FRP Development Corp, in partnership with Woodfield Development, has broken ground on the first phase of the Coconut Road mixed-use project in the Village of Estero, Florida. The development is located at 23281 Lyden Drive, opposite the Coconut Point complex, positioning the site within an established commercial corridor south of Fort Myers. Plans call for a combination of multifamily, retail, office, and hospitality uses intended to create a sizable new node of activity in Estero.
At full build-out, the Coconut Road project is planned to deliver approximately 600 apartment homes alongside 80,000 square feet of retail space. The master plan also includes 20,000 square feet of office space and a boutique hotel programmed for 190 rooms. Dover Kohl & Partners has been engaged to design the overall development, which is envisioned as a cohesive, mixed-use environment rather than a single-use residential or commercial site.
The initial construction phase focuses on multifamily and retail components. Phase one will comprise roughly 296 apartment homes distributed across a series of three- and four-story residential buildings. These residences are scheduled to begin delivering in the third quarter of 2027, establishing the community’s first wave of housing and helping to activate the site as subsequent phases are planned and executed.
Retail is also a key element of the first phase. Developers plan about 30,000 square feet of retail space in the initial stage, forming the early foundation of the project’s commercial offering. This initial retail component represents a significant share of the 80,000 square feet ultimately contemplated for the full mixed-use program, and is expected to complement nearby existing retail at Coconut Point across the street.
To capitalize the first phase of construction, the development team obtained an $81.5 million construction loan from Santander Bank. The financing supports vertical development of the initial residential and retail buildings and reflects lender engagement with large-scale, mixed-use projects in this submarket. General contractor Brooks & Freund is leading the construction effort, coordinating closely with Humphreys & Partners Architects on the residential and mixed-use design.
Interior design responsibilities for the project have been awarded to ID & Design International, which will oversee the look and feel of the residential and retail interiors. With the construction team, architect, and interior designer in place, FRP Development Corp and Woodfield Development have assembled a full project delivery bench as they move forward with building out the first phase of the Coconut Road development in Estero.
