Projects

Sanibel Toy Box

Project facts

Status: Pre-Development
Address: 16998 McGregor Blvd
City: South Fort Myers, Florida
Region: Southwest Florida
Submarket: Fort Myers; Cape Coral
Units: 44
Amenity tier: Standard
Key amenities: Private Bathrooms, 14'+ Roll-Up Doors, Climate Control, Mezzanine Capabilities, Epoxy Flooring, Impact-Rated Doors & Windows, Gated Access & Security
Construction: Block
Finish level: High-Quality
Flood zone: AE

Location Summary

South Fort Myers / Fort Myers; Cape Coral Overview

The site sits at 16998 McGregor Boulevard in South Fort Myers, where McGregor Boulevard and Summerlin Road converge on the Punta Rassa peninsula about one mile east of the Sanibel Causeway toll plaza. It is the mainland gateway to Sanibel and Captiva, and the surrounding Iona and Punta Rassa neighborhoods are lined with Gulf-access canal homes, waterfront towers, and yacht-club communities. The planned 44-unit project is positioned as the closest enclosed, climate-controlled garage suite option for island owners whose lots and post-Ian elevation rules leave little room for a second car or trailered boat.

The immediate trade area is older, seasonal, and asset-heavy rather than income-heavy: 60.0% of residents within five miles are 55 or older, the median age is 60.7, and 30.1% of housing units are seasonal, a second-home profile that leaves vehicles parked for months. The Cape Coral to Fort Myers metro counts 875,607 residents after 15.1% growth from 2020 to 2025, and Florida's lack of a personal income tax continues to pull about $20.6 billion a year in net adjusted gross income into the state, while state-backed Citizens filed an 8.7% average rate decrease in early 2026 as the post-Ian insurance market eases. Within the submarket, the platform records a $263 per square foot trailing median, the value end of Southwest Florida, with demand weighted toward boat-owning, hurricane-conscious households that prize hardened, enclosed space.

Summerlin Road and Daniels Parkway reach I-75 and Southwest Florida International Airport in roughly 30 minutes; Sanibel is about 10 minutes west.

Current Events & Infrastructure

Sanibel Causeway restoration (1 mile west): FDOT's $328 million rebuild of the Hurricane Ian-damaged causeway reached substantial completion on May 20, 2025, raising the roadway, adding 5 to 8 foot seawalls, and armoring the islands with granite stone. It restores storm-hardened access to the site's most important connection.
Causeway Island Parks (1 to 2 miles west): Lee County Parks and Recreation delivered a first phase with more than 800 designated parking spaces in 2025, and Phase 2 long-term island rebuilding begins in the second quarter of 2026 with completion targeted for 2027.
Sanibel rebuild activity (10 to 15 minutes west): In March 2026 Lee County moved more than $2.1 million in tourist tax reserves, plus $145,844 in FEMA funds, to rebuild the Lighthouse Beach Park fishing pier. Nearby at 527 East Gulf Drive, owners of the 14-unit Gulf Beach Condominium broke ground on September 4, 2026 on a roughly $6.5 million replacement for the complex lost in Ian, per county permit records compiled by the SCK Development Scanner.

Key Demand Drivers

Island and waterfront owners around the causeway approach hold high-value boats, beach vehicles, and collector cars, but elevated post-storm construction, condo parking limits, and seasonal absence leave them short of secure, climate-controlled space close to the bridge. That gap is what drives demand for private garage suites at this corner.

Shell Point Retirement Community (about 2 miles northwest): A 700-acre deepwater campus with direct Gulf access, about 2,500 residents, and 1,333 independent-living residences. Its Vista Cay expansion adds 58 waterfront residences priced from about $1.2 million to nearly $2.5 million, reported roughly 70% presold when about $260 million in financing was arranged.
South Seas Resort, Captiva (about 45 minutes west): A May 22, 2026 appellate ruling cleared Lee County's approval of 219 hotel units and 84 condominium units on the resort's 120.5 acres, and an owner paid $45 million for an adjacent 22-acre parcel.
Punta Rassa and Sanibel Harbour (under 1 mile): Gated Jonathan Harbour, the Sanibel Harbour high-rise towers, and the Punta Rassa condominiums share the adjacent Sanibel Harbour Yacht Club; local listing data (brokerage color, not a hard statistic) show a median list price near $572,450 and a range up to about $2.4 million.
Fort Myers Beach rebuild (about 20 minutes south): Lee County broke ground in August 2026 on a $14.4 million, roughly 1,000-foot replacement of the Fort Myers Beach Pier, and a $13 million, 41,285-square-foot hotel and restaurant project started in the Times Square district on July 6, 2026, per county permit records compiled by the SCK Development Scanner.

Location Highlights

MSA Position: The Cape Coral to Fort Myers metro holds 875,607 residents after 15.1% five-year growth, several times the national pace.
Enthusiast / Collector Culture: Boating defines the address, with yacht-club membership and direct San Carlos Bay access; the dry November to April season concentrates boat shows and driving events.
Infrastructure & Recreation: The rebuilt causeway and its island parks make this corner the staging point for island recreation.
Market-Specific Factor: Post-Ian island rebuilding favors elevated homes with little ground-level storage, and owners now want hardened space for vehicles and boats; the site is in FEMA Zone AE, so flood design is a buyer diligence item.
Tax & Quality of Life: No state personal income tax, easing insurance costs, and a tourism economy anchored by Sanibel, Captiva, and Fort Myers Beach.
High Net Worth Concentration: 2,136 households earn $200,000 or more within three miles, rising to 4,263 within five miles and 8,194 within seven miles, with median home values of $381,155 to $405,776 across those rings.

Area Demographics (ACS 2024)

Wealth Index: 4.6 / 10 (SCK portfolio-relative)

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