Property’s Future Mixed for Closed Hotel in South Fort Myers


Another hotel in Fort Myers has recently closed shop.  The Clarion Hotel closed its doors August 15th, and with it, the fate of former tenants and other establishments that were once occupying its premises.  Some of these shops may find themselves moving to different areas in the city as the premises have already been boarded up.
The property was bought by Creighton Development who plans to knock down some of the structures in the 5.5 acre property within the coming months.  It also has plans of leasing the former hotel to potential tenants ranging from banks to restaurants.

Creighton Development however remains uncommitted and keeping their options open with the future of the property.  Last week, the company started the first steps of boarding up the property and draining the pool and arranging the possible sales of furniture and other fixtures in the hotel.

The property was purchase from the Fifth Third Bank under Clarion Redevelopment Group LLC, in the amount of $3.3 million.

Depending in the companies that would lease the former hotel, there are several options viewed for the property.  Some of these are developing the hotel into smaller sites or several tenants that can occupy a 16,000 to 35,000 sq. ft area.

Should any of these leasing plans materialize, hundreds of jobs are expected to be generated that would benefit many though the former employees of the Clarion Hotel have currently become unemployed.
The original hotel was built back in 1965 where it was operated from a Sheraton Motor Inn to a Radisson Inn.  The previous company that managed the hotel, Janus Hotels & Resorts, had been hired by Fifth Third Bank to maintain the hotel and it started managing the hotel in October 2011.  Yet, in the long run the hotel fell into disrepair and had to close its doors to customers.

Lately, there has been a growing trend among US real estate markets to develop existing commercial and retail centers instead of constructing new buildings and infrastructures. Along U.S. 41 in SWFL, this has been the upcoming practice among property management companies.  The reason behind this trend is because the proximity of these centers and establishments to high income earning neighborhoods.

Being near to these stable neighborhoods, these locations are considered as prime areas that can be better used as retail centers in the area and generate more income and jobs.

Learn more about Southwest Florida Real Estate here.
Contact Us
For more Information


Comments

Related Posts