,739 homes in June from 6,547 homes in June 2019. The majority of this depletion was reported in the single-family home market, which decreased 34.5 percent, while the condominium market had a decrease in inventory of 20.3 percent. The report also showed the largest drop in inventory occurred in the $300,000 to $500,000 single family home market, which decreased 47.7 percent in June compared to June 2019.
As a result of heightened buyer demand, the median closed price increased 8.2 percent to $357,000 in June from $330,000 in June 2019. Another local Broker, remarked, “The overall median closed price increased in June because the luxury market is hot this summer, and the level of demand is driving up the prices, particularly in the $1 million and above market.”
These comments were validated by other brokers reviewing the report, who claimed their offices saw multiple offer situations in the luxury market during June. Fioretti added that her agents reported multiple offers in every price point during June.
A local Broker added that closed sales for the year are not yet on track with last year’s activity due to the pandemic, yet he’s optimistic because “as of June, the number of closed sales were only 400 less than last year at this time.” He added, “When the stock market dropped at the beginning of the pandemic, high-end buyers hit pause. But the stock market is strong today and these buyers – who we typically only see during high season – are seeking to buy luxury properties in Naples this summer.”
Despite a decrease in overall inventory for June, the report showed geographic areas where new listings grew including the Naples Beach area (34102, 34013, 34018), which added 260 new properties to its inventory compared to 159 new property listings added during June 2019. But supply is simply not keeping up with demand as overall inventory for the Naples Beach area decreased 16.1 percent.
The market data indicates that now is a good time to sell, as the number of showings and pending sales are increasing, and prices are also rising! If you are looking to buy or sell a home in Naples, I have the ability to provide a virtual or live showing, an accurate market comparison or negotiate a sale. I can ensure your next purchase or sale in the Naples area is a success.
It would be my honor to assist you and your Friends and Family with your real estate needs. Please contact me at David@DavidFlorida.com or 239-285-1086.
Heightened Buyer Demand Influences Naples Real Estate Market
REALTORS® kept busy in May as pent-up demand for homebuying resulted in a remarkable spike in buyer interest. As a result, showings in May increased 244 percent compared to showings in April. As remarkable, showings in May outpaced showings a year ago, which increased 5.5 percent compared to May 2019. According to the May 2020 Market Report released by the Naples Area Board of REALTORS® which tracks home listings and sales within Collier County (excluding Marco Island), broker analysts reviewing the report found the data reflected the everlasting desirability of the Naples real estate market, even during the COVID-19 outbreak.
“Despite the restrictions of social distancing, with many REALTORS® conducting virtual open home tours and adopting electronic signings and virtual closings, 599 buyers purchased homes in Naples last month. REALTORS® and brokerages adapted to the challenges at hand - and will continue in the future – to ensure the real estate industry is a leading factor in our country’s economic recovery,” remarked the NABOR® President.
“The Naples real estate market is extremely resilient,” said local Broker. REALTORS were able to adapt fast as new buyers started pouring into the market in May. This is apparent because the report shows pending sales in May increased 90 percent compared to pending sales in April.”
Upon reviewing the May Market Report, another local Broker, commented, “Buyers have less negotiating power because inventory in the Naples area continues to decline. This shrinking inventory led to modest price increases in the single-family home market during May, which saw a 31.8 percent decrease in inventory and 3.7 percent increase in median closed prices compared to May 2019.
Prices held stable, in spite of the outlying issues, with the year-to-date median closed price up a modest 2.3 percent. The report showed only 103 price increases during May out of the 5,116 properties in inventory, and there were fewer price reductions in May than reported in April.
Overall inventory during May decreased 27.2 percent to 5,116 homes from 7,023 homes in May 2019. However, while there was a 4 percent decrease in new listings of single-family homes in May, there was a 6.5 percent increase in new listings of condominiums.
We have a 5.8-months’ supply of single-family homes in Naples, Buyers don’t have as many single-family home choices right now so they should not hesitate to make an offer if they find a home they love.
