Fort Myers developers buy restaurants to build 10 waterfront homes

BUYER: Persaud Properties FL Investments LLC (manager: Terry Persaud), Fort Myers
SELLER: East Coast Restaurants Inc.
PROPERTY: 3040 Estero Blvd., Fort Myers Beach
PRICE: $8 million
PREVIOUS PRICE: $2.1 million, December 1992
LAW FIRM ON DEED: Fowler White Boggs PA, Fort Myers

PLANS, DESCRIPTION:
Terry Persaud and his business partner developer/real estate agent Joe Orlandini purchased 3.49 acres of beachfront property for $8 million.

The price equated to $2.29 million per acre.

The property currently houses the Junkanoo and Fresh Catch Bistro restaurant buildings. The buyers plan to clear the property to build 10 multimillion-dollar homes.

“We bought the property for the 500 feet of beach frontage,” Orlandini says. “Eventually we will tear down the restaurants there. We have a vacant lot there so we will start there first. By the end of May we will likely tear down Junkanoo. A few years later we will take down the other restaurant, Fresh Catch.”

The developers expected to create two homes on the vacant land and four more on the Junkanoo site. The first two homes are scheduled to list from $2 million to $3.2 million.

The developers hope to start construction in the next three to four months.

The purchase entity, Persaud Properties FL Investments LLC, mortgaged the property to Encore Bank NA for $5.2 million.