While the Cape continues to experience a robust growth of development from multi-family to commercial projects, there is a need to diversify the economic and business base of the City to create higher paying jobs, draw investment from outside of the community and reduce the need for Cape residents to commute to Fort Myers and beyond. History has shown that communities with a diverse mix of commercial and industrial uses are more likely to withstand downturns in the economy such as what we are witnessing with the pandemic. Currently, the Cape’s industrial parks at Andalusia and Viscaya offer the most stable employment and experience less impacts from the continual effects of COVID19.
Recently, the Cape is seeing developer interest in construction of concrete tilt-up warehouse and industrial buildings. For example, a Fort Myers-based developer completed the construction of a warehouse building just north of Pondella Road and behind Target, just south of Pine Island Road. The 40,000 square foot building is almost fully leased prior to opening. Additionally, two 10,000 square foot warehouse buildings located just north of Pine Island Road are also fully leased. These warehouse buildings are physically attractive and can create opportunities for small businesses and better paying jobs than the typical retail establishment, while attracting new and relocating business well beyond the borders of the Cape. By drawing revenues from outside the community, such developments are serving to directly and indirectly positively impact the City’s tax base.
Economic Development staff are working with developers who are seeking to build upwards of 150,000 square feet of warehouse and industrial space within the next two years along the Pine Island Road Corridor. Representatives from the Department of Community Development are preparing zoning changes to support the development of warehouse space which will offer a mix of uses along Pine Island Road with attractive landscaping. To diversify the tax base and business mix in the city, EDO is exploring ways to incentivize new construction of warehouse/industrial and office space across the city.
For more information or interest in constructing warehouse/industrial and office space, please contact the Economic Development Office at EcoDev@CapeCoral.net.