Located in the new Midtown of Fort Myers. The district is being established to attract tech companies and innovative spaces. To the east of The Jerome Building, the Southwest Florida Community Foundation is constructing a new tech hub for startups. South of the Community Foundation innovation hub, a new fire station was just opened. To the south of The Jerome Building, a local attorney recently acquired a building with additional land. The attraction to the MIdtown District is the prospect of increased densities and intensities along with public spaces and planning for parking to service the area.
The property location is highly desirable within walking distance to the Lee County Justice Center, Lee County Government Center, State Office Building and the Federal Courthouse. The property has on-site parking, which is an important amenity for tenants. Building features include slate entry floors, access control security system, building wifi, updated restrooms, elevator access to the second floor and updated contemporary interior designs.
The building tenant mix is extremely stable. There is an opportunity to grow rents with low market vacancy and strong demand. The property maintains affordable pass thru expenses.
The overall office market is considered in balance with approximately 7.5% vacancy. The vacancy in Fort Myers for B & C buildings is about 5% and downtown vacancy is less than 5% with strong demand for space. Rental rates are stable and growing modestly. Only one new mixed-use project is currently planned for downtown Fort Myers. Rates are expected to be in the mid $20's although rates are currently not published.