CRA approves increment rebate to JAXI CMD LLC
FORT MYERS, Fla. –The Fort Myers Community Redevelopment Agency (CRA) has awarded a tax increment rebate to JAXI CMD LLC for The Royal Palm Hotel & Residences located at 2424 Edwards Drive in the not to exceed amount of $30,170,000.
The rebate will be funded in three phases including $4,030,000 for Phase 1, $15,980,000 for Phase II and $10,160,000 for Phase III.
The proposed project is in the Downtown redevelopment area. The project consists of new construction as well the adaptive reuse of an existing structure, formerly the Royal Palm Tower. Phase I will take place over 12 months and include 101 corporate suites, 7,000 sq. ft. of commercial retail. Phase II will take 24 months and include 253full-service hotel rooms and Phase III will take place over six months and include 104 condominium units. The project will also include 347 parking spaces.
The property is located in the Historic River District of Downtown Fort Myers with Bay Street to the south, Vivas Palm Park to the west and overlooking the Yacht Basin to the northwest and Edwards Drive.
The property was part of the original tract inhabited by early Fort Myers pioneers, Joseph and Anna Vivas in 1866. Through the years the family would sell portions of the property to the City, which today include the city park and yacht basin.
The CRA’s increment rebate program is a special funding tool available to local governments to help spur economic development for projects that provide a community benefit, and which demonstrate a financial gap.
“Our CRA tax increment rebates serve as a powerful incentive for private developers to invest in the revitalization of our community, unlocking the potential for transformative projects that contribute to economic growth and a vibrant urban environment,” said Michele Hylton Terry, executive director of the Fort Myers CRA. “ Through public-private partnerships, the Fort Myers CRA leverages resources to spur economic development and enhance our community’s quality of life.”
More information can be found on the CRA’s tax increment rebates by visiting https://www.fortmyerscra.com
ABOUT THE FORT MYERS COMMUNITY REDEVELOPMENT AGENCY (CRA)
Since 1984, the CRA has managed redevelopment trusts to revitalize blighted areas in the City of Fort Myers. This reinvestment can take the form of public infrastructure, residential and commercial grant programs, public arts, affordable housing development, safety initiatives and historic preservation.
