McGregor Boulevard

It is the best known and arguably the most sought after address in Lee County. With its palm trees and famous winter residences along the Caloosahatchee River, McGregor Boulevard offers businesses a picturesque and historic address with easy access to other areas of the city and county.

McGregor Boulevard connects both the city and county north from downtown Fort Myers at US 41 south to the intersection of Gladiolus and San Carlos Boulevard. Along the route are intersections that provide access to the Mid-Point Memorial Bridge at Colonial Boulevard, Cape Coral Bridge at College Parkway and Cypress Lake Drive connecting McGregor to all points of the Lee compass.

"McGregor Boulevard is a tremendous address to have," says Frank D'Alessandro, CEO of Grubb & Ellis/VIP Realty. "It is a world-famous boulevard." Driving along McGregor Boulevard with its stately palm trees lining the road, new street lights and a turn lane diffusing traffic-stopping autos, businesses, residents and visitors alike can appreciate the new and improved McGregor Boulevard.

Improved Infrastructure Means Improved Values All Around

In fact, it is difficult to conjure up the image of the northern part of McGregor little more than a year ago. The boulevard, which was undergoing major infrastructure improvements including lane widening, resurfacing and sewer line relocations, caused traffic to grind to a four-minute wait while one lane at a time was allowed to pass and cars were re-routed through neighborhoods. Other parts of McGregor were shut down altogether.

The improvements were necessary, according to transportation officials. "The project preserved the unique character of McGregor, and the addition of left turn lanes helps move traffic more efficiently and safely," says Debbie Tower, Public Information spokeswoman for the Florida Department of Transportation, which was responsible for the work.

With some improvements now complete, businesses and residents are breathing a sigh of relief. "The absence of construction has definitely made the area more appealing to businesses looking to establish a McGregor Boulevard address," says Stan Stouder, partner with CB Richard Ellis commercial real estate.

Tower notes that within the next five years, more resurfacing will take place from Colonial Boulevard south to Tanglewood, but that hasn't been scheduled yet. The very southern end of McGregor Boulevard past Cypress Lake south to Gladiolus and San Carlos Boulevard is still experiencing growing pains with a lane widening project still underway. But if the northern end of McGregor is any example, once the project is completed, are residents and businesses will be able to enjoy improved traffic flow and increased property values.

"In Southwest Florida, traffic access is everything," says Randel Mercer, president of CB Richard Ellis commercial real estate in Naples and Ft. Myers. "And history has shown that communities whose roads have been improved have seen an increase in business and value to properties."

According to area real estate brokers and agents, the interest sparked by boulevard improvements has been considerable on all ends of McGregor. "Property values in general are rising at both ends of McGregor," says D'Alessandro. "In the north end of McGregor, we are seeing a good amount of activity thanks to the rebirth of the downtown. The widening of McGregor to the south has generated a good deal of commercial real estate activity in that area."

McGregor Boulevard has mixed commercial zoning - on the south end of the boulevard it is zoned for retail and office activity, while on the north end, it is zoned for office space. D'Alessandro notes that because there is more land available on the south end of McGregor, new residences and increased population are sparking demand for business locations in that area.

Mercer agrees. "People who live in a neighborhood tend to shop in a neighborhood - they need services," he says. "Rooftops attract businesses." Mercer is overseeing the McGregor Lakes project at the corner of McGregor and College Parkway. The project is made up of five office buildings at 6,400 square feet each, built around a lake with a boardwalk behind the office buildings and picnic tables.

The north end of McGregor is zoned for business and professional office space catering mainly to the downtown area with offices for lawyers, insurance and utility companies as well as a handful of restaurants. Buildings tend to be smaller houses or two-story office buildings and a couple of one-story office outparcels.

Less commercial or retail availability in the north end of McGregor drives demand for prices, according to Alex Unger, an associate with Downtown Associates Unlimited, Inc. whose company specializes in McGregor and downtown section properties.

"As time progresses, McGregor and West First Street will become an important artery between the downtown and the rest of Fort Myers," says Unger, who represents some of the office and retail space in the recently sold Edison-Ford Square Plaza, located on McGregor near downtown Fort Myers.

What Businesses are looking for

"Each end of McGregor is unique, catering to different businesses," says David Hunt, commercial real estate broker with Rawlings Realty. "Each has its own merits." Hunt represents an office building at the corner of Clifford and McGregor near downtown.

Location, parking and access are the priorities set by prospective buyers/lessors. Generally, the type of business dictates where a buyer will locate on McGregor. For example, the courthouse located downtown area has generated the need for legal offices, while the intersections at College Parkway and Cypress Lake provide businesses access to Cape Coral, central and south Fort Myers as well as Sanibel.

What It's Worth

Building size and condition, location, accessibility and zoning affect the price of building space along McGregor. "In the south end of McGregor, leasing prices are running about $14-15 per square foot while on the north end, (and) office space runs approximately $11 per square foot," D'Alessandro says.

Unger's office space in the Edison-Ford Square Plaza leases for $8.50 per square foot with a $1.81 common area maintenance (CAM) fee per square foot. The old Merrill Lynch building, also located in the plaza, leases at $12 and $1.81 CAM per square foot.

Hunt, who represents the building at Clifford and McGregor, is leasing the space for $12 per square foot, which he says "is the going rate for that area."

Stan Stouder, also a partner with CB Richard Ellis, is selling the building at the corner of Coconut and McGregor just about ½ mile south of the Edison-Ford Estate. Formerly a school and used as a church, the building is zoned specifically for those two uses and is selling for a total price of $525,000. Stouder's partner Mercer, who handles the McGregor Lakes project