CAPE CORAL, Fla. – Two major projects in Cape Coral are closer to becoming a reality.
The city has been working with two developers for two separate projects: One on the west end of Bimini Basin, and one on the site that was long supposed to be Village Square in downtown Cape. The two are down the road from each other, just off Cape Coral Parkway East.
The city has dubbed the project near the basin as “Project Dolphin.” The developer, North Dakota-based Roers Development, has yet to secure financing. The company is no stranger to Cape Coral, though.
It was responsible for The Cape at Savona Point apartments – another multi-million dollar residential project.
The 3.9-acre project would include 280 apartments, 18,000 square feet of ground-floor retail or office space, and a 525 stall parking garage with the first two floors reserved for public use.
Cape Coral Economic Development Manager Ricardo Noguera said both projects would transform south Cape. They’ve been in the works for well over a decade and the city’s redevelopment agency signed letters of intent from both developers this week.
“We’re basically creating a downtown and going vertical,” said Noguera. “We already have a full-service supermarket there, we have drugstores there, we have restaurants, so the missing piece are the residents.”
The concept is to create an environment downtown where residents can work, eat, and play all in the same area.
Project Hoosier is across from Bob Mulroy’s restaurant, Corksoakers.
“It’s gonna bring tons of people and you know it’s just all good for us,” Mulroy said. “We’re looking forward to it, we just can’t wait.”
Both sites have had issues with financial commitment from developers in the past. Noguera said their approach this time with the current interested developers will be different.
“We’re using a very sophisticated approach to rebating and supporting this development,” he said. “The developer will come in with his financing and with his equity partners and then the CRA will contribute a percentage with the tax increment financing he generates to rebate him back into the project.”
He said Project Dolphin should secure financing over the next four months. Project Hoosier now has to negotiate a development agreement with the city. Both projects expect to break ground by this time next year if they move forward.