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How many billions and millions is your community worth?

Posted on by L. Dreeye
How many billions and millions is your community worth?

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Every time a tropical system begins to appear as a blip on the map, a lot is at stake in Southwest Florida.

At least $45 billion, if not more.

Last week, In The Know got a peek into Moody’s extensive ratings database, and according to the financial services company, the region’s investment in commercial real estate is eye-popping. That’s exactly how many are at risk from unchecked climate change, as ocean warming reaches record levels and regularly produces devastating and costly hurricanes such as Ian, Helen and, most recently, Milton in short order. two years.

“The back-to-back impacts of Hurricanes Helen and Milton in Florida raise the risk of large insurance claims,” ​​said Denise Rapmund, a senior analyst at Moody’s, which as of Friday estimated initial insured U.S. losses from Milton at up to $36 billion. , among the worst of all time.

Here’s what you need to know in today’s episode of In the Know.

Milton is the latest in dangers that will ‘get worse due to climate change’

“A large swath of damaging winds, subsequent storm surge and inland flooding impacts impacted key impact areas across the state, which will undoubtedly make this one of the costliest hurricanes ever,” said Mohsen Rahnama, chief risk modeler at Moody’s, who concluded. says a study last year: As “population growth and expansion of development (continue), hazards associated with hurricanes and sea level rise are projected to become more severe with climate change.”

And risk too. Here’s a more local look at some categories in Southwest Florida’s largest communities and overall overall values ​​in smaller ones, according to an In the Know study of Moody’s database. Despite its “reliability”, the financial services company admits that “the total value of property and potential damages (cannot be) fully comprehensive in all cases” in an ever-changing market, but we are talking about billions. There are many, many billions in the game.

Naples and Marco Island combined are the best value deals in Southwest Florida.

In Naples and Marco Island mailing addresses, 3,012 commercial buildings have an assessed value of $20.6 billion.

This includes 1,173 retail properties valued at $10.8 billion, 398 residential complexes valued at $4.2 billion and just 55 hotels.

Fort Myers, with the largest retail in Southwest Florida, reaches 11 figures.

Fort Myers has 4,707 commercial buildings valued at $11.5 billion.

This includes 1,550 retail properties valued at $1.7 billion, 680 residential complexes valued at $7 billion and just 73 hotels.

Cape Coral’s Numerous Apartment Buildings Add Billions to the City’s Value

Cape Coral has 3,560 commercial buildings with an assessed value of $3.8 billion.

This includes 1,024 retail properties valued at $931 million, 1,328 residential complexes valued at $1.9 billion and just 25 hotels.

The apartment complexes brought the value of Bonita and Estero to $2.5 billion.

Bonita Springs and Estero have 738 commercial buildings valued at $2.5 billion.

This includes 343 retail properties valued at $559 million, 124 residential complexes valued at $1.6 billion and just 23 hotels.

North Fort Myers commercial project moves into billion-dollar territory

North Fort Myers has 907 commercial buildings valued at $1.2 billion.

This includes 480 retail structures worth $397 million, 112 residential complexes worth $538 million and only 25 hotels.

What are the values ​​in Immokalee, Lehigh, Pine Island, FM Beach and Sanibel?

Immokalee has 242 commercial buildings with an assessed value of $686 million.

Lehigh Acres has 640 commercial buildings with an assessed value of $637 million.

In Bokeelia, Matlacha and St James City, the 338 commercial buildings in the Pine Island towns have an assessed value of $324 million.

Once fully restored and up and running, Moody’s projects the value of affected Fort Myers Beach and Sanibel to be approximately $3.5 billion, including 148 hotels, according to the analysis.

Upcoming tasks: Hurricane Milton: Storm surge, flooding, insurance rates. What’s next for SWFL homeowners?

Southwest Florida’s Largest Commercial Office Deal of the Year

With a $15.5 million deal, the growing Family Health Centers of Southwest Florida plans to open a Fort Myers campus at 2334-2270 Colonial Blvd. including a pair of buildings totaling 81,941 square feet.

With satellites throughout the region, the company’s office was located in an old grocery store on Heitman Street. Now the company is setting up headquarters in a building that was once one of the sanctuaries of 21st-century oncology, which, among other things, was involved in a conspiracy with Florida cancer specialists to control how medical oncology and radiation therapy were available to patients in a monopoly scheme. The founder of the latter ended in a plea deal after the founder of the other, an accomplice, became a prosecution witness.

“It sold for a higher price per square foot than you typically see vacant office buildings selling in other markets,” LQ Commercial’s Adam Palmer said of the largest office sale of 2024 by size. “Overall, the office market in other parts of the country has taken a bit of a hit, but here in Southwest Florida the sector remains very strong.”

In the know: Why did Collier close Sun-N-Fun Lagoon when Great Wolf opens? How did the costs compare?

SWFL is part of Walgreens’ post-Fort Myers closure strategy

Walgreens has announced a plan that could see 2,000 of its stores close, and Southwest Florida appears to be part of that strategy in the Sunshine State, which has the most locations. Walgreens has not disclosed details of individual location closures, although about 20 targeted locations have been closed or added to the list in the past two months, including in Fort Myers, according to a database used by USA TODAY. Its CEO said last week it would close 14% of its roughly 8,700 U.S. businesses and redistribute most of those affected.

Walgreens said about 500 stores are expected to close by the end of next year, and another 800 could be added to the plan, with more to come in the coming years. The retail pharmacy giant continues to struggle amid pressure from the rise of online prescription delivery platforms, low drug reimbursement rates and lower consumer spending. Last week, Amazon said its pharmacy plans to offer same-day delivery to nearly half the U.S. by the end of 2025, but it’s unclear how that might work in Florida.

Naples Daily News columnist Phil Fernandez ([email protected]) grew up in southwest Florida and led the effort to win the Pulitzer Prize. He writes “In the Know,” one of the most read USA TODAY Network local news columns in the state. Support democracy. Subscribe to the newspaper.