The NWNA DRC Committee has some updates to share!
Walmart, Town Center, and Seven Islands getting closer to reality
Cape Coral’s Economic Development Office has put out their winter newsletter which describes development going on in the city and there’s plenty of it that will interest you. Development city-wide is on fire and the Economic Development Office is finding the success many of us hoped for.
The full newsletter is below our highlighting of projects in the Northwest area that we have written about previously.
Walmart Supercenter, a 202,000 square-foot supercenter on Pine Island Road, expects to break ground in Summer 2022 and be completed in 2023.
The Seven Islands project in Northwest Cape Coral has selected a master developer and is negotiating the terms currently. A status update will be presented at a Committee of the Whole meeting in late February 2022.
Cape Coral Town Center, a 131-acre, mixed-use development on Pine Island Road, expects to break ground in late 2022. It will include medical, multi-family, retail, restaurants, and public entertainment area. The Town Center property runs along the north side of SW Pine Island Rd. from the electrical power station, east to Bubbas, and then up and behind the German American Club.
The Palms at Cape Coral is a 280 multi-family unit apartment expected to be completed by the end of 2022. This is the apartment complex going up next to the Fox News studio.
Fawcett Memorial Hospital broke ground on a 12,000 square-foot, free-standing emergency room on Pine Island Road and expects to be open in late 2022. This is across from Danny Yates Garden Center.
Lee Health purchased 57 acres on Pine Island Road for a future medical campus. Part of their purchase is the land that was destined to be an Amazon Distribution Center before the developer pulled out.
Beyond all that, check out the statistics for 2021. Wow!
Economic and Business Development Winter Newsletter
Florida’s 8th 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 new year in 2022, people continue to flock to Cape Coral.
City of Cape Coral Updates
The City of Cape Coral is experiencing growth and success heading
into 2022. Some of the highlights include:
- The population for Cape Coral was announced in October at 201,554, which is 30.62% higher than the City's 2011 population
- The unemployment rate dropped to 4.0 percent, remaining below the national and statewide levels
- New housing and commercial development in Cape Coral soared in 2021. New single-family and duplex residential building permits increased by 79.49% over last year, with a total estimated dollar volume of $893 million
Vacancy rates for retail, industrial, and office space remained at the low single-digit levels, 1.8 percent for retail, 1.6% for industrial, and 4.9 percent for office
On the commercial retail and multi-family end, the following developments either broke ground or were completed:
- Aspire Apartments broke ground on a 319 multi-family unit apartment that is anticipated to open in 2023.
- Palms at Cape Coralis a 280 multi-family unit apartment expected to be completed by the end of 2022.
- Madison Square Apartments is scheduled to open an 82-unit senior apartment complex in South Cape in late 2022.
- Fawcett Memorial Hospital broke ground on a 12,000 square-foot, free-standing emergency room on Pine Island Road and expects to be open in late 2022.
- Encompass Health Rehabilitation, an 80-bed inpatient hospital, broke ground and expects to be completed in late 2022.
The Cove at 47th, a $70M mixed-use development in South Cape, expects to break ground in February 2022. This project will include 18,000 square feet of retail and restaurant space with a sky bar, 290 units of Multi-Family space, and a 525-space parking garage with 125 spaces for public use.
|CapeCompetes Brings Potential for Performance-Based Incentives|
|On December 15, City Council approved CapeCompetes, a new Economic Development Incentive Fund of over two million dollars. There are five funding categories:
1. Local Job Creation Incentive
2. CreativeCape Arts Incentive Fund
3. CapeCollaborates Small Business Partnership Program
4. Business Infrastructure Grant Program
5. Enhanced Property Value Recapture Grant
All incentives are performance-based, and the project must contribute in a positive way to our community. We are currently working on the applications and processes and hope to begin accepting applications in Summer 2022.
Upcoming Development Projects
Seven Islands project in Northwest Cape Coral has selected a master developer and is negotiating the terms currently. A status update will be presented at a Committee of the Whole meeting in last February 2022.
Office of Economic and Business Development Strategic Plan Update
The Office of Economic and Business Development will be issuing an RFP to update the City's Economic Development Strategic Plan.