A Gateway office building located just north of Daniels Parkway in Fort Myers, Florida, has been sold for $8.9 million to The Garrett Companies, an Indianapolis-based developer. The new owner plans to demolish the existing 63,000-square-foot, two-story office building, which was built in 1997 and previously occupied by Gartner and Alta Resources. In its place, they will construct a new apartment complex called The Estate, featuring 256 units across five four-story buildings, along with a clubhouse and swimming pool.
The decision to replace the office building with apartments reflects changing market demands and work patterns. Gary Tasman, CEO of Cushman & Wakefield Southwest Florida, noted that the property’s highest and best use is now multifamily housing rather than suburban offices, partly due to shifts in work styles following the COVID-19 pandemic. The Garrett Companies cited Fort Myers’ growth, net migration, and job opportunities as key factors in their investment decision. Construction of The Estate is expected to be completed by summer 2027, adding to the company’s portfolio of developments in the area, including Drift at the Forum and Mercantile.