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Economic and Business Development

3rd Quarter 2021 Newsletter

Florida’s 8^th largest city was recently ranked fifth in the United States for mid-sized cities (100,000+ population) with the highest growth rates occurring between 2010-20. In that timeframe we experienced a 30% increase in population, which is not surprising when you consider that each month we process approximately 400 single-family permits. We’re happy to say that as we enter the Fall Season of 2021 people continue to flock to Cape Coral.

Pine Island Road - Development Update

Construction and development plans remain steady as Pine Island Road continues to draw significant economic growth. More than 50,000 cars travel Pine Island Road each day, and it provides easy access to I75 making it an ideal area for supply chain companies seeking to locate near large populations and a readily available workforce. Here’s a snapshot of what’s under construction and in the works:

Encompass Rehabilitation Hotel - Construction of Phase I, located at the southwest corner of Pondella Road and Pine Island Road, continues with a planned opening in 2022.
Cape Coral Commons - Construction of the 50,000 square foot retail center located at the northwest corner of Pine Island Road and Del Prado Boulevard continues.
Pine Island Park - Construction of the retail and warehouse flex development continues. It’s located just west of Mel’s Diner on the north side of Pine Island Road. The first 20,000 square foot warehouse flex building is expected to be completed in late 2022.
Fawcett Emergency Medical Clinic - Crews have recently broken ground at the site of this medical clinic located just west of Santa Barbara Boulevard along the south side of Pine Island Road. Project completion is scheduled for mid-2022.
Palms Multi-Family Development – Construction is underway on this 280-unit multifamily development located just west of Fox 4 News (at Nicholas Parkway) along Pine Island Road.
Farmer Joe’s Market - Construction continues on the 50,000 square foot market scheduled to open in early 2022. It is located east of Chiquita Boulevard on the north side of Pine Island Road.
Warehouse Flex Building - Located immediately north of Farmer Joe’s is a 9,000 square foot warehouse flex building nearing completion and two additional buildings in the works.

VISIT OUR WEBSITE - CAPECORAL.GOV/EDO

Projects in Permitting

Island Pearl Mixed-Use Development - A planned mixed-use project is scheduled to break ground later this year at the northwest corner of Pine Island Road and Burnt Store Road.
Victory Park Mixed-Use Development - A planned mixed-use project is scheduled to break ground in 2022 along Northeast 24^th Avenue just north of Diplomat Parkway and immediately west of the Veterans Medical
ABC Liquors - A new retail store should break ground at the northeast quadrant of Pine Island Road and Chiquita Boulevard.

View Our Current and Planned Development Projects Map

South Cape Development Update

The Community Redevelopment Agency (CRA) approved its first vertical mixed-use development in several years, on August 3^rd. A second mixed-use development is scheduled to be considered by the CRA for a Project Assistance Agreement later this year. Here’s a brief snapshot of those projects:

Cove on the 47^th - This project replaces the former “Village Square” mixed-use development which was in the works for more than a decade. An Indianapolis-based developer who is highly experienced in developing urban mixed-use development projects has secured the property and plans to break ground on the $66 million dollar development in early 2022. The project should be ready for occupancy beginning late Spring 2023. The project consists of approximately 290 apartment units, consisting of studios, one, two and three-bedroom units; 19,000 square feet of restaurant space including a rooftop bar, and a 525-space parking structure with 125 spaces reserved for the public on the two lower levels of the garage.
Bimini Square - The CRA is expected to consider a Project Assistance Agreement later this year for the Bimini Square mixed-use development. The project is planned to be located on the west side of Bimini Basin and is expected to consist of approximately 186 apartment units, 47,000 square feet medical office space, 2,800 square feet of ground floor commercial space along Cape Coral Parkway, a waterfront restaurant and docks, and a 550 plus space parking structure with more than 100 spaces reserved for the public.
Madison Square Senior Affordable Development - Located just east of Coronado Parkway the 82-unit development is under construction along Miramar Street.

Upcoming Projects

A $20 million plus sewer upgrade project to support vertical development throughout the CRA. It is currently in the design stage and expected to break ground by Spring 2022
Staff are in discussions with several developers and property owners to facilitate mixed-use developments in an effort to create more parking

City of Cape Coral Business and Economic Development

1015 Cultural Park Blvd. Cape Coral, FL 33990

www.CapeCoral.gov/EDO

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