The NABOR® May 2020 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
| CATEGORIES |
May 2019 |
May 2020 |
CHANGE |
| Total closed sales (month/month) |
1,188 |
599 |
-49.6% |
| Total pending sales (homes under contract) (month/month) |
1,218 |
1,167 |
-4.2% |
| Median closed price (month/month) |
$354,450 |
$333,000 |
-6.1% |
| Total active listings (inventory) |
7,023 |
5,116 |
-27.2% |
| Average days on market |
107 |
91 |
-15.0% |
| Single-family closed sales (month/month) |
595 |
314 |
-47.2% |
| Single-family median closed price (month/month) |
$410,000 |
$425,000 |
+3.7% |
| Single-family inventory |
3,608 |
2,461 |
-31.8% |
| Condominium closed sales (month/month) |
593 |
285 |
-51.9% |
| Condominium median closed price (month/month) |
$270,000 |
$260,000 |
-3.7% |
| Condominium inventory |
3,415 |
2,655 |
-22.3% |
Historically, some sellers in Naples take their homes off the market after season, and May inventory and pending sales activity always reflected this behavior. However, COVID-19 left many sellers uncertain about the real estate market. With the quarantine recommendations in place, fewer sellers listed homes during May. Despite an inventory drop, pent-up demand unleashed a new set of buyers in May, which changed history. May’s pending sales activity, a measure of signed contracts and not closings, increased 90 percent compared to April 2020, despite tight supply.
Heightened buyer demand is also evident in the number of Days on Market for May as reflected in a decrease of 15 percent to 91 days on market compared to May 2019, which reported 107 days on market.
“There was a significant number of high-end pending sales in May,” said a local Broker, who added that the stock market has come back from a low of 18,000 in late March to over 25,000 at the end of May. “The impact of the stock market rebound renewed consumer confidence in May with a certain percentage of wealthy individuals looking to diversify their portfolio and invest in real estate again.”
Another local Broker is optimistic that summer sales will be strong in Naples, but added “even if a second surge of coronavirus cases emerges that force new restrictions, REALTORS® and the public have become very adept at using technology like virtual showings and electronic closings, which can help overcome the challenges that might affect home sales activity in Naples.”
If you are looking to buy or sell a home in Naples, I have the ability to provide a virtual showing, an accurate market comparison or negotiate a sale, especially in the unusual circumstances of this health crisis and its challenges. I can ensure your next purchase or sale in the Naples area is a success. .
Warm Regards,
David
Naples Area Real Estate Activity April 2020 compared with April 2019.
- Overall Inventory down 29%
- Overall Pending Sales down 54%
- Median Closed Price up .3%
- Overall Closed Sales down 29%
- Days on Market down 11%
Naples, Fla. (January 17, 2020) – According to the 2019 Year End Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), existing home sales through December 2019 are the highest in a decade.Overall closed sales in 2019 increased 5.6 percent to 10,244 closed sales compared to 9,704 closed sales in 2018. In comparison, the only other year that came close to reaching this stellar sales activity was 2015, which had 10,154 closed sales.
Overall pending sales in 2019 also broke a record during the last decade; resulting in 12,604 total pending sales, a 9.4 percent increase over 2018, which reported 11,520 pending sales.
The 2019 Year End Market Report showed closed sales in 2019 increased in all but the $2 million and above price category, which had a 4 percent decrease to 523 closed sales compared to 544 closed sales in 2018. Of those in this price category, 376 were for single-family homes, and according to a Broker. “The MLS further revealed that 14 single-family homes priced above $4 million closed in December 2019 compared to just 7 in 2018.”
Condominium closed sales held steady with a 1.9 percent increase in 2019 to 5,085 compared to 4,990 in 2018, but broker analysts reviewing the year-end report anticipate closed sales of condominiums in January will be much higher, especially since pending sales for condominiums increased 28.8 percent in December.
