VCP-Tellus JV to develop 1,350-unit multifamily development in Fort Myers, Fla.

Atlanta-based real estate development and investment joint venture VCP-Tellus has plans to build its first major multifamily residential development in Fort Myers, Fla., with construction to begin March 2022.

VCP-Tellus LLC is under contract to close before the year's end on approximately 55 acres of land zoned for 1,350 rental apartment units in Fort Myers, in the Colonial Gateway Commerce Park, at the intersection of Colonial Blvd. & S.R. 82.

The company is a joint venture between Varden Capital Properties & Tellus Partners of Atlanta.

Construction is slated to begin in March 2022 on phases one and two of the project, totaling 704 apartment units, which are scheduled to deliver units early in second quarter 2023 and to be completed in third quarter 2023. Planning for a minimum additional 300 units is under way. As many as an additional 600 units can be expected.