Groundbreaking Set for The Cove at 47th – a $103M Luxury Mixed-Use Development in Cape Coral, Florida

CAPE CORAL, FL – Flaherty & Collins Properties (F&C) will break ground on The Cove at 47th, a $103 million mixed-use project in downtown Cape Coral, Florida on Wednesday, August 24, 2022, at 10am EDT. The groundbreaking event will take place at the corner of Cape Coral Parkway East and SE 8th Court, across from Corksoakers restaurant.

“We’re thrilled to get this incredible project started,” said Brian Prince, Vice President of Development for Flaherty & Collins Properties, and the lead project developer. “To get shovels in the ground on a project that’s going to have such an impact on Cape Coral by bringing an attractive housing option is really exciting. The city has been great as a project partner to help make this project a reality.”

The Cove at 47th will include 327 luxury apartments, 19,000 square feet of ground-floor retail or office space, and a 585-space parking garage, with 125 spaces reserved for the public. The development will also include a steakhouse and sushi concept, Blu Sushi, serving as the project’s anchor tenant featuring a rooftop bar. The project also includes a resident roof top Sky Deck, resort-style amenities, and will be the first infill residential project with a parking garage in Cape Coral.

“Both the City of Cape Coral and its Community Redevelopment Agency are thrilled to celebrate the groundbreaking of The Cove at 47th,” said Rob Hernandez, City Manager of Cape Coral. “This dynamic, mixed-use development is exactly the type of transformative project that helps create a walkable downtown where people live, work, dine and are entertained. This impressive building will provide more public parking, expand dining options and welcome new neighbors to the South Cape. I am impressed with the architectural features of the building and am confident that it will help grow businesses and be our new downtown hub. We are pleased to be part of the investors in this development and enjoy our partnership with the Flaherty & Collins team.”

Amenities and features include an oversized, resort-style heated saltwater pool with lap lanes and beach entry, co-working area with private offices and conference facilities, fitness center featuring a Yoga room, a rooftop Sky Lounge that will provide sunset views, pet spa, poolside grilling decks and fire pits, secured garage parking with available private EV charging spaces and Gig speed Wi-Fi property wide.

Apartments will feature modern designs and finishes, luxury wood tile vinyl, quartz countertops, LED lighting, in unit full size washer and dryer, and private balconies. Three penthouse units include upgraded appliances, finishes, lighting packages and a built-in wine refrigerator.

Flaherty & Collins Properties expects that with a focus on studio, one and two-bedroom luxury apartments, The Cove at 47th will see a higher percentage of young professionals and empty nesters.

“Between the amenities and the close proximity to shopping, dining and entertainment options around the area, it’s a perfect mix really,” says Prince. “There is so much growth occurring in the Southwest Florida market, and Cape Coral is leading the charge. We plan to plant some roots in Cape Coral and be a very active developer in the market long term.”

“Cape Coral is one of the fastest-growing cities in the nation, with an abundance of economic development,” said Mayor John Gunter. “Among the top ten cities, Cape Coral ranks sixth as the most popular places to move to in the U.S. The Cove at 47th is a transformational project, and I’m proud we’re continuing to pave the way for new residents and businesses to call this City their home.”

Deangelis Diamond is the general contractor, with Baker Barrios serving as the architect of the project. Financing is provided by First Financial Bank and Huntington Bank.

The Cove at 47th expects to open first units to residents in about 16 months, with full project completion estimated for late summer 2024.