San Carlos Park

There's no doubt that the US 41 corridor in Bonita Springs is already booming with construction, and the Estero corridor is quickly catching up. Now, even the "last stand" of undeveloped US 41 property -- that remaining stretch in the San Carlos Park area from Alico Road to Corkscrew Road -- is about to head into the mass building cycle.

The San Carlos area, once known as a sleepy residential community scattered with campgrounds and manufactured homes, is undergoing major changes to accommodate all the expected growth. As government agencies prepare to begin massive roadway expansion and construction in the area, Realtors are gearing up for an expected building spurt.

Big Changes on Alico and US 41

In the next 5 to 10 years, The Florida Department of Transportation is planning to extend Metro Pakway southward from Six Mile Cypress to Alico Road, changing the configuration of the existing US 41-Alico intersection.

Included in the project, according to FDOT Project Manager Mike Rippe, will be a Metro Parkway Extension "flyover," or bridge similar to the one at US 41 and Colonial Boulevard. The existing part of Alico Road from the railroad tracks west to US 41 will be completely eliminated, replaced by lanes that will curve north and south connecting onto US 41. An additional lane will loop for motorists traveling south on the Metro extension and connecting onto Alico.

So far, the FDOT has mapped out a conceptual plan and is in the midst of designing the project. The next step, expected to take place during 2001-2002, will be to acquire privately-owned rights-of-way for both the intersection and for the Metro Parkway extension. The price tag, between real estate purchases and any legal fees, is estimated at more than $20 million.

Actual Construction, however, is some time down the road. That phase of the project has not yet been placed in the DOT's 5-year work plan, but Rippe estimates that it will take place somewhere between 2005-2010. The cost is estimated in the $24 million range.

In the nearer future, the Lee County Transportation Department is planning to six-lane Alico Road from I-75 west to the point where the Metro extension is planned to connect. Until the Metro extension project comes about, the Lee DOT is going to four-lane the existing portion of road connecting to US 41. Saeed Kazemi, senior project manager with the Lee DOT, says the $10 million construction project is scheduled to begin early next year, with a completion date a year afterward.

The continuing widening of US 41 will also soon come to the doorstep of San Carlos. The FDOT plans to begin construction on the segment of US 41 running through the San Carlos area from Alico Road to Corkscrew Road. The work is scheduled to begin by next summer or fall.

Down the Road

What might the area look like in five to 10 years? Although there's no crystal ball available, most realtors predict commercial interests mixed with residential, which in turn generate retail. Zoning in the area suggests much the same pattern of development.

Mark Alexander, owner of Mark Alexander Real Estate in Fort Myers, has several available parcels in the area, including a 2 1/2-acre site near the Alico Road-US 41 intersection. To Alexander's advantage, the property will become a prime location after the FDOT project comes about. Half of that property is now under consideration to a restaurant owner, while Alexander says he may hold off on a while for the other half.

Florida Gulf Coast University, accessed by either Alico Road or Corkscrew Road, has also brought a great deal of interest to the San Carlos area, Alexander says. "When you plop down a major university off Alico Road, it's a no brainer," he says of the area's future opportunities.

James Fortiner, owner of Fortiner Real Estate in Fort Myers, is also hopeful for the area's potential. "Its time has come, with the advent of the university," he says. "It's starting to go, and it will go fast."

Fortiner presently represents a 36-acre parcel that is under consideration to a developer, possibly for an apartment complex. The parcel's location in proximity to some of the Estero waterways and the possibility of another large residential development also suggests a more upscale feel to the immediate area. "I look for a major development there," Fortnier says.

No Longer a Great Buy

If you're looking around the San Carlos corridor for investment properties, it's too late. Because development expectations are already high, local Realtors don't think there will be many remaining speculative opportunities.

"I wouldn't be buying in that area for speculation," advises Jim Kinsey of Kinsey Associates Real Estate. Kinsey himself has plans for a project to develop an office park and bank along US 41 in the San Carlos area. "It's becoming hot from a user standpoint," Kinsey says of the corridor, "but not (for) investment."

From the standpoint of those waiting for the boom, however, the San Carlos area is coming along just fine. The future appears bright, given continued strength of the local economy. "Our time has come hopefully," says Alexander.