Alliance Kicks Off Construction of $57M Multifamily Project in Fort Myers

Alliance Companies is forging ahead with the construction of their 280-unit Montego Square Apartments in Ft. Myers, Florida, overcoming numerous challenges along the way.

Acquisition and Setbacks

The company acquired the 18-acre site in 2020, but faced obstacles such as the COVID-19 pandemic, government shutdowns, supply chain disruptions, Hurricane Ian, and fluctuations in interest rates.

Construction Details

Montego Square Apartments will consist of four, four-story buildings with elevator service, catering to individuals with physical limitations. The units will offer a variety of floor plans, each featuring wood-inspired LVT flooring, luxury carpeting, quartz countertops, stainless steel appliances, and designated laundry rooms with full-size washer and dryer.

Funding and Partnerships

Greystone, a national real estate finance company, is providing the $57.3 million HUD-insured loan for the project. The financing was facilitated by Joe Averbook and Elie Gabay, Managing Directors at Greystone.

Expansion and Future Plans

Montego Square is the second venture in Alliance's portfolio of moderate-income multifamily developments, following the success of Isla Apartments in Palm Bay. Alliance has amassed land in various communities, with plans to potentially develop up to 1,500 units. Future developments will focus on areas near Interstates 4, 75, and 95, where job growth and demand for moderate-income housing are high.