Two prime Fort Myers Beach properties listed for $17.5 million

Just days after the restaurant space belonging to a popular Fort Myers Beach Greek restaurant sold, two more parcels in the area have hit the market, with a combined listing price of $17.5 million.

The two properties, which are being sold together, are at 1021 Estero Blvd. and at 1010 Estero Blvd. The two parcels, according to Premier Sotheby’s International Realty’s Sanibel office, are in the Time’s Square section of the barrier island.

The 1021 Estero Blvd. property is the site of the former Margo Rita’s restaurant. Lee County property records show it is currently owned by a trust.

As for 1010 Estero Blvd., it isn’t immediately clear what was on the property before and a Premier Sotheby’s spokesperson did not respond to a question about the previous occupant. Property records show it is currently owned by Bencin Enterprises Inc., which paid $400,000 for it in 1994.  

Both, like all of Times Square and the immediate area, suffered major damage during Hurricane Ian in 2022.

The listings follow the recent sale of the former Plaka restaurant building at 1001 Estero Blvd. which sold last month to a Dania Beach LLC for $3.65 million. The new owner plans to build a two-story restaurant and a parking garage next door on that site.

While it is far too soon to know what will happen to the newest pieces of land, the listing may do little to abate the fears of locals and longtime vacationers who, in the aftermath of Ian, have worried that the idyllic beach town was about to undergo a major transformation.

The two parcels are being pitched in marketing materials as a “prime commercial opportunity” that is “perfectly positioned to capitalize on” growth and “providing ample space for your business vision.”

While that sort of lofty language may set off alarm bells for traditionalists, the change that is coming is seen by others as inevitable and necessary. That’s because of the high cost of rebuilding the area in the aftermath of Ian.

And that’s a cost that many have not been able to afford. In the nearly two years since Ian hit, scores of property owners have sold out rather than taking on the massive rebuild.

That includes classic Fort Myers Beach institutions like Outrigger Beach Resort and Charley’s Boathouse Grill. A developer paid $38.2 million for the 10-acre parcel along Estero Boulevard last year.

Despite the worries and opportunities city leaders — and in some cases developers — have said the goal is to find a happy medium that reflects both history and modern realities.

Chuck Bergstrom, the Premier Sotheby’s agent listing 1021 and 1010 Estero, says in a statement that the properties are “more than just a real estate investment — it’s a chance to contribute to the ongoing transformation and vitality of this beloved beach town and popular tourist destination.”