Developers Continue to Flock to the Cape: multi-million dollar projects in the works

The COVID-19 pandemic didn’t slow us down. Cape Coral and the rest of the Southwest Florida area are seeing a surge of investment interest from developers and business executives.

“At least two to three developers are calling the City of Cape Coral’s Office of Economic and Business Development each week with interest in developing mixed-use, multi-family, office, and light industrial parks in the Cape,” said Economic and Business Development Manager Ricardo Noguera. “Developers from the Northeast, Midwest, and Miami area are drawn to the area.”

Cape Coral is growing rapidly and the city is drawing more developments to the Pine Island Road Corridor and the South Cape. There are currently more than $500 million in private development that is under construction or in permitting.

Cape Coral City Manager Rob Hernandez recently presented new economic development incentives to City Council, which may be implemented later this year. Incentives motivate individuals and businesses to develop economic opportunities that are consistent with a community’s character and values and stimulate investment, job creation, and higher-wage jobs. These incentives would help to ensure that the city and its businesses remain competitive while diversifying the tax base. The non-residential development in the city constitutes about six percent of total just values. These incentives could stimulate even more private investment in Cape Coral.

Below is a snapshot of what’s under construction and what’s in the works in Cape Coral.

Projects under construction:

• Farmer Joe’s Market on Pine Island Road. A 50,000 square foot retail store is under construction just east of Chiquita Boulevard.
• Crunch Fitness. A 22,000 square foot fitness center is under construction on Pine Island Road, just west of Nicholas Parkway.
• Emergency Medical Clinic. A 13,000 square foot emergency medical clinic should break ground on the south side of Pine Island Road, just west of Santa Barbara Boulevard soon.
• An 80-room rehabilitation hospital is under construction at the southwest corner of Pine Island Road and Pondella Road.
• A 10,000 square foot warehouse flex building is under construction behind the future Farmer Joe’s Market.
• A 30,000 square foot warehouse/office flex building is under construction just south of Pondella Road.

Projects in the works:

• Island Pearl is a mixed-use development that will be located at the corner of Pine Island and Burnt Store Roads. There will be about 50,000 square feet of retail, restaurants, and office space.
• Victory Park is a 140-acre mixed-use development that will be located along NE 24^th Avenue, immediately west of the Veterans Clinic. This development is projected to break ground with a new 125-room hotel later this Fall.
• Project Hoosier is a mixed-use development planned for the former Village Square property along Cape Coral Parkway and is projected to break ground in early 2022.
• Project Dolphin is a mixed-use development planned at Bimini Basin in the South Cape that is projected to break ground in Spring 2022

There’s so much more in the works that can’t be shared just yet. As developers continue to flock to the Cape, the city evaluates each proposal individually. The developments that deliver employment and help to diversify the tax base are considered for incentives.

For more information on development opportunities in the Cape, please contact the City of Cape Coral Economic & Business Development Team – Ricardo Noguera or Nita Whaley.