The wait for the Costco Fort Myers new location is officially nearing its end. In a landmark transaction that has sent ripples through the Southwest Florida commercial real estate market, Costco has finalized the purchase of a prime 55-acre tract at the intersection of Colonial Boulevard and Plantation Road. The $55 million closing on May 12, 2026, represents one of the most significant land acquisitions in the city’s history, signaling a massive infrastructure shift for the region’s retail landscape near the Gulf.
A $55 Million Real Estate Milestone for Fort Myers
The scale of the Costco Fort Myers new location deal is difficult to overstate. At exactly $1 million per acre, or approximately $22.96 per square foot, the purchase price nearly doubles recent benchmarks for large-tract commercial land in Lee County. For context, regional developers Waypoint Residential paid roughly $12.64 per square foot for a similar-sized parcel at I-75 and Daniels Parkway earlier this year.
According to Chase Mayhugh of Mayhugh Commercial Advisors, who brokered the deal alongside his father, Chuck Mayhugh, the premium price reflects the extreme scarcity of entitled land with high-visibility frontage in the Fort Myers core.
Transaction Data Comparison
| Metric | Costco (Colonial Blvd) | Waypoint (Daniels Pkwy) |
| Purchase Price | $55 Million | $35 Million |
| Acreage | 55 Acres | 60.8 Acres |
| Price Per Sq. Ft. | $22.96 | $12.64 |
| Daily Traffic Count | ~70,000 Vehicles | ~55,000 Vehicles |
Strategic Site Design and Logistical Advantages
The Costco Fort Myers new location occupies a uniquely shaped “sideways W” tract that offers unprecedented access points. For years, the property was held by Carcione Family Partners LLC, who resisted pressure to divide the land, waiting instead for a single user capable of utilizing the full 55-acre footprint.
The site’s logistical profile includes:
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Colonial Boulevard Frontage: 1,100 feet of high-visibility exposure.
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Plantation Road Access: Over 3,100 feet of frontage, ideal for secondary ingress/egress.
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Metro Parkway Connection: Roughly 700 feet of western access to further distribute traffic flow.
This multi-point access strategy is specifically designed to prevent the “gridlock” currently experienced at the aging Cypress Lake and U.S. 41 location. With 70,000 vehicles passing the Colonial Boulevard site daily, the modern site plan will feature a significantly more efficient traffic pattern for both traditional shoppers and commercial members.
Solving the Cypress Lake Traffic Crisis
For long-time residents, the move to the Costco Fort Myers new location is a welcome relief. The current facility at 7171 Cypress Lake Drive has long been criticized for its difficult ingress and egress, which was never designed to handle the current volume of Southwest Florida’s population growth.
“We all love going to Costco, but we dread going to that particular Costco,” Chase Mayhugh noted, highlighting the community’s sentiment. The new facility will not only be larger but will also incorporate modernized fueling stations and expanded tire centers, all while offering a streamlined experience that removes the “nightmare” of the current parking lot.
The Future of the Cypress Lake Store: A Costco Business Center?
One of the most intriguing aspects of the Costco Fort Myers new location project is the potential transformation of the existing Cypress Lake facility. While not yet confirmed, there is significant industry discussion regarding converting the old warehouse into a Costco Business Center.
Unlike a traditional warehouse, a Business Center is tailored specifically to commercial clients such as local restaurants, hotels, and small businesses with a focus on bulk food service products, professional cleaning supplies, and office equipment. If this comes to fruition, it would be a unique addition to the region, with the closest comparable location currently in Orlando.
Economic Impact and Community Revitalization
The development of the Costco Fort Myers new location is expected to act as a major economic catalyst for the Colonial corridor. The project includes plans for several outparcels, at least one of which is expected to be a high-fidelity quick-service restaurant.
Beyond the tax revenue generated by the $55 million sale, the construction and operation of the new warehouse will create hundreds of local jobs. Furthermore, the 1031 exchange initiated by the sellers will likely trigger further retail or industrial investment elsewhere in Lee County, continuing the cycle of growth.
As the City of Fort Myers reviews the final site improvements, residents can look forward to a shopping experience that finally matches the pace of the modern Gulf lifestyle.
Real Estate Advisor Insight
“This deal was about more than just a quick sale; it was about positioning the property for its maximum potential. It took 20 years to find the right developer, and Costco is the perfect anchor for this critical corridor.” – Chase Mayhugh, Mayhugh Commercial Advisors
