This is a Tier 1 ECOSINT open-source intelligence assessment of the city’s economic structure, risks, and investable opportunities.

Bottom Line Up Front

Fort Myers is the county seat of Lee County and the dominant commercial, civic, and institutional center of Southwest Florida’s fastest-growing regional corridor, and it classifies as Tier B — Sector-Specific. Private capital can deploy here, but success requires operator expertise, concentration-risk tolerance, and a clear-eyed understanding of the market’s structural vulnerabilities. Generic or passive capital will underperform. Disciplined, thesis-driven operators with Gulf Coast experience will find a market that rewards precision.

Fort Myers proper carries a population of approximately 90,000 to 95,000 residents within city limits, anchoring a Lee County metro that has grown past 800,000 people and continues to attract net in-migration from the Northeast, Midwest, and international markets. The broader Cape Coral–Fort Myers metropolitan statistical area is one of the fastest-growing in the United States by percentage, a demographic engine that creates sustained demand pressure across nearly every commercial product type. That growth, however, is not evenly distributed. The city of Fort Myers itself contains legacy neighborhoods, infrastructure gaps, and income stratification that create a bifurcated investment landscape — one where the riverfront and downtown core behave like a Tier A market while inland and eastern corridors require more careful navigation.

The commercial market is best described as tight to balanced, with meaningful variation by product type and submarket. Multifamily demand remains elevated, driven by population growth and a persistent affordability gap that has pushed workforce renters into the city proper while higher-income households concentrate in suburban Lee County communities. Retail corridors along US-41 and Colonial Boulevard show strong occupancy in anchored centers, while secondary strip retail and older inline space carries more vacancy and functional obsolescence. Industrial demand has strengthened materially since 2022, driven by regional logistics growth and post-Hurricane Ian reconstruction activity. Office inventory is modest and largely suburban in character, with limited Class A product and a tenant base dominated by healthcare, legal, and financial services firms.

Hurricane Ian made landfall in September 2022 as a Category 4 storm and caused catastrophic damage across Lee County, with Fort Myers bearing significant residential and commercial impact. The recovery has been uneven. Some corridors and neighborhoods have rebuilt aggressively, supported by insurance proceeds, federal disaster funding, and private reinvestment. Others remain visibly distressed, with vacant lots, damaged structures, and displaced populations that have not returned. This bifurcation is the defining investment reality of Fort Myers in 2025 and 2026. Investors who understand which submarkets have recovered and which remain structurally impaired will find genuine opportunity. Those who treat the market as uniformly recovered or uniformly distressed will make costly errors.

The three investable opportunities identified in this report are: workforce multifamily development in the urban core and near-downtown corridors, where demand is demonstrably undersupplied relative to the renter population; neighborhood retail repositioning along recovering commercial corridors where anchor-driven traffic supports smaller-format tenants; and industrial and light logistics development in the US-41 South and Daniels Parkway corridors, where regional distribution demand has outpaced available modern product.

The logical next step for serious capital is corridor-specific diligence. Fort Myers is not a market where a single underwriting thesis applies citywide. Submarket selection, flood zone mapping, insurance cost modeling, and post-Ian recovery trajectory analysis are all required before capital commitment. Operators with existing Gulf Coast relationships and local contractor networks will have a material advantage over outside capital entering cold.

Community Identity

Fort Myers is the county seat of Lee County and the primary civic, commercial, and institutional anchor of Southwest Florida. Situated on the Caloosahatchee River approximately 15 miles inland from the Gulf of Mexico, the city functions as the administrative, healthcare, and retail hub for a regional population that extends across Lee, Hendry, Glades, and Charlotte counties. The Cape Coral–Fort Myers MSA has ranked among the fastest-growing metropolitan areas in the United States for much of the past two decades, and Fort Myers sits at the geographic and institutional center of that growth corridor.

The city’s population is meaningfully more diverse and lower-income than the surrounding suburban Lee County communities. Fort Myers proper has a significant Hispanic and Latino population, a substantial Black or African American community, and a workforce-class demographic profile that contrasts sharply with the affluent retirement and seasonal communities of Cape Coral, Estero, Bonita Springs, and Naples to the south. This demographic reality shapes the commercial market: the city core serves a working population with different retail, housing, and service needs than the county’s wealthier suburban ring. Investors who conflate Fort Myers with the broader Lee County affluence profile will misread demand.

