This week the Red Coconut property was listed on Loopnet where property owner Seagate states they’re looking for a partner or outright buyer of the 10-acre piece of land. It looks now like Seagate may be ready to throw in the towel on Fort Myers Beach.
Seagate’s plan to redevelop the 10-acre property was approved in a 3-2 vote by the Town Council in December of 2024. The approval was for 5 buildings, including two 17-story structures. Several months after that vote a group of residents that live in a nearby neighborhood organized and challenged the town’s decision by filing a Writ of Certiorari. The residents were asking the court to look into whether the town properly followed their Comprehensive Plan and Land Development Code in the approval process of the Seagate project. The Writ was filed in March of 2025 and there is no end in sight when the court wil make a decision. The best outcome for the residents who filed the Writ would be for the court to tell the Town Council they have to look at the proposal all over again. The court cannot simply negate the vote.
The Seagate approval also ingnited a recall election that resulted in Karen Woodson and John King being recalled by the voters. King was allowed to keep his seat when his recall petition was thrown out by a judge. Woodson and King voted in favor of Seagate. The third yes vote was by Jim Atterholt who resigned his seat three years before his term expired.
The LoopNet listing says the property is “approved for 141 residential units, including 137 units within two high-rise condominium towers and 4 single-family homes. Approvals also include a restaurant and private beach club, enhancing the sites appeal. This represents a prime chance to create a landmark residential destination in a highly sought-after waterfront location.”
Nothing on the LoopNet page mentions the writ still wallowing in the court system or the angst the approved project has caused in the community. But, of course, those would clearly not help a potential sale. Seagate bought the Red Coconut property nearly 3 years ago for $52 million. The LoopNet listing appraises the property at just over $43 million. Seagate did not include a sale price in their Loop Net posting.
Simple:
Rules/Laws: MEANT TO BE FOLLOWED !
Follow them – No problem !
Don’t be the idiot who “overpaid” and “assumed” ….
Who could blame Seagate? The crybaby residents want “old Florida”. Well old Florida and their prehistoric building codes were washed into San Carlos Bay thanks to IAN. I know, you all want to eat cinnamon buns baked in a shed and old rickety rat infested wooden structures, but those days are over. Embrace it, sell your property or buy the Seagate property and let it sit vacant.
But…but, have you ever had one of those cinnamon buns? Bet you have. They’re awesome!!
Market capitalism at work. Seagate investment will go bankrupt. Another developer will buy it at a big discount to the unwise bet seagate made. It’s the same story that has been played out 100 times before…
I really don’t get it. I thought Seagate was known for custom single family home subdivisions? With 10 acres, 4 homes per acre, that’s 40 homes. At only $1.3 million per home they would break even. Are there any custom single family homes starting at that on the island? Instead of multi-unit buildings, why not single-family homes? Or, clean up the trailer park and do that. The one on Pine Ridge Road is beautiful!
Great job guys! – just wait until the developers get sick and tired of dealing with all of the parochial nonsense, pull out and taxes go through the roof. Not to mention a further drop in property values.
They’re all welcome. Stick to the comp plan.
But….. but, How do you make such conclusions? Shall we analyze your property tax statements for the last ten years?
Fighting. Bickering. Lawsuits. Back-biting. Neighbors versus neighbors. Accusations. Hating. Recalling elected officials. Slander. Defamation of character. Harassment. Verbal attacks. Character assassination. Badgering. Divisiveness. Threats. Confrontations. Lynch mobs.
Ahhhhhhh, the tropical island paradise that everyone dreams of.
If Seagate sells the property does the approval for th3e project carry on to the next owner or does that owner have two come beofre the LPA nd own board again to get their project approved?
The approved project goes with the sale of the land.
Can you old people please let the people that will actually be around for these years to actually make the decisions? All you oldies are ruining everything for the people that will actually be around to benefit for years to come on this island.
Congratulations! You are now in the lead for dumbest comment of the year!
– Also a Town Resident
🤣 Tell me you’re over 75 years old without telling me you’re over 75 years old…..
Bet I’m younger than you….
But…..but, Before we go on, please give us your definition of benefit.
‘Old People”…All I can tell you is you better strive to get there. Your comment showed you are the minority voter.
We oldies have children and grandchildren that feel the same way we do.
Generational brainwashing. The exact same reason there are still retards who support Democrats
One can only hope that London Bay follows suit.
Great news! Let them leave. There vision was to make millions and let the residents deal with the fall out, i.e. traffic, water/sewer issues, and eyesore towers. Hopefully London Bay’s learns that the residents are stronger then they think.
Food trucks and a parking lot with over 200 spots on the beach is preferred? Talk about an eyesore. How about the folks in nice residential condos that will have to deal with that NIMBY on the south end.
Or maybe another ghetto looking trailer park
I can’t help but wonder if the same folks that rallied against this project are the same ones who are rallying around the food truck park on the south end.