ESTERO, FL - FRP Development Corp, a full-service real estate investment and development company, in partnership with Woodfield Development, announced today that vertical construction is underway on the first phase of its Coconut Road mixed-use development in the Village of Estero, Florida.
Strategically located at 23281 Lyden Drive along U.S. Highway 41 and directly across from Coconut Point, the completed development is planned to include approximately 600 apartment homes, 80,000 square feet of retail space, 20,000 square feet of office space and a boutique 190-room hotel. Designed by Dover Kohl & Partners, the master-planned development will create a walkable town center that will bring together residential, retail, office and hospitality uses in one of Southwest Florida's growing communities.
The first phase will include approximately 296 apartment homes in a mix of three- and four-story residential buildings, together with 30,000 square feet of retail space. Initial residential units are anticipated to deliver in the third quarter of 2027. The developers secured an $81.5 million construction loan from Santander Bank to support construction of the project. Construction of the first phase is being led by general contractor Brooks & Freund, in collaboration with Humphreys & Partners Architects and interior design firm ID & Design International.
“Commencing construction marks a significant milestone for this development and underscores our confidence in the continued growth and long-term strength of the Estero market,” said Todd Jacobus of Woodfield Development. “This project will deliver much-needed housing and new shopping and dining offerings, followed by future office space and a boutique hotel. Together, these uses will create a vibrant destination designed to serve the community for years to come.”
“This development represents the type of long-term development opportunity FRP has historically pursued – a well-located property in a growing market where thoughtful development can create meaningful value over time,” said David H. deVilliers III, President & Chief Operating Officer of FRP Development Corp. “Together with Woodfield, we are creating a mixed-use community that brings new housing, retail and ultimately office and hospitality uses to one of Southwest Florida’s most attractive growth markets. Beginning vertical construction on the first phase is an important milestone for the project and for our continued investment in Florida.”
The residential buildings within the community will feature an extensive collection of indoor and outdoor amenities, including resort-style pools and sun decks with private cabanas, an outdoor grilling areas, club and entertainment spaces, a private dining room, a gaming lounge with a golf simulator and billiards table, coworking facilities, a state-of-the-art fitness center and a sky lounge overlooking the community’s central park.
Village of Estero is situated directly across from Coconut Point, a major open-air lifestyle destination encompassing approximately 1.2 million square feet of retail, dining and entertainment offerings and more than 125 stores, including Apple, Target, Tommy Bahama and Barnes & Noble. The destination also features a diverse mix of restaurants, including Ruth's Chris Steak House, South Fork Grille, Rodizio Grill and Joe's Fresh Catch. Complementing these nearby amenities, the mixed-use project offers exceptional regional connectivity via U.S. 41 and Interstate 75, providing convenient access to Naples, Fort Myers, and the broader Southwest Florida region.
The Estero development is the latest project in the longstanding partnership between FRP and Woodfield Development. The firms previously delivered Riverside, a 200-unit multifamily community in Greenville, South Carolina’s Water Tower District, and the redevelopment of a former downtown Greenville office building into .408 Jackson, now home to 227 apartments and DeMarco’s restaurant. The partnership is also currently developing Woven, a mixed-use community in the Village of West Greenville that will include 214 apartments and approximately 13,000 square feet of commercial space. The Estero project also builds upon FRP's extensive multifamily presence in the Washington, D.C. metropolitan area, where the firm has played a significant role in the transformation of the Capitol Riverfront neighborhood through the delivery of high-profile communities such as Bryant Street, Dock 79, The Maren, and The Verge along the Anacostia River.
About Woodfield Development: Woodfield Development is a premier developer and operator of Class A multifamily communities. Amongst its peer group, the Woodfield partnership has unmatched experience in multifamily development and asset management. Since its founding in 2005, Woodfield has completed 74 communities, has 16 communities under construction, and numerous projects in various stages of entitlement and design. Woodfield’s earliest developments were located predominantly in the southeast and Mid-Atlantic, but the company has since expanded its footprint to include markets in the Northeast, Florida, Tennessee, and Texas.
From the first project to each thereafter, the singular goal is to deliver well-conceived, thoughtfully designed, market supported projects that hit each market’s sweet spot and create value for Woodfield’s investors and partners. Relying on local knowledge with experienced development partners, Woodfield sets the new high bar with each development it delivers. With a track record that stands above, Woodfield Development sets out to assemble the best team of designers, consultants, architects, general contractors, and capital sources – every development, every time. Read more at woodfielddevelopment.com
About FRP FRP Holdings, Inc. (NASDAQ: FRPH) is a fully integrated real estate investment and development company operating through two subsidiaries: FRP Development Corp and Florida Rock Properties, Inc. The Company focuses on industrial and commercial real estate, multifamily development and investment, and mining royalty lands. Florida Rock Properties, formed through the 1986 spin-off of Florida Rock Industries, owns nearly 21,000 acres of mining royalty land. Since 1989, FRP Development Corp has built and acquired more than 8 million square feet of commercial assets and partnered in more than 1,800 multifamily units. With offices in Jacksonville, Baltimore, Miami and Philadelphia, FRP invests in and manages high-quality assets in supply-constrained markets across the Mid-Atlantic and Southeast. For more information, visit www.frpdev.com