Ft Myers, Florida – Developers just cleared the last hurdle and closed on financing for a $35 million + new apartment community yesterday, which will provide new and exciting rental opportunities for the first time in many years within the Forum Project, a 700 acre Development of Regional Impact.
The project team will break ground in the next few weeks on a 252 unit apartment community to be located directly off of I-75 and Colonial Blvd., with a twelve acre campus to be comprised of 11 buildings, predominantly three-story and multiple resident related amenities for its soon to be new tenants. First occupancy should occur in the 1st quarter of next year in this West Indies architecturally styled community.
“This community, like no other locally, will have an intense focus on the resident experience, recognizing they love their pets, and enjoy spending time outdoors and socializing” stated Terry Wayland, leading local Principal of the development team. Amenities to include two dog parks with exercise equipment and socialization opportunities, and a dog wash station in the generously designed community building. The property will have outdoor community relaxation, recreation and active gaming areas including a resort-style pool, fire pits, lawn games, lounging and grilling stations, pool cabanas and a poolside outdoor kitchen and fireplace. In addition, the community features a state-of-the-art fitness center equipped with health club-level cardio equipment, work out machines and free weights, as well as a fitness-on-demand room offering an expansive library of diverse, virtual fitness classes at any level, anytime.
Mosaic Development – based in Ft. Myers and St. Petersburg – is the lead Developer of the project. Mosaic is a diversified real estate developer that focuses on multifamily, mixed use and master development projects in Florida. The partners of Mosaic Development have successfully led and been involved in development ventures focused on large-scale master development projects, anchored by multifamily in urban environments that necessitated highly creative financing structures Each of the Mosaic Partners bring a level of expertise in the critical fields of multifamily development including project financing and deal structuring, land entitlements and design, construction lease-up and operations Overall the teams multifamily developments range from $15 – $53 million in building construction. Mosaic is presently engaged in development in Clearwater, Kissimmee, St. Petersburg, Bonita Springs and Ft. Myers, Florida.
Mosaic partnered with Brookview Realty Group and Champion Development, manager of the Forum DRI. Brookview, managed by David Ostreicher, who leads the equity team in the transaction and invested $7.4 million in the development, is an organization based in New York, with multifamily investments in Ohio, Pennsylvania, Missouri and now Florida concentrates on multifamily rental projects in emerging markets throughout the United States. The Brookview team has extensive experience in analyzing and identifying desirable properties in secondary MSAs, where opportunist investment activities can occur.
Incore Residential, a Ft. Myers based third party Management Company will manage the lease up and on-going operations of the property. Incore is a Florida focused multifamily management team involved in new development activities managing more than 1,000 new development units and several thousand units of repositioned acquisitions throughout Florida. Incore balances the team with their in-depth understanding of the resident profile and what it wants in its new life style community.
Core Construction has been retained as the general contractor for the project. Core is the 15th largest multifamily/residential contractor nationally. Other partners include Baker Barrios Architects, Johnson Engineering, Fletcher Fischer P.L. and Links Financial with financing provided by Mutual of Omaha Bank.