Thompson Thrift Retail Group Acquires Land for Mixed-Use Development in Southwest Florida

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Mar 09, 2020, 06:00 ET

CAPE CORAL, Fla., March 9, 2020 /PRNewswire/ -- Thompson Thrift Retail Group (TTRG), a business unit of Indianapolis-based Thompson Thrift Development, Inc., announced today the acquisition of 13 acres of land in Cape Coral, part of the greater Fort Myers MSA in Southwest Florida. The company plans to develop a $20 million mixed-use development on the site.

The site is located at the northwest corner of Pine Island Road and Del Prado Boulevard in Cape Coral, the largest master-planned community in the United States. The Pine Island Road corridor sits in the heart of Cape Coral and is a state highway that stretches more than 20 miles from Interstate 75 westward to Pine Island. On a daily average, more than 30,000 cars travel Pine Island Road, with a similar number of vehicles traveling along Del Prado Boulevard.

As part of its development plan, TTRG expects to raze a vacant Circle K building to make way for the construction of approximately 50,000 square feet of single-level, multi-tenant space. First Watch, Tire Kingdom, Firehouse Subs, and Encore Nails have already committed to the site, which TTRG is targeting to open the first phase of the development in the fourth quarter of 2020, and many other tenants remain in various stages of negotiation.

"Cape Coral has been one of the country's fastest growing cities for the past few years," said Ryan Menard, vice president of development for Thompson Thrift Retail Group. "We look forward to working closely with the city and future tenants to develop a project with strategic purpose and skilled design that will bring a much-needed redevelopment to this key intersection while providing additional amenities and employment opportunities for this rapidly growing local economy."

Dannielle Robinson, senior associate of retail services at Colliers International, added, "This has been a pretty complicated assemblage, but Thompson Thrift was able to navigate the various hurdles and move this project forward. Based on the amount of pre-leasing interest we have received, the timing is right, and we are excited to partner with TTRG to finally bring this concept to reality."

In 2018, Forbes magazine ranked Cape Coral and the surrounding area among the top 10 fastest-growing cities in the nation for jobs and population. In 2017, the city took first place on the annual list. With a projected future population of more than 400,000, the city is 47 percent built out and seeks to draw new businesses to support its burgeoning growth.

Nita Whaley with the Cape Coral economic development office said, "We are so excited to welcome Thompson Thrift's new project into Cape Coral. The Corridor has approximately 300 acres of undeveloped land remaining, and developers, retailers, restaurants and other businesses are rapidly seizing opportunities."

TTRG, is a full-service real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. During the past 30+ years, the company has invested more than $2.2 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive projects. The Cape Coral project will be the company's first mixed-use development in Florida and is reflective of a robust growth strategy focused on areas with impressive demographics and a demand for quality commercial options.

About Thompson Thrift Real Estate Company

Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Ind., Houston, Phoenix and Charlotte, N.C. Three service pillars drive Thompson Thrift's success—Thompson Thrift Retail Group which is focused on ground-up commercial development, Watermark Residential which is focused on upscale multifamily communities and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail and office projects across the country. We're passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve. For more information, please visit www.thompsonthrift.com.

Contact:
Jennifer Franklin
Spotlight Marketing Communications
949.427.1385
[email protected]

SOURCE Thompson Thrift