FRP and Woodfield Development Begin Vertical Construction on Coconut Road Mixed-Use Project in Estero
Vertical construction is officially underway on the first phase of the Coconut Road mixed-use development in the Village of Estero, developers FRP Development Corp and Woodfield Development announced on August 25. The project sits at 23281 Lyden Drive along U.S. 41, directly across from Coconut Point. As your local Estero Realtor team, we track large-scale development like this closely, because a project of this size reshapes housing supply, retail options and neighborhood character along the Coconut Point corridor for years to come.
What's Being Built
The completed development is planned to include roughly 600 apartment homes, 80,000 square feet of retail space, 20,000 square feet of office space and a boutique 190-room hotel, designed by Dover Kohl & Partners as a walkable town center. The first phase now under construction includes about 296 apartment homes in a mix of three- and four-story buildings, along with 30,000 square feet of retail space. Initial residential units are expected to deliver in the third quarter of 2027. The developers secured an $81.5 million construction loan from Santander Bank, with Brooks & Freund serving as general contractor alongside Humphreys & Partners Architects and interior design firm ID & Design International.
Why Developers Are Betting on This Corridor
Woodfield Development's Todd Jacobus said commencing construction "underscores our confidence in the continued growth and long-term strength of the Estero market." FRP's David H. deVilliers III described the site as "a well-located property in a growing market where thoughtful development can create meaningful value," pointing to the location directly across from Coconut Point, the roughly 1.2-million-square-foot open-air retail and dining destination anchored by more than 125 stores. The site also offers regional connectivity via U.S. 41 and Interstate 75, linking it to Naples and Fort Myers.
What This Means for Buyers and Sellers
A project of this scale adds meaningful new apartment, retail and eventual office and hospitality inventory directly across from one of Estero's biggest commercial draws, which is worth watching whether you're comparing rental options, weighing resale competition nearby, or simply gauging how much continued investment this corridor is attracting. With initial units not expected until the third quarter of 2027, this is a multi-year build, so it's a good factor to weigh into timing if you're considering a purchase near Coconut Point. If you're curious how this development might affect property values or your own plans near Coconut Point, call Sky Coastal Realty at 239.745.8903 or visit our Estero Realtor page to get started.
Details on the Coconut Road development, including project scope, financing and the development team, are drawn from reporting by Connect CRE and Yield PRO. Read the original coverage at connectcre.com and yieldpro.com. We'll continue to track the Coconut Road project as construction progresses.