EDO Newsletter I Winter 2020

Winter 2020 is Here and 2021 is Already Heating Up

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Economic Development Highlights The Pine Island Road Corridor sizzled in 2020 with more than $300M under construction or in permitting. Fairfield Inn by Marriott is scheduled to open in January 2021. Springs at Cape Coral Multi-Family Development is scheduled for completion in June. Cape Coral Commons Retail Development is continuing construction at the corner of Del Prado Blvd. and the new Enterprise Car Rental & Sales is nearing completion. Tractor Supply Hardware Store is also under construction and scheduled for completion Spring 2021. 2020 was a groundbreaking year and 2021 is heating up to be another year of exciting development throughout the Cape. Learn More about Pine Island Road Corridor

2021 Economic Development Project Highlights

Multiple development projects will break ground in early 2021. Joe V’s Farmer’s Market will break ground near Chiquita Blvd. in early 2021. The new gateway development, Island Pearl, will break ground in 2021 as well and will serve as a “sense of place” for the fastest growing community in the Cape.

South Cape Is Laying the Ground for a Bright Future

Insite Managed Solutions is ready to get to work on their new building in South Cape.

This year, the City released a Request for Proposal (RFP) to enlist the services of an engineering firm to complete an Engineering Report to support upgrading public infrastructure. Based on the schedule, the Report should be completed in early 2022 with a $25M projected sewer construction project slated for 2022-23. This will be good news for planned mixed-use developments in the South Cape. The area also anticipates the arrival of Insite Managed Solutions, a homegrown employer that is renovating a building which will become their new headquarters. Insite boasts average annual salaries exceeding $75,000 and plans to double its workforce from 57 to more than 110 over the next 3 years. The City and CRA awarded the company financial incentives to remain and grow in the South Cape. The addition of this company to the South Cape will serve to support local restaurants and retailers, especially during the day time when patronage tends to be lower. Additionally, local family-owned Cabinet Genies broke ground on a new headquarters and showroom on SE 47th Terrace and will open in Spring 2021. A new Chase bank was constructed, and Two Meatballs in the Kitchen opened to rave reviews on Cape Coral Parkway. Overall, the Cape witnessed significant commercial and industrial growth and 2021 is expecting to build upon this momentum with continued construction and job creation.

Medical Offices are Expanding in the Cape

Cape Coral, Southwest Florida’s most populous city and 8th largest in the State, is being noticed by the medical office community. The Cape, with a population close to 200,000 and a growth rate of 2% annually, is home to more than double the population of Fort Myers which currently has less than 80,000 residents. As the population continues to grow, the medical and dental community is taking note and expanding into the Cape. Currently, there are six (6) new medical offices in the works including an 80-room rehabilitation hospital planned at the corner of Pondella and Pine Island Road and a 11,000 square foot emergency medical clinic nearing completion at the northeast corner of Del Prado Blvd. and Kismet Parkway. This is good news for Cape residents who must travel across the bridge for medical and dental appointments. It also spells good news for job growth in the community.

The Need to Diversify the City’s Economic Base by Incentivizing Warehouse & Industrial Space

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 [email protected].

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