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Luxury condo complex replaces former Carousel Inn on Fort Myers Beach

Twelve units for sale on southern part of Estero Island priced at more than $4 million
Posted at 10:11 PM, Feb 21, 2024
and last updated 2024-02-21 22:11:37-05

FORT MYERS BEACH, Fla. — The Carousel Inn, a landmark that stood for nearly 60 years, has given way to a project that's building 12 units with prices starting at $4.3 million. The developers, who had purchased part of the property before Hurricane Ian, have invested over $11 million in land purchases to bring Gulfside Twelve to life.

"We're under $1,100 a square foot, if you go south to Bonita or Naples that almost doubles, and you gotta believe that that pricing, that money is slowly coming up this way," noted listing agent Tom Kiddy of McMurray and Members.

The development has stirred concerns among neighbors. Musician Ken Bantz expressed his worries.

"We're concerned about [Fort Myers Beach] losing its vibe with the big corporate feel, coming in with the great big corporate developments, if it loses that vibe, then I mean, it's going to lose us possibly," Bantz stated.

Larger developments right next door are also on the horizon, contributing to the transformation of Fort Myers Beach.

"The majority of our development team is from southwest Florida, lives in southwest Florida, our engineers live and work in southwest Florida," Arminio stated, when asked about concerns of overdevelopment and the community's future.

The project's total cost exceeds $40 million. It promises resilience against future hurricanes, with pilings drilled two hundred feet into the ground to secure the buildings.

All four units in the first building have already been sold, with construction expected to conclude by spring of 2025.