Punta Gorda’s City Marketplace Listed for $12 Million with New Development Vision

The long-vacant City Marketplace in downtown Punta Gorda is officially on the market for $12 million, presenting a transformative opportunity for the area. The 5.42-acre property, owned by PGI Marketplace LLC of Naples, is strategically located at the heart of the city, bordered by U.S. 41, Marion Avenue, Taylor Street, Harborside Avenue, and Retta Esplanade.

The property is being marketed by SVN Commercial Partners, with the experienced listing team of Ashley Bloom, Ron Zeigler, and Margeaux McCarthy leading the effort. Their extensive expertise in commercial real estate ensures the opportunity is being positioned for maximum impact.

Proposed Development Plan

The proposed vision for the property features a mixed-use development designed to create a vibrant live-work-play environment, including:

- 270 residential units, adding much-needed housing options to the area.

- 17,268 square feet of retail space, perfect for shops, cafes, and other businesses.

- A 60-room boutique hotel, ideal for attracting visitors and enhancing tourism.

- A four-level parking garage, offering 549 residential and 71 commercial spaces for improved accessibility.

Texas-based Humphreys & Partners Architects designed the plans, focusing on complementing the city’s existing downtown aesthetic and adhering to updated codes and regulations.

A Property with Historical Significance

City Marketplace has remained undeveloped since Hurricane Charley in 2004, when the original buildings, dating back to the 1960s, were destroyed. Despite being used occasionally for events like concerts, many residents and officials have considered the vacant site an eyesore. Past proposals faced challenges related to density, parking, and community feedback.

Community Feedback and Next Steps

Residents have expressed a desire for diverse retail options (like Trader Joe’s or Whole Foods), enhanced green spaces, and thoughtful development. The current proposal is under review by city staff to ensure it meets community needs while adhering to Punta Gorda’s regulations.

For detailed information about the listing, visit the official site: City Marketplace Listing.

To learn more about the property’s history and development plans, read the full article on Gulfshore Business.