Here We Grow - December 2022
Hurricane Ian was devastating to Cape Coral so you would think that it would put a damper on development projects in our area. But it appears that what attracted many of us to Cape Coral is maintaining that attraction for developers. In other words, they know a good thing when they see it.
For instance, Wisconsin based developer Continental Properties has broken ground on the Springs at Coral Shores apartment complex per a Dec. 2nd article in Gulf Shore Life Business.
The complex of just over 300 apartments will replace the open storage facility that sat to the east of McDonalds and will stretch over to the west side of the rehabilitation facility on the north side of Pine Island Rd. There are plans for two restaurants at the front of the project with tenants to be named later. Pre-leasing will begin in summer 2023 and the first residents are expected in the fall of 2023.
Another project that broke ground is a 444-unit apartment complex on the east side of Chiquita between Embers Pkwy. and Pine Island Rd., just visible behind a row of houses. As we reported several months ago, the Latigo Group bought out the Noble Vines planned development and moved quickly to get this project going. Latigo Group is a high-end builder out of Los Angeles and had been busy in Florida over the last few years. This complex will be known as The Hadley and is expected to be completed in 2024.
One other sign that developers aren’t skittish about building in the NW Cape after the hurricane is Sovereign Properties is moving forward on permitting for their 380-unit apartment complex known as “The Atlantica at Cape Coral” which will sit east of the rehab facility and Springs at Coral Shores. The project is valued at $80,000,000. It too will feature commercial entities along Pine Island Rd.
There’s also a proposed plan on the table for a mix of multi-family and single family homes on the north side of NW 40th Lane, west of Old Burnt Store Rd. in the far north of our area. Called for now, the “Old Burnt Store Rental Community”, the plan by AJW Development out of Dallas, calls for 300 units of garden-style multi-family and 210 units of single family homes. Keep in mind this is only in the discussion stage, but it was submitted well after the hurricane so, again, it shows the continued interest in Cape Coral not only from in-state developers but those from across the nation.