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FORT MYERS, FL-Cleveland-based Cameratta Properties has obtained approval for First Street Village, a mixed-use development on a 12.5-acre parcel at the site of the former Edison-Ford shopping center. This follows the sell-out of Cameratta’s High Point Place, a 32-story, 255-unit condo tower with 16 townhouses, now under construction on four acres between McGregor Boulevard and the Caloosahatchee River, and the company’s establishment of an office here this July.

First Street Village calls for 348 residential units, including flats, lofts and townhouses; 38,000 sf of office space; and 98,000 sf of retail, anchored by a Publix supermarket. The project will break ground this spring. It joins several others that gained approval here following a study, commissioned by the Downtown Redevelopment Agency to address revitalization of the historic area, and conducted in 2002 by Duany Plater-Zyberk & Co., a Miami-based urban planning firm. The plan called for live/work/play projects.

Cameratta declined to disclose any projected construction costs, pricing for residential units, or rates for retail and office space. A spokeswoman tells GlobeSt.com, “costs and pricing are not final, especially as the costs of materials continue to escalate.” One neighboring project, Oasis, a 16.3-acre residential complex of five 32-story towers, planned by Miami-based Related Group of Florida, is estimated to cost $450 million with units priced at between $200,000 and $800,000.

On condition of anonymity, an area condominium marketer estimates to GlobeSt.com that First Street Village, “will probably cost between $75 million and $90 million to complete. Demand for Downtown condos is escalating,” he adds, estimating sales will be “in the area of $400 to $450 per sf.”

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