Historically, Fort Myers carries a brand identity rooted in its winter estates heritage — Thomas Edison and Henry Ford both maintained winter homes here, and the Edison and Ford Winter Estates remain a significant cultural and tourism asset. Downtown Fort Myers has undergone meaningful revitalization over the past decade, with the riverfront district, the Arts and Entertainment District along First Street, and the redevelopment of the Caloosahatchee waterfront creating a walkable urban core that attracts both residents and visitors. The downtown is small by major-city standards but functional and improving, with restaurant, entertainment, and residential activity that supports continued investment.

Fort Myers competes regionally with Cape Coral for residential growth, with Naples for high-end retail and hospitality, and with Estero and Bonita Springs for suburban commercial development. The city’s competitive advantage lies in its institutional density — Lee Health, Florida Gulf Coast University, Florida SouthWestern State College, and the county government complex all anchor employment and activity in ways that suburban competitors cannot replicate. Its competitive disadvantage is infrastructure age, flood exposure, and the income gap between the city’s resident population and the county’s broader consumer base.

Investment Drivers

Land

Fort Myers occupies a geographically constrained position along the Caloosahatchee River, with the river to the north, Cape Coral to the northwest, and suburban Lee County communities pressing from the south and east. The city’s land base is largely built out in its core, with infill and redevelopment representing the primary development pathway in established neighborhoods. The US-41 corridor running north-south through the city is the dominant commercial spine, with Colonial Boulevard and Daniels Parkway serving as major east-west commercial corridors. The downtown riverfront district offers the highest-visibility development sites, with several parcels and underutilized properties that have attracted developer interest in recent years.

Post-Ian, a meaningful number of residential and commercial parcels in flood-prone areas have been acquired by Lee County through buyout programs, creating potential for land assembly in some corridors. The city’s proximity to Southwest Florida International Airport, located approximately 12 miles southeast in unincorporated Lee County, provides logistics and connectivity value. Utility infrastructure is generally available in developed corridors, though capacity constraints and post-storm repair timelines have created friction in some areas. Greenfield development opportunities are limited within city limits, making adaptive reuse and infill the dominant land strategy.

Labor

Fort Myers anchors a regional labor market of considerable scale. Lee County’s workforce exceeds 300,000 employed residents, with the city proper contributing a significant share of the service, healthcare, and public-sector workforce. Major employers include Lee Health (the dominant regional hospital system), Lee County School District, Florida Gulf Coast University, Florida SouthWestern State College, county and municipal government, and a range of hospitality, retail, and construction employers. The construction sector has been particularly active since Ian, absorbing significant labor and driving wage pressure in trades.

Wage levels in Fort Myers are moderate by Florida standards and below the state median in many sectors. The affordability tension between wages and housing costs has intensified since 2022, as post-Ian insurance-driven rent increases and reduced housing supply have compressed household budgets for working-class residents. This creates both a workforce retention challenge for employers and a demand signal for workforce-priced housing. Labor availability in skilled trades remains tight. Service sector labor is more available but subject to seasonal fluctuation driven by the region’s tourism and seasonal resident population.

Capital

Capital behavior in Fort Myers since Ian has been bifurcated. Insurance-driven reconstruction capital has been substantial, funding residential and commercial rebuilding across the county. Institutional investment capital has been more cautious, with flood zone exposure, insurance cost escalation, and post-storm uncertainty creating underwriting friction that has slowed some projects. However, visible signals of private confidence are present: downtown Fort Myers has seen continued restaurant and entertainment investment, multifamily projects have moved forward in select corridors, and industrial development activity along the US-41 South and Daniels Parkway corridors has been observable.

The market is not in a capital vacuum. It is in a capital recalibration phase, where investors are repricing risk based on post-Ian insurance realities and flood zone reassessments. First movers who have completed that repricing and built local contractor and insurance relationships are actively deploying. Outside capital entering without that local knowledge base faces a steeper learning curve and higher execution risk. The market is not yet competitive enough to punish disciplined first movers, but it is active enough that the best sites and opportunities are not sitting idle.

