4018-4036 Princeton St

Description

Introducing Princeton Development, a rare opportunity to acquire a premier residential site in stunning Southwest Florida. This exclusive listing offers 3.4 acres of prime land, pre-approved for 72 multifamily units, or can pursue up to 174 single-bed units with a design change. Strategically situated in central Fort Myers, the property enjoys proximity to key demand drivers and high-traffic areas, making it an ideal location for a top-notch multifamily project. With its exceptional potential for growth and returns, this development is lucrative opportunity for savvy investors seeking to capitalize on the thriving Southwest Florida market. Princeton Development is a proposed modern, three-story multifamily project comprised of 72-units. The design resembles stacked townhomes where two-story units are 'stacked' on top of a ground-floor unit. The proposed design comprises 4 buildings, each with a collection of 18 units with a combination of 2 & 3-bedroom layouts ranging from 960sq.ft. A/C to 1130 sq. ft. A/C. A feature highlight is private exterior front entrances with no shared lobbies or common corridors, giving residents more separation than condos. Catering to the entry-level market, this no-frills complex offers a combination of modernity and simplicity, urging residents to venture into the town to enjoy all the nearby conveniences. Princeton Development has had an extensive design review. Once the architect is re-engaged to complete the building design, anticipation is a 56 month timeline from bldg. permit; a design update to the 2023 building code for drawings is required. Expected turnaround for the redesign is 2 months followed by 4 months for permit approval. Initial city comments have already been received to help stay on track for permitting. Civil permit is approved and just pending issuance to help break ground prior to receiving the bldg. permit. Also, with a lead time of 3 months for storm structures, having the civil permit ready will help with the construction schedule. FPL design is complete and awaiting release. This will also help with the construction schedule due to the long lead time for transformers. Princeton Development is a financial opportunity that could significantly enhance the market value of the surrounding area while also providing numerous benefits to the community, making it a valuable addition to the neighborhood. This parcel is NOT located in a FEMA designated flood zone.