A breakdown of December’s closed sales by area showed Naples Beach reported the highest increase in closed sales during December with a 59.1 percent increase to 140 closed sales compared to 88 closed sales in December 2018. Closed sales by zip code revealed 34113 and 34108 commanded impressive increases, 62.3 percent and 61.5 percent, respectively, in December 2019 compared to December 2018.
While inventory fell 21 percent in 2019 to 5,401 properties compared to 6,801 properties in 2018, the Collier County market is still commanding a much higher supply than the state’s average levels (as reported by Florida Realtors®). As such, the Market Report showed Collier County enjoyed 6.2 months of supply in the single-family home market during December, while the state reported 3.6 months of supply for the month. Likewise, the report showed 6.4 months of supply in the condominium market for December compared to 5.5 months of supply statewide.
Interestingly, inventory levels dropped in all price categories except in the $2 million and above condominium market, which reported a 16.3 percent increase in inventory during December.
The NABOR® YE 2019 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
|
CATEGORIES
|
YE 2018
|
YE 2019
|
CHANGE
|
|
Total closed sales (year/year)
|
9,704 |
10,244 |
+5.6% |
| Total pending sales (homes under contract) (year/year) |
11,520 |
12,604 |
+9.4 |
|
Median closed price (year/year)
|
$338,000 |
$332,514 |
-1.6% |
|
Total active listings (inventory)
|
6,801 |
5,401 |
-20.6% |
|
Average days on market
|
95 |
101 |
+6.3% |
|
Single-family closed sales (year/year)
|
4,714 |
5,159 |
+9.4%
|
|
Single-family median closed price (year/year)
|
$425,000 |
$415,000 |
-2.4% |
|
Single-family inventory
|
3,479 |
2,678 |
-23.0% |
|
Condominium closed sales (year/year)
|
4,990 |
5,085 |
+1.9% |
|
Condominium median closed price (year/year)
|
$265,000 |
$260,000 |
-1.9% |
|
Condominium inventory
|
3,322 |
2,723 |
-18.0% |
Median closed prices in 2019 decreased 1.6 percent to $332,514 from $338,000 in 2018. Only the $2 million and above price category had a significant increase of 6.7 percent during the year. But, on a month to month comparison, median closed prices in December 2019 increased 6.7 percent to $348,000 compared to $326,000 in December 2018. However, the overall average closed price in Collier County during 2019 increased 19.3 percent to $772,380.
Showings remain on the rise as well. There were 10 showings for each listing reported in December 2019 compared to just 7 in December 2018.
| CATEGORIES |
DEC 2018 |
DEC 2019 |
CHANGE |
| Total closed sales (month/month) |
702 |
929 |
+32.3% |
| Total pending sales (homes under contract) (month/month) |
676 |
817 |
+20.9% |
| Median closed price (month/month) |
$326,000 |
$348,000
|
+6.7% |
| Total active listings (inventory) |
6,801 |
5,401 |
-20.6% |
| Average days on market |
94 |
97 |
+3.2% |
| Single-family closed sales (month/month) |
362 |
476 |
-6.3% |
| Single-family median closed price (month/month) |
$395,900 |
$439,000 |
+10.9% |
| Single-family inventory |
3,479 |
2,678 |
-23.0% |
| Condominium closed sales (month/month) |
340 |
454 |
+33.5% |
| Condominium median closed price (month/month) |
$255,000 |
$262,500 |
+2.9% |
| Condominium inventory |
3,322 |
2,723 |
-18% |
Broker analysts agreed that new state actions, led by Governor Ron DeSantis, to address water quality issues during 2019 made a significant impact in local real estate activity during 2019, especially during the summer months.
On whether an election year is a good time to buy a home, broker analysts contend that stable pricing, great financing rates, and above state-level months of supply in inventory are three great reasons for Naples real estate agents to be optimistic in 2020. Of course, location shouldn’t be overlooked, as well.
