Leasing at the Mercato
mixed use main street of the Mercato in Naples Florida
Having had a lead role at the Lutgert Companies in the creation, development and leasing of the nationally recognized Mercato mixed-use project in Naples, Florida, it’s been my real pleasure to see how the property has emerged and materialized from countless renditions of site plans and layouts to what it has now become. In 2004 the vacant parcel of land was surrounded by other developments and, as one of Collier County’s largest urban in-fill parcels, it screamed to be something different!
The result was a 500,000 square foot complex with a mix of Class A office space, specialty retail, plus luxury condominiums, all set within an energetic “work-live-play” main street environment.
Together, with the creative urban planning and architectural skills of Angelo Carusi and Cooper Carry architects of Atlanta, we spent much time searching the country for exciting retail and office venues that did the best job of capturing the essence of an enduring and un-fabricated environment. It became a place where people would love to just come to and shop and dine, where they would love to have an office at, or even live at. It was a complex project with a lot of moving parts, and would certainly require just the proper alignment of the sun, moon and stars!
Given that, as of today, we’re now over 80% leased on both the office and retail fronts, I think the alignment has paid off. I think we can also say that we’ve changed the face of Naples for the better. Given also that this has all been accomplished during the Great Recession (one that we’re seemingly still in the middle of) makes it all that more meaningful. I think the real key of this development is that the scale and feel of the property drills right down to what most people find missing in today’s world of shopping centers and office buildings. They want an intensely pedestrian-friendly environment that garners to the throw back years of vibrant downtowns or perhaps to the cool urban sub-environments like they frequented in Chicago, New York or San Francisco.
We were fortunate to couple our vision with a couple of strong retail concepts, like Whole Foods and Silverspot Cinema, and were able to build the retail palate from there. We recognized that food and entertainment component is today’s “anchor tenant” as well. Department stores, while still popular and having their place in the retail fabric, weren’t really an option for us thus restaurants became part of our core. Like a game of chess, we built our line-up of superstar restaurants starting with Capital Grille and Blue Martini and continuing on with the likes of Bravo and Chipotle.
It wasn’t long before the business and office community of Naples began buying into our vision too and started to make serious commitments to lease office spaces. Merrill Lynch was amongst the first to recognize that the Mercato was really the new downtown for Naples. Since then it has emerged as a major hub for the financial and law sectors of the market. The Mercato had become the ‘go-to’ and top choice for many top echelon office users. I think many of them realized that if their employees worked in a stimulating environment where they could walk downstairs to a choice of ten different restaurants or sit in our ‘village green’ area that their productivity would be enhanced.
Going forward from here, I think the Mercato will mature into an exciting venue for Naples for many generations.
Dougall McCorkle, MBA
Sales Associate and Commercial Specialist
Premier Commercial, Inc., Licensed Real Estate Brokers
Direct: 239.213.7234
Cell: 239.860.3368
dougall@premiermail.net
