The vacant 61 acres that sits on the north and south sides of the intersection at Alico Road and U.S. 41 won’t sit empty much longer.
A 350-unit multifamily community, Trailside at Dia Crossing, is coming to the busy northeast corner and commercial will follow. Minneapolis-based Ryan Companies US., Inc. will break ground soon with an opening date sometime in the first quarter of 2027.
The company announced purchasing the 61.3-acre property for $20.45million this week. The project has been in the works since October 2022, when Ryan signed a contract to purchase it from Jared Holes Trustee. The sale was final after Ryan Companies received its development order from Lee County on Friday. The development order allows Ryan to seek building permits.
“We’re excited about the property,” said Nat Linden, vice president of real estate development for Ryan.
“What drew us to this site? It’s unique to find something like this on this trail,” he said.
There aren’t many properties of this size and frontage left on U.S. 41, he said. Project is near an elementary school and a Publix, and not far from FGCU, a hospital and other places of employment.
“From a pure business sense it made tons of sense,” he said.
Capital is available and permits are in hand. U.S. Bank is providing construction financing for the project.
Twenty-nine units will be reserved as affordable housing as required by the county.
Plans call for a central park, a 30-acre nature preserve to the north of the units, a kayak launch to Estero Bay as well as other amenities.
Work on the commercial portions is likely to begin in six months. A hotel, as shown in the original plans, is unlikely because most of the commercial property is already spoken for, Linden said.
He wouldn’t name companies who will go into the commercial space because contracts haven’t been finalized, but he said they would be typical businesses you see along U.S. 41 – a gas station, fast-food and non-fast food restaurants and personal service businesses.
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