Mark Wilson stood with the ceremonial shovel in the dirt in February 2020, not knowing a month later the world would change with the spread of COVID-19. The founder and CEO of London Bay, which started 32 years ago with three employees and since has grown to about 120, temporarily pulled the plug on building Grandview, the first high-rise condo to be built on Fort Myers Beach since Manatee Bay 14 years ago.
“In March of 2020, we didn’t know if we were going to go through another crash like in 2008,” Wilson said. “Then, it became something much, much different.” Real estate values soared and Wilson decided to have London Bay pay cash for the estimated $50 million construction costs upfront rather than rely on presales for funding, a move that paid off.
After beginning construction in July, London Bay celebrated the topping off construction benchmark Thursday with Suffolk, the lead construction contractor, and about 130 construction workers. The 11-story, 58-unit condo tower will have views of either or both Estero Bay and Fort Myers Beach. There will be six units on each floor on all but the first two floors, which will have parking, amenities and four units on the second story.
“We bought it at the right time,” said John Stamoulis, the vice president of development for London Bay. “Our timing was just perfect. It was before the craziness. His crystal ball was perfect.” London Bay paid $2.8 million for the land in 2014, property records show. Grandview has sold about 60% of the condos, including $10 million worth in a 10-day span in February.
Price tags range from $1.2 million to $2.9 million, depending on the floor and size and size of the unit, which is between 2,400 and 2,900 square feet.
Robert Ambrose, the senior superintendent for Suffolk, oversaw construction of the adjacent Waterside 5 tower in 2004 and had no idea his career path would take him back to 4530 Bay Beach Lane. “This is where my office was,” he said of the construction site, which had an American flag draped in the background. “We had a double-wide trailer here.”
Ambrose said the amount of concrete used totaled 540 cubic yards per floor, plus 310 to 330 yards of vertical concrete and 12,000 concrete masonry units per floor.
Ray Murphy, the mayor of Fort Myers Beach, and Lee County Commissioner Ray Sandelli attended the ceremony. Sandelli said the project would generate $1.5 million in tax revenue and $650,000 in impact fees for the county. Construction is expected to be completed by January to February of 2023 with the first residents moving in thereafter.
