A Fort Myers apartment complex with workforce housing in mind is delayed by at least four to six months due to rising costs.
“Construction costs have risen dramatically in the past six months and have somewhat changed the project,” said Tom Rossi, co-founder and co-owner of Redburn Development, the company behind the project.
Redburn paid $2 million in January for the old Araba Shrine Hall and surrounding buildings on the 5.7-acre site at 2010 Hanson St. Bloom is the tentative name for 336-unit apartment complex.
The average median income for Lee County grew from $71,900 in 2021 to $83,200 in 2022, Rossi said. “That is a huge jump, and we are adjusting the project,” Rossi said. “I hope to start demolition in the fall, but it could slip.”
Rossi still expected monthly rents to be lower than the luxury and market-rate apartments that have continued to open in recent months across Southwest Florida.
Redburn Development also is awaiting approval from the city of Fort Myers on the site plan approval. The Fort Myers Community Redevelopment Agency approved up to $8.2 million in tax increment financing for the project and will be dispersed at 85% of increment revenue generated up to that amount or until 2040.
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