One of the final large, development-ready parcels along U.S. 41 between Estero and Fort Myers sold on March 27 for $20.45 million. The 61.4-acre site spans both the north and south sides of Alico Road.
Trailhead Multifamily, LLC c/o Ryan Companies US, Inc., a Minneapolis-based developer acquired the property, which includes a 47-acre rectangular section bordered by U.S. 41 to the west, Old 41 to the east, and Alico Road to the south. The site is approved for up to 350 apartment units, 200,000 square feet of commercial development, and a hotel with as many as 150 rooms.
Plans also include significant preservation efforts. Roughly half of the land north of Alico Road will remain untouched, with about 20 acres dedicated to watershed enhancement and conservation.
The 14-acre parcel south of Alico Road is slated for future retail use, potentially featuring a quick-service restaurant, a small shopping plaza, or a convenience store.
The transaction was brokered by Alex Henderson, CCIM, and Max Molloy, CCIM, of LSI Companies, who represented the buyer and will handle leasing or sales for the southern portion. The deal also required terminating an older Development of Regional Impact agreement to allow for updated zoning and site planning.
Michael J. Frye, CCIM, of REMAX Realty Group | Frye Commercial Group, also brokered the deal. His family has been connected to the property since the 1980s, originally owning about 92 acres before selling roughly 30 acres to the Florida Department of Transportation for Alico Road improvements.
According to Frye, previous contracts for the property had fallen through, but this deal successfully closed, noting Ryan Companies as a reliable and experienced buyer.
Although the developer has not publicly detailed its apartment plans, the company—founded in 1938—has a nationwide portfolio spanning industrial, retail, medical, and multifamily projects.
Henderson noted that rising apartment vacancy rates created challenges during the transaction, requiring adjustments to contract timelines. He credited Molloy with helping navigate those hurdles and emphasized the importance of coordination throughout the process.
The commercial portion of the site has been marketed for several years, and the new owner intends to install underground infrastructure before selling or leasing outpads not designated for residential use.
While multifamily demand has softened from recent highs, Henderson emphasized that the site’s prime location remains a major advantage.
“The Alico corridor is one of the fastest-growing employment hubs in the region, and this property sits right at its doorstep,” he said. “Although vacancy rates are currently elevated following the recent housing boom, long-term growth and location will ultimately outweigh short-term supply pressures.”