Fort Myers News-Press | Published 6:11 a.m. ET Dec. 27, 2019 | Updated 10:18 a.m. ET Dec. 27, 2019
Southwest Florida’s expansive growth continued to boom in 2019, and the new year won’t be any different.
With thousands of people moving to Lee and Collier County every year, development has grown with the region’s population.
According to LSI Companies CEO Randy Thibaut, consistent growth, especially when it comes to housing projects that will accommodate the expanding population, is par for the course in Southwest Florida.
“What we see is that we roll into 2020 with stability in Southwest Florida as it relates to residential housing,” Thibaut, who has been a commercial real estate broker in Southwest Florida since 1982, said.
Part of what is driving this is “still strong buyer demand from retirees and baby boomers still seeking the Southwest Florida lifestyle” and low-interest rates, Thibaut said.
Overall, the CEO expects that 2020 will mark “another year of stable growth.”
As the decade wraps up, here’s a look at some of the major projects that could take shape in the new year:
Collier heads east with new villages
According to Collier County Chief Hearing Examiner and Planning Council Chairman Mark Strain, the largest potential for growth in 2020 and beyond lies in the rural areas east of Interstate 75.
“The most potential growth in the county is going to be out east,” he said. “The urban areas already have a lot of filled-in areas.”
Already taking advantage of this massive opportunity are five proposed villages to the east that “will have a great impact on all of the activities that go on out there,” Strain said.
The villages, which could add thousands of new homes, are wending through various stages of county review.
Collier Enterprises has proposed three 1,000-acre villages, stretching from just north of Oil Well Road to east of Golden Gate Boulevard East and potentially adding up to 7,850 homes to the rural area.
The first one, Rivergrass Village, will go before county commissioners in January.
Other villages are planned by Neal Communities of SWFL LLC and Palm Beach-based 27th Pico Boulevard Ltd. Partnership, along with Brentwood Holdings Ltd. Partnership.
Decisions about all of them could be made in 2020.
“The infrastructure that is going to be needed to support those will have to follow along with their building patterns,” Strain said. “The road system, the infrastructure for water and sewer, fire services, schools, all the rest of it will follow,” he said.
Towers in East Naples
A duo of high-rise projects at the corner of U.S. 41 East and Davis Boulevard that would change the face of East Naples could start coming out of the ground. One of those projects, Gateway, formerly known as Trio, includes 150 hotel rooms and 24 tower residences, along with retail shops and restaurants in the same nine-story building. Real Estate Partners plans a similar but larger project next door on 5 acres. The local developer has a contract to purchase the land from the county. The project includes a mix of housing, retail and entertainment in up to three towers, each as tall as about 15 stories. Construction on either, or both of the projects could begin in 2020.
More apartments
Allura, a luxury apartment complex proposed for the southeast corner of Veterans Memorial Boulevard and Livingston Road in North Naples, will be similar to this rendering of Lely Resort’s Inspira at Rattlesnake Hammock Road and Grand Lely Drive in East Naples. (Photo: Stock Luxury Apartment Living)
One project that could start coming out of the ground in 2020 is Allura. Naples-based Stock Development plans to build up to 304 multi-family rental units on 35 acres at the southeast corner of Veterans Memorial Boulevard and Livingston Road. The development was approved by county commissioners in September despite push back from neighbors. Approval of the project came after the builder agreed to keep 31 units of the complex affordable for 30 years. As a possible solution to some of the county’s affordable housing woes, these units will be rented at discounted rates to tenants or families that make 80% or less than that of the median area income.
Another development that could see construction begin in 2020 is the new apartment complex that will be coming to the defunct Courthouse Shadows Shopping Center in East Naples. The project has the potential to keep the shopping center, which has been referred to as an “eyesore,” alive. Right across from the Government Center in East Naples, the development would consist of a four-story, 300-unit complex with market-rate apartments. It was approved by the county commission in November and must now go through the site development plan process. County officials expected that construction may start on the apartments about a year after the commission’s approval.
