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Cape could see economic boost from Paradise Isle development

By CHUCK BALLARO - | Dec 21, 2020

A billion-dollar development project now greenlighted by Lee County may provide an economic boom for the city of Cape Coral as well as north county.

When the Lee County Board of County Commissioners approved the Paradise Isle project planned for North Fort Myers last week, business leaders there expressed excitement for the resort-style development they hope will spark other commercial projects once its construction on the long-closed Loochmore Country Club and golf course acreage gets under way.

According to city of Cape Coral Economic Development Manager Ricardo Noguera, the development to be built just east of the city limits also could benefit the Cape by bringing in new commercial opportunities and, perhaps, even jump-starting two key similar-type opportunities within the city.

“It can only enhance Cape Coral and draw more investment into the city. I see it as a positive,” Noguera said. “It’s going to be a good thing for Cape Coral and for Lee County.”

Paradise Isle is a planned development of up to 1,200 multiple-family homes; up to 543 hotel/motel rooms; up to 55,000 square feet of commercial/retail; up to 22,500 square feet of office; up to 23,000 square feet of accessory health spa/fitness facilities; an 18-hole golf course; 200 dry boat storage slips; a 200 wet slip marina; and up to 22,500 square feet of stand-alone restaurant use.

The 271-acre development site abuts the Cape Coral city line along Southeast 24th Avenue. On the city side, the immediate area is almost exclusively residential, however once you get to Del Prado Boulevard and Pine Island Road, there are great opportunities to put high-quality commercial there as well.

Noguera said there potentially could be lots of money coming in from the Northeast and Midwest into Southwest Florida because of the pandemic.

“A project of this sort will further our marketing efforts to attract investment from outside of Florida. It will be great for the whole region,” said Noguera, who views Paradise Isle the same way he does the Cape developments of Tarpon Pointe and Cape Harbour. Both are upper-end, multi-use, waterfront communities.

With the county approving Paradise Isle, Noguera believes the city could now get developers interested in two long hoped-for projects — Bimini Basin, in the South Cape, and the Seven Islands, a city-owned tract in the northwest Cape.

“A project like this is only going to draw more interest from developers from across the country. Residents have been coming from the Northeast and Midwest for 20 years and the developers are following them,” Noguera said. “This will develop more interest and may help get Seven Islands on the road.”