CRA Approves The Irving for $4 Million Tax Increment Rebate
FORT MYERS, Fla. — The Fort Myers Community Redevelopment Agency (CRA) recently approved a tax increment rebate and development agreement for The Irving in downtown Fort Myers.
The CRA approved a tax increment rebate in the not-to-exceed amount of $4 million for 2401 Bay Street, LLC disbursed at 85 percent of increment revenue generated each year until the $4 million rebate award is satisfied, or until the community redevelopment area sunsets in 2044 for The Irving located at 2401 Bay Street, Fort Myers, FL.
The CRA also authorized the Community Redevelopment Agency Chairman to execute a development agreement between 2401 Bay Street, LLC and the Fort Myers Community Redevelopment Agency for the development of the Irving, a rental community.
“The Irving community will provide housing with parking in the immediate downtown area and further contributes to the revitalization of the downtown area and the momentum in the city,” Executive Director, Fort Myers CRA, Michele Hylton-Terry said. “The Irving will bring more ‘feet on the street’ and customers to downtown businesses. Residents do not have to drive to enjoy the many restaurants, shops, entertainment venues, and many residents will be able to simply walk to work.”
Located in the historic River District of Downtown Fort Myers, The Irving is a nine-floor apartment building atop a three-level parking structure. The building will feature 55-66 apartments (both 1 and 2 bedrooms), with an average of 875 square feet per apartment, and will include a resident swimming pool and approximately 1400 square feet of amenity space.
The Irving development team includes real estate developers Rebekah Macfarlane Barney and lmran Shah, award-winning interior designer Dwayne Bergmann, and Southwest Florida-based construction experts, DeAngelis Diamond.
The private investment project is a $25.4 million project that will add $19.1 million in taxable value to the City of Fort Myers’ tax base.
Currently a parking lot, upon completion the project will be a market rate residential midrise aimed at professionals working in or near Downtown Fort Myers, as well as retirees, singles, couples and small families.
The developer has committed to pay 5 percent of the annual tax increment rebate payment to the SWFL Affordable Housing Foundation to create affordable housing and 15 percent of the construction hard cost is set aside for Minority Business Enterprises (MBE).
“The developer has volunteered to work with the City of Fort Myers to improve the existing memorial at Palm Park, as a tribute to the memories of those who have gone before to protect the American ideals we hold so dear,” Hylton-Terry said.
Plans call for construction to begin by 2022 and completion of the project in totality by 2023.
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.