CAPE CORAL, FL – Flaherty & Collins Properties (F&C) has received final approval from the Cape Coral CRA on an incentive package that finalizes a public-private partnership to develop The Cove at 47th, a $66 million mixed-use project in downtown Cape Coral, Florida. The Cove at 47th development will be on the same site that was long supposed to be Village Square in downtown Cape at the corner of Cape Coral Parkway East and SE 8th Court, across from Corksoakers restaurant. F&C is purchasing the 3.9-acre site from Downtown Village Square, LLC, in a deal brokered by Paulette duCharme Hansen with Miloff Aubuchon Realty Group in Cape Coral.
The project will include 285 luxury apartments, 19,000 square feet of ground-floor retail or office space, and a parking garage. The development will include a rooftop bar and lounge component, a resident roof top Sky Deck, resort-style amenities, and will be the first infill residential project with a parking garage in Cape Coral.
“We are really excited about the opportunity to partner with the city of Cape Coral in this exciting public private partnership, really a first of its kind of this magnitude,” says Brian Prince, Vice President of Development for Flaherty & Collins Properties and lead project developer. “The city has been great as a project partner to help bring this project to fruition.”
The $10.35 million financial incentive contributed by the CRA will serve to fund a 525-space parking structure with 125 stalls reserved for the general public. This will be a huge boost for the many patrons who visit the SE 47th Terrace restaurants and shops daily. Plus, the incentive will go toward addressing on-site sewer improvements. Apart from the package, the city is also making nearly $20 million in sewage upgrades.
“The project really needed that infrastructure boost to make it viable,” Prince noted. “This product type is missing from the Cape Coral currently and having an attractive housing option that is walkable and in the urban core will be extremely important to help Cape Coral attract the young professional demographic they are going after. With our development heavier on studios, ones, and twos we expect to see a higher percentage of the young professionals as well as a fair amount of the empty nester demographic as those two groups like the same things. They like high quality living options with close proximity to shopping, dining, and entertainment.”
“The long awaited mixed use development on an entire square block will serve to transform the South Cape where residents and workers can live in a pedestrian friendly community without the need for a car,” said Ricardo Noguera, Economic Development Manager for Cape Coral. “Grocery stores, drug stores and a wide selection of restaurants to choose from. The City seeks to incentivize the attraction of professional office and technology firms to locate here taking advantage of the live work and play community which is rapidly becoming a reality here in the South Cape.”
Flaherty & Collins Properties believes that this type of development will allow Cape Coral to compete for more corporate jobs as companies consider locating to Cape Coral. “There is so much growth occurring in the Southwest Florida market, and Cape Coral is leading the charge,” Prince said. According to the a US Postal service study, Cape Coral is the number one city in America that people are moving to. “We plan to plant some roots in Cape Coral and be a very active developer in the market long term,” Prince added.
The Cove at 47th is aiming for a groundbreaking in early 2022, with first units coming in Spring 2023, with full project completion estimated for the Fall of 2023.