The southeast corner of U.S. 41 and Williams Road, in foreground, is Hertz land. / Andrew West/The News-Press
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The big splash Hertz Global Holdings made in Estero could be followed by some impressive ripples, real estate authorities say.
Even before Hertz’s name was announced Monday, speculation in real estate circles focused on Interstate 75 from Colonial Boulevard to Corkscrew Drive.
But Hertz CEO Mark P. Frissora said he opted for the more “mature” area around Coconut Point mall, with its numerous restaurants and retailers, was more appropriate for the “showcase” headquarters he plans to show off the company’s product lines.
Hertz has an option to buy 34 acres of a tract owned by Bonita Springs-based CP Land Investment LLC at the southeast corner of U.S. 41 and Williams Road. The company will lease an office building in Lee or Collier counties while the headquarters are built.
The company’s logic could be contagious, said real estate broker Gary Tasman, founder and executive director of the Naples/Fort Myers-based Cushman & Wakefield Commercial.
Tasman acknowledged Tuesday that before Hertz made the announcement, “I expected a big-box office building to be built along I-75.”
But, he said, “Now that I know it’s Hertz, I think the location makes perfect sense. And I’ve already had a call from an investor who wants more land there.”
Real estate agent Paige Rausch of Boback Commercial Group said Hertz’s location will provide “a first-class hotel to put people up in (the Hyatt Coconut Point), restaurants, entertainment. They’ve got shopping that would be normal for someone who makes $100,000 a year.”
The company has reported the average employee there will make $102,000.
That way of thinking, she said, “would apply to anybody looking at Southwest Florida, not just them.”
Howard Gutman, president of The Lutgert Cos., which owns the northeast quadrant of U.S. 41 and Williams, said it’s too soon to say what the effect will be on future development in the immediate vicinity.
“We are still in the initial phases of figuring out what to do,” he said — Lutgert’s property is zoned multiuse and could accommodate residential or commercial uses.
But Hertz’s arrival is likely to create options for property owners there as the area’s horizons widen, he said, adding: “Maybe another big company will decide to move.”