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Developer seeks $4.2M in Fort Myers grant to revive McCollum Hall; says he has invested $910,000 personally
Summary
Developer Miles Alexander presented plans to convert McCollum Hall into a food hall and grocery annex, requested a $4.2M grant for hard costs, and told council he is personally guaranteeing a $5.7M construction loan and has invested $910,000 of his own money so far.
Developer Miles Alexander, principal of Alexander Goshen, told the council May 1 that his team has a $10.4 million budget to rehabilitate McCollum Hall, including a 7,000‑square‑foot grocery annex and a food‑stall hall, and that he has put $910,000 of his own funds into the project to date. He said Neighborhood Lending Partners has offered a $5.7 million construction loan and the developer is requesting $4.2 million in grant support from the city/CRA to cover hard construction costs.
"Dollars 910,000 of that has come out of my pocket," Alexander said, describing prior expenditures and the developer’s willingness to provide construction documentation. He said construction bids for the food hall renovation ranged from about $7.5 million to $13 million and that the low bid for site plan work was roughly $2.3 million; phase 2 of the project is principally required parking (107 spaces) and access improvements.
Council members and a lender‑side finance professional, Rachel Smith, questioned project viability and risk. Smith — who identified herself as a managing director at a Manhattan‑based REIT and an investor‑side lender — described the project as "high risk" for most developers but said the fact that a lender had stepped up and that the developer had equity was evidence of his financing wherewithal. She said construction lenders require documented verification of equity and that the developer would need to supply invoices and reconciliation for advances and soft costs used as equity verification.
On loan terms and recourse, Alexander confirmed he is personally guaranteeing the $5.7 million loan and clarified that McCollum Hall itself is subject to a 99‑year lease (he does not own the building). He described standard construction‑loan draw procedures and said any city or CRA disbursement would be structured as draws tied to verified completed work and lien waivers. Council members asked for clarity on permit valuations versus budgeted costs and for documentation the lender would require before the city advanced any funds.
