The team at TPI has provided the community with an update on when construction may begin for its 254 room resort on Estero Boulevard. The goal is to have shovels in the ground sometime after the end of this year’s season. TPI has been working with state, county and town agencies to coordinate around their improvement projects in the area near where the resort will be built.
There will be work done at the foot of the bridge to improve traffic flow, Times Square is getting a face lift and there will be a new traffic signal installed at Old San Carlos and Estero Boulevard. All of these projects and the new resort are within a half mile of each other.
TPI is coordinating its construction timeline in ways that create the least amount of inconvenience for the community and visitors.
Permitting is nearing completion and they are hoping to have the project out to bid soon. The general contractor on the project is DeAngelis-Diamond.
Regarding the financing. TPI has already invested $52 million toward the resort and they are seeking additional conventional financing for the balance. With COVID-19 still in full effect the markets are still skittish on financing hospitality businesses. However, TPI says it has received favorable early indications and they are optimistic “that the merits of this unique project will win them over.”
TPI has been working on its plan to beautify a blighted area of Fort Myers Beach for 6 years now. A major part of the delay was a lawsuit financially backed by the Lani Kai to block its construction. That suit was finally dropped after an outcry from the community following the murder of Johnny Jackson last year on the Lani Kai property.