Cypress Cove owner buys former Ruby Tuesday for $2.2M

The parent company of Cypress Cove, a senior living campus in south Fort Myers, purchased the former Ruby Tuesday restaurant building. 

Troy Churchill, CEO of Cypress Living, said the 5,398-square-foot building at 9001 Park Royal Drive, off Summerlin Road, would remain vacant following the $2.2 million purchase from Ruby Tuesday Hobart Exchange LLC. The property sold for $1 million less than its March 2019 purchase price of $3.2 million. 

Bob Pekol of LQ Commercial, who brokered the deal, said the price difference likely reflected a Ruby Tuesday lease that he believes was in place in 2019 and may have expired in 2026. A building with a triple-net lease to a creditworthy tenant typically commands a higher price than a vacant property, he said. Under such leases, tenants generally pay property taxes, insurance and maintenance costs. 

“We’re in the process of getting all the equipment and items out of there,” Churchill said of the building. “It won’t be a restaurant going forward. We haven’t officially designated a use. We also own the parcel next to it.” 

Lee Memorial Hospital Inc. is Cypress Living’s corporate entity that purchased the property. It has no connection today with Lee Health, which operates Lee Memorial Hospital in Fort Myers. But the two entities were once one and the same, dating to when the area’s original two-story, wood-frame hospital opened in 1916, according to Cypress Cove’s corporate history. 

In 1968, when Lee Memorial moved to a public nonprofit business model, Lee Memorial Hospital Inc. splintered away from it. The similarity in names between the two entities often causes confusion, Churchill said. 

The distinction became even more pronounced when Lee Health shifted to being a private nonprofit. 

“Two years ago, when they switched from public to private, there’s no connection at all to Lee Health anymore,” Churchill said, referring to common business leadership. The two entities still partner on projects, but when they do, it’s as a joint venture. 

Ruby Tuesday had operated at the location for about 20 years. The restaurant’s parent company filed for bankruptcy in 2020, and the location closed in May 2026. The chain downsized from about 1,000 to fewer than 200 locations, according to Ruby Tuesday’s website. 

The parcel measures about 1.5 acres. Combining it with the adjacent property gives Cypress Living just under 3 acres it could develop in the future. The location has an average daily traffic count of about 37,000 vehicles. 

As for the site’s future, Churchill said he’s still not sure. He said it could be redeveloped into additional senior living units, medical office space or something else. When the property came to market about two months ago, Cypress Living had the right of first refusal to match any other offers — which it did. 

“We have other options, as well,” Churchill said. “It could be a multitude of things. It just made sense for us when it became available to hold it for future use.” 

“Freestanding second-generation restaurants in a location like this are rare, and the market responded fast,” Pekol said. “Interest from multiple groups is what moved it from listing to contract so quickly.” 

Churchill said Cypress Living likely would not develop the property until after its next project. Cypress Living hasn’t added new units since 2024, when The Oaks at Cypress Cove opened with 48 residences: 24 villas and 24 elevated residences. 

Harbour Vue at Cypress Cove, an eight-story, 60-unit independent living complex, is slated to break ground in early 2027 and should be completed by Stevens Construction in early 2029, Churchill said. 

The project also will include a three-story life enrichment center with fitness, wellness, outpatient therapy, music and art space, and a 6,000-square-foot auditorium on the third floor. 

“This will double as a hurricane shelter for our campus,” Churchill said of Cypress Cove, which has about 700 residents in 577 units. “That will be hardened and will have a generator.”