Local businessman Terry Persaud says shovels could be in the ground August 1st for workforce housing at the corner of San Carlos Boulevard and Pine Ridge Road. Persaud recently purchased the property from Margaritaville developer TPI for $4.1 million.
Persaud tells BTRN that he plans to construct the 150 unit apartment complex first. The property will also includes 10,000 square feet of commercial space and a hotel. TPI had also planned to build workforce housing in addition to providing 75 parking spaces for Margaritaville employees. Those employee parking spaces will be moved to a smaller site.
Persaud says the property was originally approved for the hotel to be built first so his first order of business was to get that plan flipped around so he could build the workforce housing. Affordable housing is in high demand on Fort Myers Beach as both home prices and rents skyrocket and investors gobble up anything available so they can turn them into vacation rentals.
Persaud says his plan is to build 150 units that rent for $1400 to $1500 per month. The units will be about 800 square feet. He’s hoping to have shovels in the ground next month and be ready to rent at the end of next year. Like everyone else in the construction business these days, Persaud is also at the mercy of the clogged up materials supply chain.
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