22.53± Acres. Development Opportunity For Sale BONITA BEACH ROAD BONITA SPRINGS, FL. Bonita Beach Road SE. Southwest Florida.
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1 Old US 41 Imperial Parkway Development Opportunity For Sale 22.53± Acres BONITA BEACH ROAD BONITA SPRINGS, FL Bonita Beach Road SE Southwest Florida
2 Table of Contents > EXECUTIVE SUMMARY...3 > PROPERTY INFORMATION Photographs Tax Map...4 Conceptual Site Plan...5 Aerial Surrounding Area...6 Location Maps...7 > MARKET OVERVIEW Demographics...8 Regional Overview...9 Market Drivers...10 Presented By: DAN MILLER DIRECTOR LAND & INDUSTRIAL SERVICES DIRECT SOUTHWEST FLORIDA JIM KOVACS MANAGING DIRECTOR RETAIL SERVICES DIRECT TAMPA BAY FLORIDA TYLER PETERSON, CCIM SENIOR ASSOCIATE RETAIL SERVICES DIRECT TAMPA BAY FLORIDA MELISSA RICCARDI TENANT ADVISOR RETAIL SERVICES DIRECT TAMPA BAY FLORIDA COLLIERS INTERNATIONAL SOUTHWEST FLORIDA University Drive, Suite 101 Fort Myers, FL This document has been prepared by Colliers International Southwest Florida for advertising and general information only. Colliers International Southwest Florida makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International Southwest Florida excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/ or its licensor(s) All rights reserved. Southwest Florida
3 EXECUTIVE SUMMARY Executive Summary PROPERTY OVERVIEW The SUBJECT property is a acre parcel with approximately 1,275 of frontage on Bonita Beach Road, within the City of Bonita Springs. With an approximate depth averaging 680, the parcel has an excellent frontage to depth ratio. This and other characteristics provide an ideal retail development opportunity. ROADWAYS AND ACCESS The property fronts Bonita Beach Road, a six-lane, east / west arterial roadway. The full movement signalized intersection of Race Track Road is at the eastern end of the site and is planned as the primary access. Bonita Beach Road intersects Old US 41 approximately 292 west of the site, US 41 (Tamiami Trail) is 1.8 miles west and Interstate 75 is 1.5 miles east of the site. Access to the road network is excellent and certainly sufficient to support the project that is contemplated within the current zoning and land owners intended use. The existing development approvals provide for connections to Bonita Beach Road at the traffic signal (with full movement) and a right in right out at the western ¼ of the frontage. The Zoning Ordinance includes a provision for interconnection to Old US 41 if requested in the future. TRAFFIC VOLUME 2013 AADT Bonita Beach Road west of site: 34,000 Old US 41 north of site: 13,000 ZONING The property has Commercial Planned Development (CPD) zoning which was approved by the City of Bonita Springs on July 6, The CPD includes BUILDING MATERIAL SALES, SPECIALTY RETAIL and related uses as contemplated on the Master Concept Plan that is included within the City approval. Included in these approvals is the Maximum Floor area limitation of 146,592 Square Feet. The zoning contains many conditions and stipulations that will impact the property when evaluated by a developer / purchaser. The greatest monetary stipulation is a requirement to execute a Developer Agreement with the City of Bonita Springs for their proportionate share of the six-laning of Bonita Beach Road. That contribution is stipulated as $1,049,612 within the zoning ordinance. This contribution is not to be credited against the project s road impact fee obligations. ZONING ORDINANCE # Z DCI FUTURE LAND USE The General Commercial land use designation permits a range of uses, if rezoning the property, including residential multifamily up to 10 units per acre, mixed use, office and medical. WATER MANAGEMENT PERMIT The property has various permits that will run with the land and provide great benefit to any development risk analysis. Though these permits are specific to the plans that have been submitted, their comprehensive development rights are significant to the value of the site. An amendment to the plans is obtainable to retain the value and risk avoidance the permits represent. The GENERAL PERMIT and the ENVIRONMENTAL RESOURCE PERMIT are set to expire on October 14, The DEWATERING PERMIT expires on November 1, Both the zoning and the ERP require a Gopher Tortoise Management Plan be agreed with the various agencies as a condition of development. WMD General Permit, ERP, # P Water Use Permit # W. UTILITIES The property is served by municipal water and sewer service with no known capacity or concurrency concerns. KEY POINTS Existing Water Management Permits Valid Zoning Excellent road frontage and access approvals Utilities to the site Growing submarket with strong home development activity TAXES $27,611 November 2014 DEVELOPMENT OPPORTUNITY BONITA SPRINGS, FL P. 3
4 PROPERTY INFORMATION Subject from the SE corner Strap #: B B Subject looking North West Looking East from Racetrac DEVELOPMENT OPPORTUNITY BONITA SPRINGS, FL P. 4
5 PROPERTY INFORMATION Conceptual Site Plan DEVELOPMENT OPPORTUNITY BONITA SPRINGS, FL P. 5
6 Traffic 13,000 PROPERTY INFORMATION Aerial Surrounding Area Sunshine Plaza Radiology Regional Traffic 34,000 Spanish Wells Country Club Naples Fort Myers Greyhound Track DEVELOPMENT OPPORTUNITY BONITA SPRINGS, FL P. 7
