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ESTERO, FL-Boston-based Wilder Cos. has acquired a 43-acre vacant parcel adjacent Interstate 75 here, midway between Fort Myers and Naples, for construction of Estero Crossing, a 300,000-sf combination power and lifestyle shopping center. Tom Wilder, a principal, tells GlobeSt.com the land cost was $7.5 million, or nearly $174,419 per acre, and estimates the center's construction cost at between $40 million and $50 million.

Wilder plans to break ground in mid 2006 for an opening a year later with up to 25 retailers in a mix of specialty national anchors, small shops and restaurants. "It will most likely contain multiple buildings along a Main Street, pedestrian-friendly streetscape," Wilder says. One 30,000-sf building will front Corkscrew Road and contain small stores, services, restaurants and cafes.

Merchandising is just beginning, and Wilder says, "there's a lot of retailer interest. This market has exploded." According to the US Census, Lee County is among the 100 fastest growing counties in the country. Estero is located adjacent to Coconut Point, a planned 500-acre mixed-use town center, and near the 658,000-sf Miromar Outlet Center, the International Design Center and a new Lowe's at the intersection of Interstate 75 and Corkscrew Road.

Although Wilder declined to name targeted tenants, he says the mix will reflect that at the company's just-opened the Loop, a 440,000-sf center near Orlando. Anchors there include Kohl's, Bed Bath & Beyond, a Regal 16 theater, Petco and Old Navy. Smaller-space tenants include American Eagle Outfitters, Kay Jewelers and Panera Bread.

In light of the recent mergers and acquisitions among traditional department stores, Wilder says, anchors now expand beyond traditional department stores to sporting goods retailers, and crafts and shoe stores among others in units ranging from 20,000 sf to more than 100,000 sf.

In addition to Estero Crossing and the Loop, Wilder projects under way in Florida include a 400,000-sf West Loop extension of the Loop and the Rialto, a 350,000-sf mixed-use development in Orlando, plus a 200-acre mixed-use development in Punta Gorda, which is under contract, but not final, Wilder says, adding, "we love Florida. We think there's still opportunity for projects of quality and will likely look more toward mixed-use developments."

Instant Insights /

43-Acre Buy Jumpstarts 300,000-SF Estero Crossing

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