After one deal falls through, high-rise developer buys Fort Myers Beach's devastated Outrigger
A high-rise developer has purchased the Fort Myers Beach land of the Outrigger motel and a restaurant, both devastated by Sept. 28's Hurricane Ian.
London Bay Development Group, already poised to construct condos elsewhere on the Beach that are taller than the half-century traditional Old Florida low level inn, made the $38.2 million transaction this week that included Charley's Boat House Grill across the street on Estero Boulevard near the beach's south end.
The developer has various condominiums rising on the Beach and Southwest Florida, and the deal is the latest of several other waterfront properties destined for new development.
While not revealing details, London Bay CEO Mark Wilson said in a statement he is committed to honoring the legacy of the institutions "while creating an elevated experience for Fort Myers Beach residents and visitors alike."
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The acquisition from sellers Colorado Southern Inc. came together after another one didn't pan out.
"I originally had a commercial commission agreement, not a listing agreement, with the sellers for a specific buyer," said Realtor Karl Faerber, who had represented some of the principals of Colorado Southern in previous dealings. "That deal with my buyer terminated during the due diligence period."
Look for more on this and the latest on other developments in Monday's In the Know.
Based at the Naples Daily News, Columnist Phil Fernandez (pfernandez@gannett.com), who grew up in Southwest Florida, writes In the Know as part of the USA TODAY NETWORK. Support democracy and subscribe to a newspaper.
This article originally appeared on Naples Daily News: Fort Myers Beach Outrigger motel sold after Hurricane Ian destruction