7 PROPERTY INFORMATION Location Maps DEVELOPMENT OPPORTUNITY BONITA SPRINGS, FL P. 6
8 MARKET OVERVIEW Demographics Population and Growth Lee County Total Population 652,447 Number of Employees 301,857 Population Annual Rate 1.82% Income Average Household Income $66,520 Median Household Income $46,385 Other Demographics Total Households 273,133 Households w/ Income $50k+ 128,260 Average Household Size 2.36 Median Age 46.8 Female Population 332,479 Business Establishments 79,656 Race & Ethnicity White Population % 81.2% Black Population % 8.9% Hispanic Population % 20.5% Asian Population % 1.6% Education, Population Aged 25+ Populaton Age ,207 High School Graduate 28.2% Some College 22.5% Bachelor s Degree 15.8% Graduate Degree 9.4% Housing Housing Units 390,521 Owner Occupied Units % 47.3% DEVELOPMENT OPPORTUNITY BONITA SPRINGS, FL P. 8
9 MARKET OVERVIEW Regional Overview Q1, 2015 SOUTHWEST FLORIDA INDUSTRIAL With greater than 47 million Square Feet (SF) of existing industrial space within the Lee, Collier and Charlotte County market, the vacancy has decreased as lease prices are rising. Though some submarkets are still experiencing excess vacancy, the overall market is stated to have 6.6% vacancy, class A distribution space is at virtually 0% vacancy, and the core Lee County market is poised for new construction. SOUTHWEST FLORIDA OFFICE Though primarily classified as B & C class office space, the Lee, Collier and Charlotte County market includes roughly 32 million square feet of space. The market is recovering well and currently has approximately 12.3% vacancy. Quality office product within the most demanded size and space range is very limited and new arrivals to our market are focused on new construction, primarily multistory build-to-suit with class A finishes. SOUTHWEST FLORIDA RETAIL The strongest market class in Southwest Florida is retail. Total market size is listed at 77 million SF of space. With vacancy at or just below 7.2% the rental rates are climbing and new construction is most common for this category. The many newcomers to our market are acquiring prominent locations and land options at the prime intersections are extremely limited. The construction trend has primarily benefitted freestanding retailers and restaurant concepts, but with greater financing alternatives multi-tenant retail will follow. SOUTHWEST FLORIDA RESIDENTIAL 2014 was a very good year of stable growth, steady increase in Median Sales Price and decreasing marketing time. With inventory at a sustainable but low level the market is perceived to be in equilibrium. The year included 13,069 existing homes sales, evenly split in each quarter of the year. Permit activity remained strong in Lee County with single family permits up 25.7% at 278 1and multifamily up 32.1% at 1701 permits pulled in For the month of February, 2015, 101 single family and 74 multifamily unit permits were pulled in Lee County. That compared to 82 and 24 respectively in Collier County reported 11,182 existing units sold with strong demand and limited supply. The permitting activity increased 31% with 2,276 single family permits pulled in Multifamily was even better at 39.8% increase for 1,684 permits pulled in DEVELOPMENT OPPORTUNITY BONITA SPRINGS, FL P. 9
10 MARKET OVERVIEW Market Drivers MARKET DRIVERS Lee and Collier County benefit from many quality of life enhancements that are unique to this community. Our population is a testament to these qualities being well known. History, culture, weather, beaches, economy, governance and limited taxation all add to the allure of Southwest Florida. There are many developments, institutions, amenities and infrastructure benefits that are specific to the vicinity of the subject property. All of these provide enhance the attraction and growth that bracket this sub-market. THESE MARKET DRIVERS INCLUDE: ECONOMY according to Gary Jackson, Director of Economic Research, FGCU The seasonallyadjusted regional taxable sales for November, 2014 were up NINE PERCENT ($157.2 million) over November, Seasonally-adjusted December, 2014 total tourist tax revenue for Lee, Charlotte and Collier Counties increased by 21 PERCENT over December, Taxable sales in Lee County increased from $968.2 million in November, 2013 to $1,075 billion in November, 2014, an 11 PERCENT increase. Seasonally-adjusted unemployment rate for the five-county region is at 5.5 PERCENT, down from 5.7 in November, Home sales for January, 2015 were 835 units, a 14 PERCENT increase over January, 2014 and included a 6 PERCENT increase in median price to $190,000 for the same period. FLORIDA GULF COAST UNIVERSITY (FGCU) Opened in 1997, this four year state university boasts an 800 acre campus, 14,673 students, 51 undergraduate programs, 28 graduate degree programs, 1 specialist program and 2 doctorate degree program, 39 residential buildings with 4,748 beds. SOUTHWEST FLORIDA INTERNATIONAL AIRPORT (RSW) Three passenger concourses, 28 gates, international arrivals at two gates, customs and immigration services, 7,900,000 annual passengers in 2014, 22,000 (+/-) passengers daily, 211 daily flights on average. There is a 12,000 x 150 foot runway with plans for a second, parallel runway. FDOT estimates the 2014 economic impact to the area is $4.3 billion annually. GULF COAST TOWN CENTER At close to build out, this open air mall permits a total of 1,916,000 of gross leasable floor area, 250 hotel rooms and 600 multi-family units on244 acres. Tenants include: TARGET, JC PENNY, BELK, REGAL CINEMAS, COSTCO, BASS PRO, DICKS SPORTING GOODS BEST BUY, and more. THE MERCATO With premium names like Whole Foods Market, Nordstrom Rack, Silver Spot Cinema (12 screen), over 20 upscale retailers, luxury residential condominiums and new multimillion dollar condos under construction, this is a vibrant destination. ARTIS-NAPLES An approximately 108,000 SF cultural venue that houses many top name concerts including the Naples Philharmonic, this is part of why our market enjoys quality growth through quality of life. MIROMAR LAKES Developed as a Development of Regional Impact. This 1,805 acre, mixed use project includes 250,000 SF of retail, 340,000 SF of office space, 40,000 SF of R & D use,450 hotel rooms, 2,600 residential units, 36 holes of golf plus a 20,000 SF clubhouse. Current literature states that homes are available from $500,000 to over $5 million. JET BLUE STADIUM Completed in 2012, this state of the art spring training facility can accommodate approximately 11,000 fans. This 75+ acre campus is home to the Boston Red Sox for spring training and many other events year round. INTERSTATE 75 With the widening to six lanes completed through most of Lee County and the final stretches under construction, this is the north south artery of western Florida. The interconnection of Miami / Lauderdale to Tampa and points north, Fort Myers has benefitted greatly from the 80,000 vehicles per day that utilize this roadway. The Airport Direct Connect that is being constructed at a cost of $54.1 million, along the northern boundary of the subject property is to be completed this spring, DEVELOPMENT OPPORTUNITY BONITA SPRINGS, FL P. 10
11 Colliers International Tampa Bay Florida Central Florida Southwest Florida COMMERCIAL REAL ESTATE SERVICES OUR HISTORY Colliers International is a global leader in real estate services with more than 12,300 professionals operating out of 522 offices in 62 countries. As a subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV. PR.U), Colliers offers the stability of a strong financial partner and significant local ownership providing clients with accountability and enterprising real estate solutions $97 $ INTEGRATED SERVICES Our comprehensive portfolio of services includes: billion billion Annual Revenue in Annual 16,300 12,300 billion in over 5,700 4,800 We proudly trace our roots back to 1898 and have been pioneers in the international expansion of real estate services since that time. Today, we hold onto those local roots by steadily growing our business through local expertise, successfully completing more than 30 mergers. Brokers Brokers Professionals Professionals Countries Countries Offices Offices 84,000 Transactions 1.7 Square 1.25 SquareFeet FeetManaged Managed billion billion Based on 2014 results. The combination of Colliers International and FirstService results in 2.55 billion square feet under management, second-largest in the world. Brokerage and Agency Landlord Representation Tenant Representation Corporate Solutions Investment Services Project Management Real Estate Management Services Valuation and Advisory Services OUR PHILOSOPHY Our philosophy is based on the concept that you get the best possible results when you have local experts working for you who know your business and your market and are backed by a strong global brand. With a long-established presence in Asia, Canada, the United States, Latin America, Europe, the Middle East and Africa, Colliers is able to provide consistent, superior service throughout the world. We are proud of our reputation of putting our clients first and delivering service excellence. This approach has led Colliers to be one of the leading providers of commercial real estate services in the world. Colliers International Southwest Florida University Drive Suite 101 Fort Myers, FL TEL #1 #2 Updated April 2013 Ranked #1 firm by Commercial Property Executive Ranked second most recognized commercial real estate brand by the Lipsey Company Founding Global Partner of the World Green Building Council Ranked U.S. Real Estate Company COMMERCIAL PROPERTY EXECUTIVE & MULTI-HOUSING NEWS 2011 Most Recognized Commercial Real Estate Brand THE LIPSEY COMPANY 2012 Ranked in Global Transaction Volume NATIONAL REAL ESTATE INVESTOR 2010 Selected a member of the IAOP Global Outsourcing 100 for 5 consecutive years
12 Colliers International Southwest Florida University Drive Suite 101 Fort Myers, FL TEL colliers.com/southwestflorida 502 offices in 67 countries on 6 continents United States: 146 Canada: 44 Latin America: 25 Asia Pacific: 186 EMEA: 84 $2.3 billion in annual revenue 1.7 billion square feet under management 16,300 professionals Southwest Florida
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