New Costco planned for Fort Myers on Colonial Boulevard after $55M land purchase

FORT MYERS, Fla. —

Costco is set to replace its Cypress Lake Drive location with a larger store on a 55-acre property at Colonial Boulevard and Plantation Road in Fort Myers, purchased for $55 million.

The new site is designed to reduce congestion compared to the current location. Mayhugh Commercial Advisors said the property owners, who live in California, bought the land 20 years ago for $3 million, and Costco paid $1 million per acre for the site.

"And we should say in Florida, based on our research, we have not found a parcel that is sold at this price point for Costco," said Chase Mayhugh of Mayhugh Commercial Advisors.

Chuck Mayhugh, also of Mayhugh Commercial Advisors, said, "Well, you know, I had a lot of offers, medical people, hospitals, actually, and they were going after several but really wanted to have a go to retail."

The new Costco will be larger and feature more gas pumps than the current Cypress Lake Drive location. Mayhugh said construction is expected to begin early next year, pending the approval of a few remaining permits.

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