Neptune Inn sale raises hopes for new development on Fort Myers Beach

FORT MYERS BEACH - The Neptune Inn, a well-known landmark in Fort Myers Beach, is up for sale. The owners, Continental Hospitality, have decided to step away from rebuilding the property more than a year after the town approved redevelopment plans. The Inn was originally destroyed by Hurricane Ian.

Many locals hoped the redevelopment would bring more visitors back to the island. However, the property owners are now marketing the land to a new developer instead.

"Unfortunately, it looks like they're not going to be moving forward with the project due to financing concerns," said Abigail Eberhardt, public information officer for Fort Myers Beach.

There have been claims online that the decision was due to political instability, but town leaders and the developer's broker disagree.

"The town feels like democratic processes were followed and it was passed," Eberhardt said. "So if it was political instability, it would have to be because democratic processes were not followed and it wasn't passed. So I think the town just feels like, you know, these processes were followed and they were relatively stable."

Justin Thibaut, CEO and President of LSI Companies, Inc, represents the property owner and is currently marketing the site to developers.

"This was an ancillary acquisition for them, not intended to be a development deal," Thibaut said. "So they were intending and tried everything they could to do this project."

Thibaut mentioned that approvals are already in place, making the property attractive to new buyers ready to build.

"It's got a really solid set of entitlements," Thibaut said. "So there's already a lot of interest generated, and we're working through quite a few groups that want to do a project on the island right now."

Town leaders remain hopeful for redevelopment on Fort Myers Beach and believe the Neptune property will eventually become a new resort, bringing more visitors, jobs, and business back to the island. A buyer could be announced later this year.