With final zoning approvals in hand, The Lutgert Companies and The Barron Collier Companies are poised to begin construction of The Mercato, a mixed-use fashion-based lifestyle center in Naples, Florida. The project, situated on 53 acres on U.S. 41 and Vanderbilt Beach Road, is a joint venture of the two Naples based companies with site work planned to begin in first quarter 2006, with opening targeted for late 2007.
The Mercato will include approximately 350,000 square feet of retail, 100,000 square feet of Class A office space, 175 residential units and an 80 room hotel. The retail component will be anchored by a 50,000-square-foot Whole Foods Market, a 10-screen premium style cinema, seven to eight high volume restaurants and approximately 60 other fashion and home tenants. The residential component, priced between $600,000 and $2 million, includes townhouses, coach homes and condos above retail on “Main Street”.
“North Naples is a high growth area. However, the area lacks a downtown core where people can live, work and shop. The Mercato will fill that void,” says Dougall McCorkle, vice president of commercial real estate for Lutgert.
More than 750,000 people live in Collier and adjacent Lee Counties, with growth to nearly 1 million expected in the next five years. That number swells by over 30 percent during the winter “season.” It has certainly caught the attention of major retailers that the Naples area has the highest per capita retail spending in all of Florida. The average household income was $97,584 in 2003. The Naples area has more millionaires per capita than any area in the United States and leads the U.S. in virtually every important demographic gauge. The median age continues to shift as families and young professionals move to Southwest Florida, plus Naples has the highest percentage of college-educated population in Florida.
Project leasing consultant Mitch Friedel of Robert K. Futterman & Associates, reports that approximately 40 letters of intent are under negotiation with upscale fashion retailers, restaurants and better home furnishings stores.
Designed by Atlanta-based Cooper Carry, The Mercato is an elegant four block long main street, with buildings from one to five stories and parking to accommodate more than 2,100 cars.
The Lutgert Companies is one of the top developers in Southwest Florida with high-profile resort lifestyle shopping centers, grocery-anchored centers, Class A office developments, high rise and golf course developments plus a major brokerage and insurance affiliates. The company's presence in Naples dates to 1964 when the company acquired over a mile of pristine Naples beachfront.
The Barron Collier Companies' heritage dates to the early 1900's with the purchase of 1.3 million acres in Southwest Florida, much of which became Collier County. As a major landholder in Florida, The Barron Collier Companies has strategically located commercial and residential developments and has significant expertise in master-planning both residential and commercial properties.
The Lutgert Companies
4200 Gulf Shore
Naples, FL 34103
Telephone: (239) 261-6100
Fax: (239) 263-0361
Web site: www.lutgert.com
Size of Firm: 300+
Year Established: 1964
Key Contacts: Dougall McCorkle
National Leasing Consultant:
RKF & Assoc