Markets

Retail: Fort Myers retail is anchored by major centers along US-41, Colonial Boulevard, and the Bell Tower Shops corridor. Anchored grocery and big-box retail performs well, with occupancy in stabilized centers appearing strong based on visible corridor observation and public listing activity. Secondary and inline retail in older strip centers shows more vacancy and functional obsolescence, particularly in corridors that experienced Ian damage. Public listings suggest asking rents for inline retail space in the range of $18 to $28 per square foot NNN in functional corridors, with distressed or secondary space available at lower rates. The downtown retail and restaurant market is active and improving, though the tenant base remains entertainment and food-and-beverage oriented rather than traditional retail.

Multifamily: Multifamily is the most supply-constrained product type in the city proper. Post-Ian displacement, continued in-migration, and limited new workforce-priced supply have kept occupancy elevated and rents above pre-storm levels. Public listings suggest average asking rents for workforce apartments in the range of $1,400 to $1,900 per month for one- and two-bedroom units, with newer or amenitized product reaching higher. Vacancy in stabilized properties appears low. The pipeline has been constrained by insurance costs, construction costs, and financing friction, creating a window for disciplined developers.

Industrial: Industrial demand has strengthened materially. The regional logistics and distribution market has grown with population, and post-Ian reconstruction activity created additional demand for contractor and materials storage. Modern industrial product is limited within the city, with most new development occurring in unincorporated Lee County. Public listings suggest asking rents for functional industrial space in the range of $12 to $18 per square foot NNN, with limited availability of large-bay modern product.

Office: Office inventory is modest and largely suburban in character. Healthcare-adjacent and professional services tenants dominate. Demand for traditional office space is soft, consistent with national trends, but medical office and healthcare-adjacent space shows more resilience. Very little Class A office inventory exists within the city proper.

Hospitality: The hospitality market serves a mix of business travelers, regional visitors, and tourists accessing the broader Gulf Coast. Downtown Fort Myers has seen boutique hotel activity. Larger hotel product concentrates near the airport and along major corridors. Post-Ian, some hospitality properties experienced damage and extended closure, creating both supply reduction and recovery opportunity.

Regulation

Fort Myers operates under a city commission form of government with a professional city manager structure. The city has an active Community Redevelopment Agency covering portions of the downtown and adjacent corridors, providing tax increment financing tools that can support redevelopment projects. The CRA has been a meaningful tool in the downtown revitalization effort and represents a genuine public-sector asset for investors working in covered areas.

The permitting environment has been described in local reporting as improving but historically inconsistent. Post-Ian, permitting volumes surged and processing times extended, creating friction for reconstruction and new development projects. The city has made public commitments to streamline permitting, and evidence suggests some improvement, but investors should conduct direct diligence on current processing timelines before committing to project schedules. Zoning is generally supportive of mixed-use and infill development in the downtown and CRA corridors. Flood zone compliance, FEMA map revisions post-Ian, and insurance requirements add a regulatory layer that is specific to this market and must be factored into every project underwriting.

Quality of Life

Fort Myers offers a quality-of-life profile that is genuinely attractive for workforce and middle-income residents but carries meaningful limitations. The climate is warm year-round, with outdoor recreation, waterfront access, and proximity to Gulf Coast beaches representing real lifestyle assets. Lee Health provides regional healthcare infrastructure of significant scale. Schools in the city proper are managed by Lee County School District, with performance varying by campus and neighborhood — a factor that influences family residential decisions and workforce attraction.

Public safety is a material consideration. Fort Myers proper has historically carried higher crime rates than surrounding suburban Lee County communities, and this perception affects both residential location decisions and commercial investment calculus in certain corridors. The city has made public safety investments and the downtown core has improved, but the gap between city and suburban safety perception remains a real factor. Post-Ian, housing affordability has deteriorated for working-class residents, with insurance-driven rent increases compressing household budgets. This creates workforce retention pressure for employers and a genuine social equity dimension that civic leaders must address alongside economic development priorities.

Strategic Threat Mapping

Fort Myers presents a fundamental contradiction that defines its investment risk profile: it is the institutional and commercial anchor of one of America’s fastest-growing regional markets, yet it carries the infrastructure age, income stratification, flood exposure, and post-disaster recovery complexity of a city that has not fully captured the wealth generated in its own backyard. The suburban ring has absorbed the majority of high-income residential and commercial growth, leaving the city proper with a workforce demographic, aging infrastructure, and a recovery burden that suburban competitors do not share. This contradiction creates both opportunity and risk, and investors who do not understand it will be surprised by outcomes in either direction.

