Mast Capital, in partnership with BLG Capital Advisors, has broken ground on Hancock Bridge Square, a 320-unit community in Fort Myers, Fla.

The joint venture has also landed a $65 million construction loan from CenterBridge Partners, which served as agent for MassMutual Life Insurance Co. JLL Capital Markets secured the financing.

General Contractor Kaufman Lynn oversees the construction process for Hancock Bridge Square. Humphreys & Partners Architects designed the project.

Set to encompass three- and four-story buildings across nearly 15 acres, the garden-style community will feature a gym, a lounge and kitchen, a workspace area for residents, a swimming pool equipped with a sun deck and lounge cabanas.

Located at 13370 N. Cleveland Ave., the development borders U.S. State Route 41 to the east with the Caloosahatchee River less than 1 mile south. Employers including Chico’s, Lee Memorial Hospital and Herc Rentals are within an 8-mile radius. Retail and dining options are less than 1 mile away, with options such as Big Lots, Dollar Store, McDonald’s, Wendy’s and Burger King. North Shore Park, which is also within less than 1 mile, provides hiking trails, paddle craft landing and launching, fishing areas, as well as pavilions.

JLL Capital Markets Senior Managing Director Chris Drew alongside Managing Directors Brian Gaswirth and Jesse Wright, as well as Associate Paul Adams, secured the construction financing.

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The development will rise at the site of a former shopping center, which was recently demolished. Mast purchased the property for $12.8 million, according to the North Fort Myers Neighbor. Lee County BOCC approved a performance incentive grant of nearly $200,000 for the redevelopment.

Furthermore, The North Fort Myers Revitalization Incentives program has earmarked $2 million in spending for the area’s revival since the program’s inception in 2018, according to Remax Realty Team Tom Miller.

As of March 2024, North Fort Myers had a pipeline of 815 units underway, with another 2,081 in the planning and permitting stages, according to Yardi Matrix data. Last year, the area’s supply pipeline was bolstered by 280 units, an uptick from 2022, when no projects with more than 50 units broke ground, the same source reveals. The North Fort Myers area is part of the Southwest Florida Coast market, which ranked third in MHN’s Top 10 Emerging Multifamily Markets.

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