On Monday the Fort Myers Beach Town Council gave the Continental Hospitality Group the first of two needed yes votes before the resort rebuild can begin. A second public hearing will be held December 16th where the project would move forward with a second Town Council yes vote.
Continental Hospitality Group purchased the Neptune one year before Hurricane Ian with a plan to operate the resort and give it a few upgrades. Since the 1960’s the resort had been a magnet for families visiting Fort Myers Beach, despite the fact it didn’t have a restaurant on the property.
The pre-Ian Neptune had 3 buildings that were between 2 and 3 stories and 2 pools. There were 71 units. The new Neptune will have 148 units and the building will be 6 floors (4 over two levels of parking). There will be a restaurant that is open to the public that seats 150 people with indoor and outdoor seating.
Continental Hospitality Group’s Adam Valente said before the storm, the company was getting about a 10% return on the property. On the new resort he’s expecting between an 8% to 9% return. “148 units are necessary to rebuild. Interest rates are higher. Construction costs are higher. Insurance will cost 4X more than before Hurricane Ian.”
If the Town Council does approve the project on December 16th, permitting will take 6-8 months and construction could take up to 2 years.
Vice Mayor Jim Atterholt said that he would have been an emphatic no to a proposal that doubles the density before Hurricane Ian. “These are really hard times. This is a fair and reasonable rebuild proposal.”
The height of the building will be 51 feet from base flood elevation. The proposed development will be a total of 129,925 square feet. There are two access points on Estero Blvd and one point of only egress from Delmar. The proposal includes 164 parking spaces plus an additional 16 that would be deeded over to the town as public benefit. Those parking spaces could generate $350,000 in parking revenue for the town.
The feedback from the public on this project has been mostly positive.
Councilman Scott Safford said The Neptune team did a great job. “They’ve done the right things. I’m disappointed they didn’t clean up the property quicker but this is an example of how we can rebuild quicker. This ask is nowhere near crazy.”
Regarding the cleanup of the site, Valente said his company is actively seeking bids to demolish the buildings on the property and hopes to have that taken care of soon. His reasoning for leaving it untouched for over two years had to do with his lender telling him not to do anything to the property until it was clear whether they would be rebuilding or not. Last month the LPA unanimously approved the project and after Monday’s Town Council meeting it’s pretty clear now that they will be rebuilding.
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So we let them build twice as large because cost has increased interesting. So that means everyone on the Island can build twice as much for the same reasons. And don’t forget no need to maintain your property for the next two years as they have. Who is running this town and allowing such nonsense? We need to go back to Lee County, maybe they have the ability to enforce codes.
Since when did a bank dictate
the rules???🤔
Wonder how many residents would be able to double the size of their projects. Love how this council follows rules. Wait let’s ask FEMA how well they follow regulations.
So mattresses, building debris, garbage, broken toilets, and whistling smoke detectors were all requested (by the bank) to remain in place? Whomever cleaned the front lot for sandcastle parking, did more cleanup than the Neptune owners.
They should ask to see that in writing from his bank. Honestly, why does it even matter? The town said it has to come down, it should come down.
And just like the Wyndham, the answer you get is, “we are getting bids…”
I wish it were one story less, but it’s better than 17 stories.