Threat 1: Flood Zone Exposure and Insurance Market Dysfunction

Hurricane Ian fundamentally repriced flood and property insurance across Lee County, and Fort Myers bears a disproportionate share of that repricing burden. Properties in FEMA-designated flood zones face insurance costs that have escalated dramatically since 2022, in some cases making conventional underwriting impossible without significant equity cushions or alternative risk structures. The private insurance market has contracted in Florida broadly, and Lee County specifically, with several carriers exiting the state and Citizens Property Insurance absorbing a larger share of the market. For investors, this means that pro forma insurance line items must be stress-tested against current market rates, not historical averages, and that flood zone classification must be verified against post-Ian FEMA map revisions rather than pre-storm data. Projects in high-risk flood zones face a structural cost disadvantage that cannot be underwritten away. The barrier is specific and measurable, and it will persist until either the insurance market stabilizes or public-sector flood mitigation investment reduces underlying risk.

Threat 2: Suburban Retail and Commercial Competition

Fort Myers city proper competes for commercial tenants and retail investment against a suburban Lee County ring that offers newer product, lower flood risk, higher-income consumer demographics, and in many cases more predictable permitting environments. Estero, Bonita Springs, and the Gateway corridor have captured significant retail, office, and hospitality investment that might otherwise have located in the city. This competitive dynamic is structural, not cyclical. National retailers and restaurant chains making location decisions in the region frequently choose suburban Lee County over the city proper, citing demographics, traffic patterns, and site availability. The result is a city retail market that is more dependent on service-oriented and necessity-based tenants than on the discretionary retail that drives higher rents and stronger center performance. Investors in Fort Myers retail must underwrite to the city’s actual consumer base, not the county’s aggregate income profile.

Threat 3: Workforce Housing Affordability Crisis and Population Displacement Risk

The post-Ian insurance and rent shock has created a workforce housing affordability crisis that threatens the city’s labor supply and long-term economic stability. Working-class residents — the service workers, healthcare support staff, construction laborers, and retail employees who sustain the regional economy — have faced rent increases that outpace wage growth, with some households displaced from the city entirely. If this displacement continues, it creates a labor supply problem for the employers and commercial operators who depend on affordable workforce proximity. The risk for investors is not abstract: a commercial project that cannot staff its operations because workforce housing is unavailable within reasonable commute distance faces an operational constraint that no amount of demand-side analysis will reveal. The pathway forward requires sustained public-sector investment in workforce housing production, including CRA-supported affordable development, land assembly for workforce projects, and state and federal housing finance tools. Private capital alone cannot solve this problem at the scale required.

The Five Strategic Questions

Preserve

The downtown riverfront district and the Edison and Ford Winter Estates represent Fort Myers’ most differentiated civic and commercial assets. The revitalization momentum built along First Street and the Caloosahatchee waterfront over the past decade must be protected from both physical flood risk and the economic pressure of suburban competition. Any investment or policy decision that undermines the walkability, cultural identity, or institutional anchoring of the downtown core erodes the city’s primary competitive advantage over its suburban ring.

Invest

Capital should concentrate in workforce multifamily development in the near-downtown and urban core corridors, where demand is demonstrably undersupplied and where CRA tools and public-sector support can reduce project risk. Industrial and light logistics development along the US-41 South and Daniels Parkway corridors represents a second high-conviction deployment zone, where regional demand growth has outpaced modern supply. These two product types offer the clearest alignment between market demand, public-sector support infrastructure, and realistic underwriting.

Expose

The flood zone and insurance cost reality must be confronted directly in every project underwriting. The tendency to use pre-Ian insurance benchmarks or to assume market normalization is a material analytical error. Investors must also acknowledge the income bifurcation between the city’s resident population and the county’s aggregate consumer profile — underwriting retail or hospitality to county-level income averages in city-proper locations will produce occupancy and revenue shortfalls.

Capitalize

The post-Ian recovery window is creating a first-mover opportunity in select corridors where land values have been reset, competition is limited, and public-sector recovery tools are available. Investors with local contractor relationships, insurance market knowledge, and the operational capacity to execute in a complex post-disaster environment can acquire and develop at basis levels that will not persist as the market normalizes. This window is measurable in months, not years.

