Construction is underway on the first phase of a new mixed-use development in Estero after the developers secured an $81.5 million construction loan.
The unnamed development is at 23281 Lynden Drive, across from the Coconut Point mall.
When complete, FRP Development Corp. and Woodfield Development expect the project to have 600 apartments, 80,000 square feet of retail space, 20,000 square feet of office space and a boutique 190-room hotel.
For now, the first phase of the project will be made up of 296 apartments in a mix of three- and four-story buildings along with 30,000 square feet of retail space, the firms says in a statement.
The plan calls for the first residential units to be available in the third quarter of next year.
As for the financing, the loan was issued by Santander Bank, according to the statement. Trms were not disclosed.
The property and Coconut Point are off of Interstate 75, just south of Corkscrew Road on U.S. Highway 41.
