Bimini East development proposal to come to council
Concept plan that outlines a $500 million multi-use development; “reimaged” Four Freedoms Park
RFP Proposal – Bimini Basin Redevelopment Company LLC
The result of the city of Cape Coral’s request for proposals to develop the Bimini East properties it owns will come before Cape Coral City Council Wednesday as a concept plan that outlines a $500 million multi-use development and a “reimaged” Four Freedoms Park.
According to the project summary to be presented at the council workshop, the developer — Bimini Basin Redevelopment Co. and lead developer, Crown Development, the developer of Bimini Square — would deliver a mixed-use project to include hotels, office space for various uses including medical, retail and family entertainment space, structured parking and community amenities including a marina.
The project would generate 2,218 on-site jobs and nearly another 1,000 supplier, support and spending-generated jobs, the city-staff developed project summary presentation states.
Bimini East is a city-initiated project through the South Cape Redevelopment Agency. Cape Coral City Council also acts as the board of commissioners for the CRA, which has designated Bimini East as a high-priority project.
The city assembled 47 parcels into one developable site by buying mostly residential properties it deemed blighted, spending $45.2 million. While the city purchased the properties, the CRA holds the note.
In October 2025, the city released its RFP for redevelopment proposals from qualified developers and began contract negotiations on Nov. 24, 2025.
According to the presentation to come before council Wednesday, the city now intends to “finance the gap between its upfront investment and the sale price through debt, with repayment over time from project-generated increment and the anticipated increase in surrounding property values associated with the proposed $500 million Bimini East investment.”
The site consists of approximately 34 acres and has a current zoning of mixed-use Bimini.
The presentation states that the project includes two national hotel brands with 250 beds; 130,000 square feet of ground floor retail and dining; 310,000 square feet of medical and office space; 45 transient marina, public access boat slips; 900 units of apartments and townhomes; a structured parking garage; one arts/culture bandshell and expansion of Four Freedoms Park; and one new downtown police substation.
The Four Freedoms Park will be “reimagined to activate the waterfront.”
This would include a public lawn/event space, a bandshell for arts and cultural events, a waterfront promenade and marina access.
The existing playground would be relocated to a separate site within the Bimini East development.
The total project investment is $500 million, the presentation states.
There still are eight privately owned structures that remain to complete the assemblage of the area.
The developer is negotiating purchase, or relocation, agreements with the existing ice cream shop, automotive shop, two bank properties and three multi-family structures.
As presented, the city would purchase and acquire the automotive shop and three multi-family structures at the developer’s negotiated price of $11 million and would convey the properties to the developer for appraised value.
The developer would acquire one remaining multi-family property.
The developer would pay the city a purchase price of $26,292,325, including the four properties above based on the appraised land value of $25 per square foot.
Developer incentives would include a recommended Tax Increment Financing, or TIF rebate, of 95% which would expire Sept. 30, 2042; $5 million cap for impact fee credits for fire, ALS, parks and mobility; $1.6 million demolition grant reimbursement up to $200,000 for eight eligible structures and a $1 million cap shared cost of the pedestrian promenade.
TIF financing allows designated CRA to provide a tax rebate based on the difference between the taxable valuation of the undeveloped land and the value after development. TIF project funding comes only from taxpayers within the CRA district.
The workshop also will include discussion on the Art Center programs, areawide neighborhood roadway speed limit study and unlicensed contractor enforcement.
The meeting will be held at 9:30 a.m., following the Cape Coral Community Redevelopment Agency meeting Wednesday, July 29, in City Council Chambers, 1015 Cultural Park Blvd. The meeting is open to the public.
To reach MEGHAN BRADBURY, please email news@breezenewspapers.com