Universities to expand
Florida SouthWestern State College will continue to expand its Collier County campus on Lely Drive, and the first phase of Keiser University’s Naples campus is expected to be completed in 2020. The two-story, 40,000-square-foot structure is being built on 6 acres along U.S. 41 in East Naples.\
Sports Park
The first phase of Collier County’s new multi-million-dollar amateur sports complex is slated to open by early June. The initial phase includes the first four fields, along with the concession area and welcome center. Ultimately, the $80 million complex will include 19 fields and a lake, along with a championship stadium with up to 5,000 seats. The project is being built off Collier Boulevard, just east of Interstate 75, and it’s expected to be completed by 2021.
More hotels in Collier, Lee
New hotels will open, while others plan to expand.
The beachfront Ritz-Carlton, Naples, has county approval to construct a new building with 74 rooms, but a timeline for the addition has yet to be announced. A parking garage as also been proposed as a second phase for the project.
The $92 million Luminary Hotel and convention center is set to open in downtown Fort Myers in August 2020. Construction on the 12-story, 243-room hotel first began in March 2018. The hotel itself will house 8,000 square feet of event and meeting space and will also be attached to the Harborside Event Center, which is being renovated as part of the project. The large-scale development isn’t standing alone, however. It will be the area’s first hotel in the Autograph Collection of Marriott International and is one of five planned for downtown.
Controversial One Naples moving forward
Stock Development has refined its controversial plans for One Naples one block from Vanderbilt Beach.
The company filed its development application with Collier County in October.
The project will wend its way through the county’s review and approval process in 2020. The latest plans include two high-rise condominium towers — and up to 25,000 square feet of commercial development.
New bank headquarters aims for 2020 opening
FineMark National Bank & Trust broke ground on their $27 million building off College Parkway in Fort Myers in November. FineMark, which has seen steady growth in Southwest Florida since its inception in 2007, will be utilizing the new 60,000-square-foot building as its new headquarters. The development will include 265 parking spaces and a second, 7,000-square-foot building. The company, which started out with just one office and 10 people, has grown to over 200 associates and has roughly doubled its total assets in the last five years. Construction on the project is expected to be completed by November 2020.
What lies in store for Margaritaville in 2020?
The controversial Margaritaville project could rear its head in the coming months but hangs in uncertainty. The 254-unit Fort Myers Beach development from TPI Hospitality moved forward in 2019, despite legal challenges. The resort project is set to include stores, restaurants and water attractions.
Christine Patton, a neighbor who lives close to the site of the resort, has taken legal action against it by attempting to overturn approval of zoning changes the town approved for the project. A judge rejected Patton’s attempt in 2019, but she has since filed an appeal with the Second District Court of Appeal in Lakeland to overturn the previous ruling. Despite hopes for a potential January construction start, a decision regarding the appeal has not yet been made by the court.
After over a decade of waiting, Downtown Village Square set to begin construction
This Cape Coral development that will take over a whole city block is set to begin construction in 2020 after over a decade of waiting. The project, which will be constructed between Cape Coral Parkway to the south and 47th Terrace to the north, is called Downtown Village Square and was first proposed in 2006. The first phase of the project will consist of the 58,000-square-foot office building, with a groundbreaking planned for July. Also included in the development is a six-story parking garage with 938 spaces, a 152-unit condominium complex and retail.
Long-awaited Cape Coral Lucky’s to open
The 30,000-square-foot Lucky’s Market grocery store at the southeast corner of Santa Barbara Boulevard and Veterans Parkway broke ground in September after work on the project began in 2007. Numerous roadblocks caused the delay, but it is finally moving forward with an opening expected for June 2020. The market will produce 150 jobs after its opening and will utilize dozens of construction workers.
Dan Creighton, of Creighton construction, has new development plans for the southeast lot of Santa Barbara and Veterans Parkway in Cape Coral. The development will include a Lucky’s Market organic foods store which will serve as the anchor for the location.
