Miami developer Mast Capital has moved into the Fort Myers, Florida, market for the first time with the start of construction at Hancock Bridge Square, which will consist of 320 garden-style units on a 14.5-acre site.

The property, acquired in 2022, will contain an arrangement of eight three- and four-story residential buildings, plus one clubhouse, designed by Dallas-based Humphrey’s & Partners Architects, according to a press release shared with Multifamily Dive. Construction financing includes a $65 million loan through New York-based Centerbridge Partners. Delray Beach, Florida-based Kaufman Lynn is the general contractor, and the estimated completion date is summer 2025.

While rents have fallen back somewhat in Fort Myers over the past year, down 4% year over year in January according to the Naples Daily News, this follows a large spike in rent after the start of the COVID-19 pandemic. Between February 2020 and November 2023, the average rent rose from $1,291 to $1,927 — a 49% increase, according to RentCafe.

Fort Myers is a large employment center, with 21 million square feet of office space and over 360,000 nearby employees, according to the developer. The property is located near Lee Memorial Hospital, and minutes away from downtown Fort Myers.

“Given the region’s rapidly growing population and strong demand for rental housing, Mast Capital saw an opportunity to invest in the Fort Myers market and fill a void for new and highly amenitized multifamily rental product,” said Camilo Miguel Jr., CEO and founder of Mast Capital, in the press release.

Indoor amenities will include a fitness center, a lounge and entertainment kitchen and a coworking space. A swimming pool and sun deck will be located outdoors.

Mast Capital is active across Florida’s major markets, with over 4,000 units developed in South Florida alone. Its most recent Florida development, The Harlow, opened for leasing earlier in March in Tampa’s Wesley Chapel neighborhood.

The garden-style property includes 248 units across a set of four-story buildings on a 16-acre site, and is located next to the $250 million BayCare Hospital development, according to a press release shared with Multifamily Dive. Rents at The Harlow range from $1,750 to $3,050 per month.

‍