Gulfside Twelve to break ground on second residential building

By NATHAN MAYBERG nmayberg@breezenewspapers.com

Gulfside Twelve, the luxury home development at the former Carousel Inn on Estero Boulevard in the south end of Fort Myers Beach, will break ground next week on its final eight units

There will be five floors on the second building, with the first floor for parking There will be two units on each floor with approximately 4,000 square feet of space

The construction follows the February demolition of the Carousel Inn, a longtime popular resort which overlooked the Gulf of Mexico and dated back to the 1960s Dublin Real Estate Investment Group, LLC, closed on the property in November for $7 million The Illinoisbased owners had an option to buy the resort after acquiring a neighboring parcel for $4 5 million in 2021

The investment group is in the midst of constructing the first four units on the neighboring parcel in a fivefloor building. The 4,000-square-foot units have already sold, according to the developers They are expected to open in December on the lot across the street from the former Charley’s Boat House Grill.

The new units are being priced at $4 1 million, with an asking price north of $5 million for the rooftop penthouses The units are expected to be completed next year

The 27-room Carousel Inn suffered catastrophic damage during Hurricane Ian The resort, at 6230 Estero Blvd , was an affordable throwback to the old Florida hotels and was a favorite of vacationing beachgoers who would stay months at a time, enjoying its amenities The rooms had full kitchens and the resort offered easy access to the beach and expansive views of the Gulf of Mexico The hotel had been purchased by the previous owners in 2016 for $5 million with the adjacent parcel for $2 million

The new owners believe they can make more money

“As we move further into the construction of Gulfside Twelve, we are excited for the road ahead and thankful for the surrounding community which has continued to embrace us as we pave the way for new projects,” said Tim O’Neill, CEO of Dublin Real Estate Investment Group, LLC