Enhance

The single improvement that would most materially strengthen Fort Myers as an investment market is a sustained, coordinated public-sector commitment to flood mitigation infrastructure — seawalls, stormwater systems, and green infrastructure — that reduces the underlying physical risk driving insurance cost escalation. Without that investment, the insurance market dysfunction will continue to suppress development economics across the city’s most valuable corridors. The tools exist at the federal, state, and local level; the barrier is coordination and political will.

The Three Investable Opportunities

Opportunity 1: Workforce Multifamily Development — Urban Core and Near-Downtown Corridors

Thesis
Fort Myers’ urban core and near-downtown neighborhoods present a demonstrable workforce multifamily demand gap that has been widened by post-Ian displacement, continued regional in-migration, and a constrained development pipeline. The city’s resident population is predominantly renter-occupied and workforce-income, with limited access to quality, affordably priced apartment product. The CRA coverage area provides tax increment financing tools that can support project economics, and the city has publicly expressed support for workforce housing production. The combination of genuine demand, public-sector support infrastructure, and a reset land basis in select corridors creates a viable development thesis for operators with Gulf Coast experience and the capacity to navigate post-Ian insurance and permitting complexity.

Financial framing
A 120-unit workforce multifamily project targeting the $1,500 to $1,700 per month rent range — appropriate for the city’s workforce demographic and competitive with current market asking rents — at 93% occupancy would generate annual gross revenue of approximately $2.0 million to $2.3 million. Specifically: 120 units at $1,600 per month average at 93% occupancy equals approximately $2.14 million in annual gross revenue. Construction costs in the current Lee County environment are elevated relative to pre-Ian benchmarks, and insurance costs must be modeled at current market rates rather than historical averages. Projects that access Low Income Housing Tax Credits, CRA TIF support, or state housing finance tools will achieve more favorable returns than market-rate-only structures. The opportunity is real but requires a capital stack that incorporates public subsidy to achieve viable returns at workforce rent levels.

Opportunity 2: Neighborhood Retail Repositioning — Recovering Commercial Corridors

Thesis
Several Fort Myers commercial corridors that experienced Ian-related damage or vacancy have recovered sufficient anchor traffic to support smaller-format tenant repositioning. Corridors anchored by grocery, pharmacy, or discount retail — where the anchor has rebuilt or remained operational — present opportunities to reposition adjacent inline space for service-oriented tenants: medical, dental, personal services, food-and-beverage, and necessity retail. These tenants serve the city’s actual resident demographic and are less exposed to the suburban competition dynamic that affects discretionary retail. The opportunity is not in acquiring trophy retail centers; it is in identifying functionally recovering corridors where inline vacancy has created below-market acquisition or lease-up opportunities.

Financial framing
A 12,000 to 15,000 square foot neighborhood retail repositioning project targeting service and necessity tenants in a recovering corridor, at $22 per square foot NNN on 13,500 square feet at 88% occupancy, would generate annual revenue of approximately $261,000. At a 7% to 8% cap rate, that revenue stream implies a stabilized asset value in the range of $3.3 million to $3.7 million. Acquisition or development basis below that range — achievable in corridors where post-Ian distress has reset pricing — creates a viable value-add thesis. The risk is tenant credit quality and the pace of corridor recovery, both of which require local market knowledge to assess accurately.

Opportunity 3: Industrial and Light Logistics Development — US-41 South and Daniels Parkway Corridors

Thesis
Regional population growth, post-Ian reconstruction activity, and the expansion of regional distribution networks have driven industrial demand in Lee County to levels that available modern product cannot satisfy. Within Fort Myers and the immediately adjacent unincorporated corridors, the supply of functional, modern industrial and light logistics space is limited. Tenants seeking 5,000 to 25,000 square foot bays for contractor operations, last-mile distribution, building materials, and light manufacturing are competing for limited available space. This demand is structural — it is driven by the region’s population base and construction activity, not by a single employer or cyclical factor — and it supports new development economics at current asking rent levels.

Financial framing
A 40,000 square foot light industrial or flex-industrial project in a functional corridor, at $15 per square foot NNN on 40,000 square feet at 90% occupancy, would generate annual revenue of approximately $540,000. At a 6.5% to 7.5% cap rate, that revenue stream implies a stabilized asset value in the range of $7.2 million to $8.3 million. Land basis, construction costs, and permitting timelines are the primary execution variables. Investors with site control in functional industrial corridors and the contractor relationships to execute in the current Lee County construction environment are best positioned to capture this opportunity before regional demand normalizes and competition increases.

