That's good news for economic developers as well as shoppers, says Jennifer Dunn of Lee County's Economic Development Office, because a thriving retail sector is a sign of underlying economic health. The new projects promise to bring a wider variety of shopping choices to the region, as well as provide a major boost locally through tax dollars, road expansion and jobs.

Simon, the largest mall developer in the country, is expected to create roughly 5,100 job openings, and Jacobs will generate another 3,800.

What drew these two powerhouse developers here? The ongoing population boom, low interest rates and high demand for commercial properties all played a role. And it also helps that the outlook for 2004 is even better than 2003, according to the 2004 retail report recently released by Grubb & Ellis. The prediction is based on the concentration of rooftops and residential development along the Interstate 75 corridor from Colonial Boulevard in Fort Myers to Corkscrew Road in Estero. "Our area is hot," says Gary Tasman, commercial real estate advisor for Grubb & Ellis|VIP in Fort Myers.

Jacobs, which owns and manages 40 regional centers, accounting for 45 million square feet of retail space, is expected to build near the intersection of I-75 and Alico Road, an area in San Carlos named Gulf Coast Town Center. Plans call for 1.6 million square feet of retail space, offices, 5,000 residential units and a hotel. Construction is slated to start the beginning of this year, with a tentative opening date of fall 2005, which should coincide with the opening of Ave Maria University near Immokalee.

Although the plans call for more than a million square feet, the initial development will probably be more in the range of 500,000 to 600,000 square feet, says Frank D'Alessandro of D'Alessandro & Woodyard Com-mercial Team at RE/MAX Realty in Fort Myers. "There is, however, no doubt in my mind that the project will expand to over a million [square feet] as the market matures and develops," he notes.

The Simon Group, meanwhile, is planning its Coconut Pointe Town Center project on U.S. 41 in Estero. Dillard's department store and a multiscreen movie theater are among the tenants.

D'Alessandro refers to both malls as "regional shopping hubs." He explains that "these are not just malls, but destinations." Both malls are designed to be user-friendly, with a campus-style atmosphere that will be nicely landscaped and feature indoor and outdoor space. There is really nothing to compare the projects to in the current market, says D'Alessandro.

The Jacobs' development is a "power center," Tasman says. It will house such tenants as Bass Pro Shops and will be akin to the Page Field Commons. The Simon project will resemble more of an upscale shopping center that can be compared to Bell Tower in Fort Myers.

Questions have been raised about the market's ability to support two additional major malls, particularly in Estero, where Miromar Outlets is established. But the difference in tenants suggests that the shopping centers can coexist.

"There is no competition," Tasman says of the Simon and Jacobs projects. "The area can definitely support both retail developments. They are two different animals."

And to those concerned that the new centers will add to traffic woes, D'Alessandro and Tasman reply that these heavy hitters' projects will help to speed up roadway system improvement. "Our roadways are in a better position to handle growth now than they were 10 years ago, and this will only continue to improve," Tasman says. "Planners have worked with the developers to support the expected influx." New and improved traffic corridors are already being planned for and constructed.

What will these major centers mean to the smaller shopping centers in the area? "There is high turnover for small retailers already," says D'Alessandro. "The presence of these two malls will simply weed out the weaker ones."

Lee County has recently hit a "magic population milestone," as D'Alessandro calls it. "We are now at half a million. Over a thousand people a month are moving into the area, and retailers cannot ignore that statistic. They want to go where the income is, and we have it."