DEVELOPMENTS ON THE RISE IN THE CAPE 

As the first quarter comes to an end, there’s lots of excitement in the Cape, including:

Demographic Changes . The Cape continues to grow and there are some fascinating statistics which are coming to light.

Pine Island Road is experiencing a development boom. More than $200M in private development will break ground over the next year.

Multi-Family Developments Underway . Several multi-family developments are underway or planned to meet the City’s demand for more than 1,500 multi-family units produced each year.

SizeUp LBI . The Economic Development Office launched SizeUp LBI, a free, online data tool for local business in the Cape.

Demographic Update

  • The Cape is rapidly approaching a population of more than 200,000 and is the largest city located between the cities of Miami and Tampa

  • The Tri-County area encompassing Collier, Lee and Charlotte counties is nearing 1 million residents with more than 850,000 as of 2019

  • Millennials Gain Equity in the Cape. Recent news from Yahoo Finance ranked Cape Coral No. 3 in the U.S. with more than 50% of millennials owning homes. In most communities they’re forced to bunk up with roommates due to skyrocketing rents and home prices

  • The City of Cape Coral was recently named by Inc. as one of the 50 Best U.S. Cities for Starting a Business in 2020. Cities that are experiencing a mix of population growth, business development and job creation are referred to as “Surge Cities” and the Cape landed at #43 in the nation above cities such as Houston and Indianapolis
Pine Island Road is Booming

Pine Island Road is booming! More than $200M in private developments are either under construction or planned to break ground over the next several months. Less than 300 acres of undeveloped and available properties remain. Here’s a brief snapshot of current and planned developments:
Fairfield Inn By Marriott. 109 room hotel under construction scheduled to open late 2020 just south of Pine Island Road and Pondella Road.
Pine Island Village. Mixed-Use development under construction just west of Mel’s Diner. Will include a mix of retail, restaurants and office. 
Springs at Cape Coral. 292 units of multi-family under construction.
Planned for completion 2022.
Thompson Thrift Retail Group.  This retail and restaurant development will break ground in the next few months at the northwest corner of Pine Island Road and Del Prado Blvd. 
There’s More in the Works for 2020-2021

  • Island Pearl. This lifestyle, retail, business, dining and entertainment complex is located at the northwest intersection of Pine Island Road & Burnt Store Road. This development is scheduled to break ground later this Summer.
  • Chiquita Blvd. and Pine Island Road. A new gas station and retail shops will break ground at the northeast corner in late 2020 or 2021.
  • Tractor Supply Store. This retail establishment will break ground just west of Chiquita Blvd. 
  • Three new restaurants will be available at the corner of Pondella Road next to Outback Steakhouse.
Less Than 300 Acres of Undeveloped Land
Remain along Pine Island Road

There’s approximately 300 acres remaining of undeveloped and available properties along Pine Island Road. The average size per site is 15 acres. The City is seeking office/tech, office professional, light industrial, mixed-use and lifestyle centers. Bottom line, we need to draw industries and jobs to the Cape that create good paying jobs for the 200,000 residents in this community and reverse the tide of commuters who cross the bridge daily to their jobs in Fort Myers and Naples. Industries which create jobs are the most sought after, and incentives may be available for the right employers. The available space is not infinite, so it is vital that the Pine Island Road be planned to support industries and companies who anticipate multiple employees and growth. For more information on available development opportunities, please contact the Cape’s Economic Development Manager, Ricardo Noguera, at 239/233-7427 or via email ( RNoguera@capecoral.net ).
Multi-Family Developments Continue to Sprout in the Cape

While the City continues to witness unprecedented growth of single-family developments across the community, the need for attractive and well-planned multi-family developments remains high. In June 2019, a Multi-Family Study performed by Wolfe & Associates highlighted the demand for the City to support at least 1,500 multi-family units per year for the next 5 years and beyond. Here’s a brief snapshot of a few developments in the works:
  • Cape at Savona Point Apartments
This 319-unit multi-family development sits on 20 acres. The development will include an assortment of amenities including waterfront views, garages and contemporary unit designs. The first phase is scheduled for occupancy this coming Fall.

Several smaller projects are under construction including Springs at Cape Coral (292 units). The City and Community Redevelopment Agency (CRA) are eager to promote and incentivize multi-family and mixed-use developments in the South Cape and CRA. For more information please contact Madelon Miuccio, Marketing Specialist, to schedule a tour or meet to discuss opportunities further.

The EDO Team is excited about the many projects in the works in 2020 and we look forward to providing your company with a tour and are available to meet and share site information. Now is the time to invest in the Cape!
SizeUp LBI Launched for Cape Businesses 
The Economic Development team launched SizeUp LBI on its website, making powerful market research and business intelligence available to local businesses to help them succeed. Cape Coral businesses can now access industry-specific and hyperlocal information to help them grow and make smarter decisions using data analysis. By using the website service local businesses are able to: 

  1. Rank their business performance and compare to industry competitors
  2. Discover potential customers and suppliers
  3. Optimize advertising to target ideal customers
  4. Analyze local demographics, consumer spending, and labor force

This new service is completely free and available through the Cape Coral Economic Development website CapeCoral.net/EDO.