When I-75 first opened to Bonita Beach Road, he explains, investors thought the road would be a prime opportunity for commercial properties. "That's where all the good money went 15 years ago," DeSalvo reflects. However, US 41 instead became the roadway of choice for developers, leaving less than stellar growth in the Bonita Beach corridor.

But now the road is gaining momentum. New projects, remodeled buildings and a generally upbeat business tempo mark the coming of a long-awaited renewal of interest in Bonita Beach Road. Real Estate signs, most of which are designated for commercial of retail projects, now line the road in anticipation of better days ahead.

Three Areas of Interest

The road can be divided into three main areas:

I-75 to Old 41 -- DeSalvo predicts that this section, historically the slowest for growth, will likely begin to attract more retail growth with the popular new Flamingo Island Flea Market and the upcoming Imperial Bonita project. The extension of Livingston Road into Imperial Street will spark even more interest in the area.

Old 41 to (New) US 41 -- Residential interests such as Spanish Wells and the new 244-unit Monterra apartment project on the south end of the road, combined with established retail plazas at the US 41 intersection and some newer offices, have made for somewhat higher prices than other areas on the corridor.

New 41 to Bonita Beach -- Not quite as homogenous as the other parts, this section has a variety of projects, both retail and commercial, owned by many different interests. Popular restaurants and retail shops, such as the Rhodes family-owned market, are well-positioned for travelers heading to the beach or to nearby condominiums.

Retail Renaissance

The intersection of Bonita Beach Road with US 41 has been and continues to be a commercial and retail hub of booming Bonita. Three of the area's largest and oldest retail plazas as well as a gas station, new hotels (a Hampton Inn and a planned Holiday Inn) and plenty of offices are all strategically positioned for both local residential traffic and for motorists heading between Fort Myers and Naples or from the expressway to the beach.

The Sunshine Plaza, located a quick block northeast of the 41-Bonita Beach intersection, is a good turn-around story indicative of the new life seeping into the area. The plaza, which began from its anchor Sunshine Ace hardware in the early 1980s, had become somewhat outdated compared to newer, snazzier plazas along US 41. But last year the Wynn family, long-time Naples entrepreneurs and Sunshine Ace owners, gave the plaza a facelift and added a two-story east wing which can accommodate both retail and commercial office space.

Today the plaza is doing better than ever, housing a Gold's Gym, a gourmet Roger's meat market/grocery store and a branch of NCH Healthcare among others. "They've done a great job of modernizing it," DeSalvo says of the plaza.

Barbara Doherty, office manager for the properties, says that the buildings have been very successful since the remodeling, setting the pace for some of the other older structures in the area to follow. "We've had nothing but wonderful comments," she says.

The Wynns also built three office buildings to the east of the parcel from 1986 to 1995. The buildings, including a complex of executive office suites, are currently leased to capacity, Doherty says. Next on the Wynn project list: a one-story building in front of the Sunshine Plaza that will house a restaurant, retail and professional space.

Doherty says that Bonita is currently "the place to be" both because of upscale residential developments nearby and the scarcity of remaining properties along US 41. As for the properties she manages, she says tenants like the fact that both land and buildings are owned by a local family and that prices are competitive. "We try to keep it on a level where a people are comfortable," she says.

DeSalvo says that the other older plazas in the area would be wise to follow the Wynn lead and upgrade "in order to compete" with the new and coming projects in the area.

Office Opportunities

According to Rebecca Andrews, Bonita area division head for Grubb & Ellis|VIP-D'Alessandro commercial real estate, there has been a definite renewal in interest in commercial properties along Bonita Beach Road.

Andrews, who represents several parcels in the corridor, believes population growth is the main factor driving interest in the area. One of the properties she represents, the well-admired DCI office building at the entrance to the Spanish Wells residential golf community, is now for sale. As for another parcel she has for sale, she says she expects a turn-around in the next month. "I've had a lot of activity," she says of her properties down the corridor.

Realtor Bill Warren of Downing Frye in Naples is also optimistic about the corridor. He is representing a parcel, which includes 600 feet of Bonita Beach Road footage, adjacent to the Wynn properties and the Hacienda Village residential community. A few years ago, NCH Healthcare was to build an outpatient facility on the property, but the plan fell through. The parcel is now available with infrastructure in place and approval for 100,000 square feet of commercial space. Warren says he is open to offers, including leasing or buying space.

Warren says that Bonita Beach Road is a good option because it is a main thoroughfare to the beach and one of only two main routes to the town of Fort Myers Beach. When the north entrance to the town is jammed up during season, he notes, Bonita Beach Road becomes a vital link to the area from I-75.

He also recalls that many commercial and retail projects were lured to the US 41 area around the Bonita Bay and Pelican Landing areas. Now the scant remaining parcels in that area are going fast, and prices are rising accordingly. Businesses are therefore looking for alternate main traffic corridors connecting with the expressway.

Andrews, however, doesn't believe that the corridor's fortune is linked to US 41 activity as much as it is to sheer demographics. "It will stand on its own just by virtue of the population growth," she says, pointing to the developments east of I-75 and the projects planned for the time when Imperial-Livingston Extension is paved.

Andrews also points out that there is a vacancy rate of about 45 percent for Bonita-area commercial space, compared with a 15 percent rate for retail space. She credits the discrepancy to all the new office projects now entering the market. "We're just a little bit ahead of ourselves," she says.

The result will be a little more time for the market to absorb a