County approves lease agreement for Waterway Estates
The Waterway Estates project got a boost forward by Lee County last week.
At its final meeting before the July break, the Lee County Board of County Commissioners approved a lease agreement for the development and operation of a marina on the county-owned property on Inlet Drive by Safe Harbor Marina (SHM) Waterway Estates.
The next step is for SHM to submit a proposal to the commission.
Commissioner Brian Hamman said he expects a wonderful plan that will bring new life into the community.
“Now, we go and do the fine tuning and the details of what the plan looks like. It’s in the hands of SHM who proposed this new development that will be along the lines of what was permitted there,” Hamman said. “Our staff will work with their staff to bring this to a successful conclusion.”
The property was once home to Caloosa Isle Marina, the seafood restaurant Shuckers, and a water treatment facility. It was a thriving area until 2004, when Hurricane Charley pretty much wiped the marina and buildings out.
The county purchased the property in 2007 in anticipation of expanding the water plant. However, two years later the Florida Governmental Utility Authority started to provide utilities to North Fort Myers and built a water treatment plant on Del Prado Boulevard.
The site was demolished in 2013 and sat vacant for several years before Hamman asked for a workshop to be held regarding what to do with the property, leading to a decision to allow for the construction of what had been on the site previously.
SHM, based out of Dallas, will invest an estimated $9 million for build-out in return for a lease term of 30 years with two 10-year extension options. In addition, future capital investment can result in a third 10-year extension option.
Lee County would maintain ownership of the property.
Rent for the majority of the term will be $100,000 per year (adjusted for inflation) or 10 percent of gross profit attributed to operation of the leased premises, whichever is greater.
The site is 6.8 acres located at 1667 and 1687 Inlet Drive. The property includes 5.8 acres purchased by the county and 1.0 acres from the decommissioned wastewater treatment plant.
The facility is expected to have dry boat storage, wet/floating boat slips, a waterfront restaurant, a Sheriff Office Marine Unit Substation; and a potential fuel dock, brokerage showroom and marina office.
Hamman said there is no hard timeline for when Waterway Estates would begin construction.
“They at least have the lease signed, so the faster they get things built, the faster they get to business, the faster they’ll be earning money,” Hamman said.
Many residents in the area were very excited about the possibility of bringing a marina back to their neighborhood, though there was concern about the lack of a boat launch and whether the property would end up as a private, members-only entity.
Despite concerns, Hamman said he expects Waterway Estates to help North Fort Myers continue to grow and catch up with the rest of the county in terms of development.
“There’s a lot of momentum in North Fort Myers with Paradise Isles, Waterway Estates and Merchants Crossing in the final stages of permitting. Things are going in the right direction” Hamman said.
Calls and e-mails to SHM for comment were not immediately returned.
To reach CHUCK BALLARO, please email news@breezenewspapers.com