Greenberg Gibbons Commercial Announces Purchase of 31-Acre Parcel in Fort Myers, FL
Company intends to create Alico Lakes Village, a 250,000 square foot mixed-used development, with planned opening in third quarter 2005
Owings Mills, MD (May 13, 2004) – Greenberg Gibbons Commercial Corporation announced today the purchase of a 31-acre site positioned at the intersection of Interstate 75 and Alico Road in Fort Myers, Florida. The Company has preliminary plans to break ground on the mixed-use development project, which is configured to support approximately 250,000 square feet of commercial and retail space, plus a hotel, by late this year. The anticipated opening is in third quarter 2005.
The property will become part of the joint venture formed in 2001 between Greenberg Gibbons Commercial and PREI, the real estate investment arm of Prudential Financial, Inc. The joint venture has already developed, redeveloped and acquired more than $250 million worth of mixed-use, retail and entertainment properties.
This represents the first foray for the Baltimore-based commercial real estate developer into the Florida marketplace, which presently owns and manages eighteen properties totaling more than three million square feet of space throughout Maryland, Virginia and Louisiana.
“We view the west coast of Florida as an extremely fertile retail real estate market given the rapid growth in the residential sector, the strong existing demographics and the continued improvements to the transportation network,” stated Brian Gibbons, President and CEO of Greenberg Gibbons Commercial. “This site is particularly attractive due to its proximity to a major highway interchange, an international airport and several new retail projects in the immediate area,” he added.
Development plans
Greenberg Gibbons Commercial intends to develop a multi-faceted mixed-use project featuring a combination of “big-box” retail uses, complimentary soft goods and apparel retailers and service retail. Six pad site locations that ring the site are slated for restaurant or fast food uses, with the development also configured to support a 120-room hotel.
Alico Lakes Village features several anchor sites, ranging from 25,000 to 60,000 square feet of space which the Company intends to lease to furniture, home goods, grocery, electronics, apparel or general merchandise retailers. The project has direct road frontage along Alico Road and Interstate 75 and will include a three-acre lake.
Local demographic information
Nearly three million square feet of retail space is currently under development within an eight mile radius of the project, and will be opening by fourth quarter 2005. This includes a 1.6 million square foot regional mall that is being developed by the Richard E. Jacobs Organization, featuring Bass Pro, Regal Cinema and Super Target. Simon Property Group will also build a 1.3 million square foot project that is anchored by Dillard’s, and Muvico 20 cinema. Within the next twelve months, Alico Road will be widened, and will become the direct access point to the newly expanded Southwest Florida International Airport.
More than 413,000 consumers reside within a fifteen mile radius of Alico Lakes Village, a figure that is expected to increase by 13% over the next four years, and Lee County is considered the second fastest growing housing market in the Unites States (according to figures from U.S. Housing Markets). More than 70,000 vehicles pass the site along Interstate 70 daily with an additional 41,000 vehicles driving by via US 41, numbers that will increase with the airport expansion.
“Greenberg Gibbons Commercial has demonstrated its success in creating versatile and attractive retail environments that become important shopping destinations for both the local community and regional market,” stated Brian Gibbons. “We are anxious to apply this proven philosophy to the South Florida region and are also actively seeking new acquisition and development opportunities throughout the State,” he added.
“Greenberg Gibbons Commercial intends to become a long-term and major development entity in Florida, as well as in other states that can support the successful development and leasing of quality retail real estate projects,” explained Greenberg, Chairman of the Board. “We have made the decision to take our business model nationally, and will invest both the financial and personnel resources to accomplish this goal in each specific market,” he added.
Greenberg Gibbons Commercial is one of the most active developers in Maryland today. The company is currently redeveloping Hunt Valley Town Centre, a 900,000 square foot project formerly known as Hunt Valley Mall in Northern Baltimore County; Westminster Crossing, a 225,000 square foot center located in Carroll County and Parole Plaza, a thirty-three acre site near Annapolis, MD.
Greenberg Gibbons Commercial, founded in 1968, focuses on the acquisition, development, leasing and management of mixed-use properties and retail shopping centers in the Mid-Atlantic region. The firm builds value in these holdings through asset management, re-development and leasing activities.
For additional information, contact:
John Hess, Greenberg Gibbons Commercial Corporation 410-559-2503
NOTE: Preliminary site plan and aerial are available by request. Please contact Larry Lichtenauer @ 410-833-6205.
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