Economic & Business Development Summer 2021 Newsletter

Greetings!

Economic and Business Development continues at a buzzing rate across the Cape.

Here’s a summary of what’s underway and in the works this Summer:

Pine Island Road Corridor Continues to Witness Growth

Construction activity continues along the Cape’s “Economic Spine” with more than $300M in the works and in permitting. Development activities include:

Phase I of an 80 room rehabilitation hospital is under construction at the southwest corner of Pine Island Road and Pondella Road;

Fawcett Memorial Hospital has broken ground on a 12,000 sq ft emergency medical clinic on the south side of Pine Island Road just west of Santa Barbara Blvd;

Fairfield Inn by Marriott behind the Outback Steakhouse is now open;

A 280-unit multi-family development project with five buildings and four stories is under construction on the north side of Pine Island Road just west of Nicholas Parkway (next to Fox-4);

Crunch Fitness will open a new 19,000 sf facility on the south side of Pine Island Road just west of Nicholas Parkway in the next few months;

Mellow Mushroom, located at 53 NE Pine Island Road (next to Gator Mike's), is a 4,800 sq ft restaurant that hopes to break ground by Dec. 2021;

Farmer Joe’s Market is under construction on the north side of Pine Island Road just east of Chiquita Blvd.

There are several more projects in the works which will significantly impact jobs and the City’s tax base over the next year.

South Cape Readying to Support Vertical

Mixed Use Development in 2022

As businesses continue to be drawn to the South Cape and others expand such as Cabinet Genies (new headquarters facility on SE 47^th Terrace) and Insite Managed Solutions (new headquarters facility), mixed-use developers from Indiana, North Dakota and elsewhere across the country are investing in the area. Here's a brief summary of projects in the works:

Project Hoosier: Scheduled to go before the CRA Board in August for consideration of a Project Assistance Agreement to support a mixed-use development planned for 280 units, 525 stall parking structure and 18,000 sf of ground floor retail space. If all goes according to plans, this project should break ground in early 2022 and begin leasing up a year later;

Project Dolphin: Projected to go before the CRA Board for consideration of an agreement later this fall. This project will be located along Bimini Basin and will include 186 units, 375 stall parking structure, 24,000 sf of commercial space along Cape Coral Parkway and a waterfront restaurant. This project is slated to break ground late Spring 2022.

Economic Incentives Program

Cape Coral’s new city manager, Rob Hernandez, has pitched a revamped “Economic Development Incentive Program” which he hopes to get underway in the next few months. This new and improved incentive program is aimed at “developers” of office, light industrial and mixed-use development projects.

The goal here is to incentivize the construction of office, warehouse and mixed-use product in a community where vacancy rates are in the low single digits. By incentivizing the construction of office, light industrial and mixed-use development, the City stands to gain more quality employment. A more diverse economic base, and creation of jobs for Southwest Florida’s largest community (200,000) so Cape residents can secure jobs in the city rather than commute to Fort Myers and Naples.

City of Cape Coral | CapeCoral.net/EDO