A bold new chapter has begun for Royal Palm Square.
Nearly three years after acquiring the 14-acre property nestled between Colonial Boulevard and Royal Palm Square Boulevard, Alessio Companies has officially launched the site’s long-anticipated transformation. With the expiration of existing leases, demolition is now underway—marking the start of what will become a walkable, mixed-use destination blending modern living with health-focused amenities.
Phase One: A Wellness-Focused Vision
Phase one of this multi-phase redevelopment will introduce:
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Approximately 300 multifamily residences
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A 130-room hotel
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20,000 to 40,000 sq. ft. of medical office space
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40,000 to 50,000 sq. ft. of ground-level and second-story retail
“This project is all about creating walkability,” said Justin Thibaut, CEO of LSI Companies, which is managing the leasing. “From upscale dining to fitness, it’s designed to support a healthier, more connected lifestyle.”
A central green space and event lawn will act as the heart of the community, bridging phase one to future developments.
A Community-First Approach
Alessio Companies is rethinking traditional development. Instead of launching with million-dollar townhomes, the focus has shifted to medical facilities, wellness-oriented businesses, and restaurants—responding to the needs and wants of the Fort Myers community.
“The community wants walkable access to great food, fitness, and experiences,” said Michael Alessio, company president. “We’re making that the foundation from day one.”
One of the anchors of the area, the Broadway Palm Dinner Theatre, will remain through at least 2033. Nearby businesses, such as The Salon Professional Academy and Omni Health Club, will continue operating until phase two begins. As part of phase one, Omni will relocate to a larger, newly designed 10,000 sq. ft. facility, doubling down on its wellness mission.
A Family Legacy in Motion
Founded by James Alessio generations ago, the company continues to be a family-run operation. Today, Michael Alessio leads the initiative, with support from both his father and daughter. In a symbolic moment, Jim Alessio, Michael’s father, helped operate demolition machinery at the site—making way for what’s to come.
“It’s a family affair,” said Michael. “We’re proud to build something lasting, together.”
What’s Next
Alessio Companies aims to secure permitting by June, with groundbreaking slated for late 2025 or early 2026. Construction on phase one is expected to take 16 to 18 months, with completion targeted for summer 2027.
“We’re bringing life back to Royal Palm,” said Alessio. “Restaurants, entertainment, walkable streets, green space—it’s about creating a place where people can live, dine, and thrive without needing to drive across town.”