Vulnerability Mapping & National Security Context

Fort Myers presents a set of vulnerability vectors tied to flood exposure, housing affordability, and critical infrastructure resilience. Flood and storm risk directly affects property-level economics through insurance cost escalation and elevates the cost of capital for projects in exposed corridors. Workforce housing displacement introduces a labor-supply vulnerability for the regional economy that can cascade into operational and economic stress for employers. Infrastructure age — stormwater, drainage, and transportation — increases recovery costs and extends permitting and construction timelines. These vulnerabilities are primarily economic and civic in nature, but they intersect with broader regional resilience questions that merit monitoring by investors, local government, and regional planners.

Drama Meter

Drama Meter Score: 58 / 100 — Rating: Medium

Fort Myers carries a medium Drama Meter score that reflects the genuine complexity of a post-disaster recovery environment layered onto a historically functional but occasionally friction-prone municipal governance structure. The city commission has demonstrated reasonable stability, and the professional city manager structure provides institutional continuity. However, post-Ian recovery has created political pressure around insurance, housing affordability, and reconstruction pace that has generated public friction and occasional policy uncertainty. The CRA and downtown revitalization track record are genuine positives that pull the institutional alignment score upward, but permitting inconsistency and the complexity of coordinating post-disaster recovery across multiple public agencies introduce friction that investors must factor into project timelines.

For investors and developers, a score of 58 means that Fort Myers is not a high-drama market in the sense of political instability or institutional dysfunction, but it is not a frictionless environment either. Project timelines should carry contingency for permitting delays, insurance market uncertainty, and the occasional policy shift driven by post-Ian political dynamics. Operators with existing relationships in the local permitting and regulatory environment will navigate this friction more efficiently than outside capital entering cold. The Drama Meter score is not a disqualifier — it is a calibration signal that argues for local partnership, realistic timeline assumptions, and a capital structure that can absorb execution delays without distress.

Signals to Monitor

• Post-Ian FEMA Flood Map Finalization: The completion and adoption of revised FEMA flood insurance rate maps for Lee County will materially affect insurance costs, development economics, and property values across Fort Myers. Investors should track the map revision process and its implications for specific corridors and parcels under consideration.
• Lee County Multifamily Permit Issuance: Monthly multifamily permit data from Lee County and the City of Fort Myers provides a leading indicator of supply pipeline growth. A sustained increase in workforce-priced unit permits would signal improving development economics and approaching supply relief; continued suppression signals ongoing demand-supply imbalance and opportunity persistence.
• Lee Health System Expansion Announcements: Lee Health is the dominant regional employer and healthcare anchor. Any announced expansion, new facility, or service line addition creates downstream demand for medical office, workforce housing, and retail in adjacent corridors. Contraction or financial distress signals would have the opposite effect.
• US-41 Corridor Vacancy Movement: Observable vacancy trends along the US-41 commercial corridor — particularly in the stretch between downtown and the southern city limits — serve as a real-time indicator of retail market health and recovery pace. Declining vacancy in recovering segments signals improving investment conditions; persistent or widening vacancy signals continued distress.
• Florida Insurance Market Legislative and Regulatory Action: State-level legislative action on property and flood insurance — including Citizens Property Insurance reform, reinsurance market changes, and private carrier re-entry incentives — will directly affect development economics across Fort Myers. Positive legislative movement would reduce the insurance cost barrier that currently suppresses development activity in flood-exposed corridors.
• Downtown Fort Myers Hotel and Hospitality Activity: New hotel announcements, boutique hospitality openings, or major renovation projects in the downtown riverfront district serve as a confidence indicator for the urban core investment thesis. Sustained hospitality investment signals that the downtown recovery trajectory is attracting capital beyond the local market.

About ECOSINT

ECOSINT (Economic Open-Source Intelligence) is a Street Economics methodology for community economic assessment. Tier 1 reports utilize exclusively public information requiring no cooperation from the subject community. Higher-tier assessments integrate proprietary data (Tier 2) and confidential intelligence (Tier 3) for clients requiring deeper analysis.

This report is based on publicly available information. Financial figures are directional and intended for feasibility framing only.