CRA Approves 2010 Hanson Street for $8.2 Million Tax Increment Rebate
FORT MYERS, Fla. — The Fort Myers Community Redevelopment Agency (CRA) recently approved a tax increment rebate and development agreement for 2010 Hanson Street located in the Cleveland Avenue redevelopment area.
The CRA approved a tax increment rebate in the not-to-exceed amount of $8.2 million for 2010 Hanson Street disbursed at 85 percent of increment revenue generated each year until the $8.2 million rebate award is satisfied, or until the community redevelopment area sunsets in 2040.
Bloom Ft. Myers is a new multifamily development on just over five acres that will consist of 336 moderately priced apartments, thoughtfully designed with modern fixtures and finishes. The apartments will be priced to accommodate everyday workers in the area, a segment that often gets priced out of more luxury products
The CRA also authorized the Community Redevelopment Agency Chairman to execute a development agreement between Redburn Development Partners, LLC and the Fort Myers Community Redevelopment Agency for the development of the multifamily apartment complex.
The total project cost is estimated at $71.7M. When completed the project will add $48,000,000.00 in value to the Fort Myers’ tax base. The total economic impact is estimated at $121,641,824 while providing 1,135 jobs.
Monthly rents are expected to start between $1,006 to 1,035, substantially below all new apartment rents currently in Southwest Florida.
“Bloom Fort Myers is exactly the kind of project CRA incentives are designed to attract, given the CRA Boards priority to have attainable housing developed in the City of Fort Myers,” Executive Director, Fort Myers CRA, Michele Hylton-Terry said. “We are thrilled to welcome Bloom to Fort Myers.”
“Workforce Housing is vital to a growing community and Redburn Development Partners works tirelessly to improve our product and provide people with a great standard of living at valuable price point,” said Thomas Rossi, company principal. “Housing must be approachable for all segments of the population. The middle is missing and often gets overlooked but is remarkably vital to the local economy.”
Bloom’s 336 apartments will be a mix of studio, one- and two-bedroom layouts. Amenities will include a pool, gym, game room, playground, dog park, business center and co-working space.
Redburn has developed over one million square feet of workforce housing, mostly in upstate New York in the past five years. Bloom will be the first for the developer in the state of Florida.
The project ownership group consists of Redburn, GSI Equities and Divinity Development Partners.
Plans call for the project to begin construction in April 2022 with completion by December 2024.
About the Fort Myers Community Redevelopment Agency (CRA)
The Fort Myers Community Redevelopment Agency was created in 1984 by the City of Fort Myers, Florida, under Florida Statute Chapter 163, to formulate a plan and strategy for the revitalization of the downtown River District.
The Fort Myers CRA has continued to grow, and redevelopment areas have been added throughout the city. Today, the Fort Myers Community Redevelopment Agency encourages and oversees redevelopment in five designated areas that contain a total of sixteen distinct geographic sections within the Fort Myers city limits.
The Fort Myers CRA, along with the City’s Community Development Division, prepares plans for the revitalization of each area and coordinates the implementation of the plan’s recommendations. Tax Increment Funds (TIF) generated by each area, combined with other funding sources, are used to upgrade the public infrastructure and to stimulate redevelopment in the same area where it was generated.
The Fort Myers City Council members, sitting as the Community Redevelopment Agency Board of Commissioners, oversee the Agency’s divisions and their operations. The Fort Myers CRA office is located at 1400 Jackson Street in the Downtown River District.
