Cape reports successful first quarter
Cape Coral City Council members received a first-hand look at the status of economic development in the city amidst a pandemic and future plans during Wednesday night’s meeting.
Economic Development Office Manager Ricardo Noguera and Community Development Director Vincent Cautero outlined how Cape Coral’s economy fared during the first quarter of fiscal year 2021.
“We (are presenting) the many economic development successes that have occurred in the Cape over the last three months during the worst economic crisis that has shocked this country since the depression,” Noguera said.
Noguera first outlined key economic indicators, such as unemployed rates and vacancy rates.
In October, unemployment rates in the city were at 5.2% and as of December, dropped to 4.8%. These numbers are lower than the state average, which fluctuated between 6.5% and 6.1% in the same time frame.
Currently, vacancy rate for retail is at 2.4% while vacancy rate for office space stands at 3.3%.
“Vacancy rates for both office and retail have remained low despite being in the midst of the pandemic,” Noguera said.
Property values from 2019 to 2020 jumped 5.49%, with residential, commercial, agricultural, churches and schools totaling $23,347,653,273.
The construction value of all permits issued in quarter one of fiscal year 2021 totaled $201,242,622, up from roughly $160,1480,000 in quarter four of fiscal year 2020.
Quarter one saw 937 single-family home permits issued, one model home permit, one single-family semi-attached permit, 27 duplex permits and two multi-family permits.
“Permit activity have been very steady with single-family and duplexes, which is what we usually see,” said Cautero.
There were two non-residential permits issued in quarter one that included an industrial building (storage unit) and an “other non-residential” permit (fitness center) totaling $4,880,000.
“While it’s good news (to see) the contraction value in the pipeline, I’m still very much concerned about the need to really boost non-residential developments in the city,” Cautero said.
Noguera and Cautero outlined “key project” either already in the works or are set for development moving forward.
“We spend months, if not years, promoting our community’s individual sites and (other potential areas of growth),” Noguera said. “When we do find interest from developers or business prospects, the courting could take anywhere from a few months to a few years to materialize. Sometimes, staff can work on a project for a year or more with no positive outcome. However, when developments and business expansions are vetted in advance and the location and financials work out, you end up with positive outcomes.”
Noguera said the three “key areas” of focus for development in Cape Coral are along the Pine Island Road Corridor, the South Cape and Skyline Boulevard.
Key projects include:
– Bayfront Medical: a stand-alone emergency room/urgent care unit located at Del Prado Blvd. N at Kismet Parkway E.
Construction value is $976,000 with plans to open in spring of 2021.
– Encompass Rehab Hospital: an 80-bed rehab hospital to be completed in two phases located at 1730 NE Pine Island Rd. Construction value is to be determined. The project is currently in the permitting phase.
– Cape Coral Commons: an under-construction commercial center with 50,000-square-feet of retail space that will host multiple tenants at Pine Island Road and Del Prado Boulevard (NW corner). Construction value is to be determined with plans to open in winter of 2022.
– Skyline Retail Center: an 11,689-square-foot retail space at 2111 Skyline Blvd. Construction value is $681,000 with opening set for spring of 2021.
– Island Pearl: a mixed-use development featuring lifestyle, retail, business, dining and entertainment at the NW corner of Pine Island Road and Burnt Store Road. Construction value is to be determined. The project is currently in permitting and projected to break ground in late fall of this year or in spring of 2022.
“It will be the gateway to the northwest, serving more than 50,000 people that now call that area home,” Noguera said.
– Victory Park: a mixed use project that includes a 125-room Wyndham Garden hotel, commercial space, 100,000 square feet of medical office and industrial space at 2419 Corbett Road, just west of the VA Medical Clinic. The construction value is to be determined and the project is currently in phase 1 permitting.
“Once finished and built out, this project will represent the largest private development in the city over the past five years ($3 million-plus),” Noguera said.
– Crunch Fitness: a 19,200-square-foot fitness center at 58 Nicholas Pkwy. The project is currently under construction with a value of $2,063,000.
– Joe V’s Farmers Market: a 50,000-square-foot farmer’s market and grocery store at Southwest 1401 Pine Island Road. Construction value is to be determined. Projected opening is in the fall of 2022.
– Tractor Supply: a retail store offering pet, agriculture, lawn and garden products at Pine Island Road and Southwest 20th Ave. Construction value is $675,000 and is set to open in the coming weeks.
– Cabinet Genies: an office and showroom in the South Cape at 815 S.E. 47th Terrace. Projected opening is second quarter of 2021 with a $387,000 construction value.
“Their customers come from all over the US,” Noguera said. “And they’re viewing and touring the entire city and attracting investments to the Cape.”
– Fairfield Marriott Hotel: an 109-room, 60,000-square-foot hotel at 1701 Old Pondella Road. The hotel is set to open this month with a construction value of $4,466,000.
– Kids World Preschool: located at Skyline Boulevard and Southwest 19th Lane. The school is set to open in spring of 2021 (next 60 days) with a construction value of $863,000.
– The Apartments at the Isles of Porta Vista: 123 multi-family residential units at 3936 Pomodoro Circle. Set to open in spring of 2021 with an $8.9 million construction value.
– Madison Square: an 82-unit senior living (55+) seven-story apartment community on 1-acre of vacant land at 817 Miramar St. The project is currently in permitting and expected to break ground in spring of 2021. Construction value is $1,060,000.
“This is the first vertical development in the CRA in 30 years,” Noguera said. “It sets the stage for more infill, small projects that will come south of Cape Coral Parkway.”
– Aspire Apartments: a 319-unit, four-story multi-family complex at 3514 Chiquita Blvd. South. The project is currently in permitting with a to-be-determined construction value.
“This is really where we want to encourage these large multi-family developments, on these north/south corridors where we really can’t get more economic development,” Noguera said.
– Oasis at Surfside: a 446-unit complex including 220 multi-family residential unites at Veterans Parkway and Surfside Boulevard (northeast corner). The project has a value of $16.7 million and phase one is set to begin in the summer of 2021.
– Civitas Apartments: a 96-unit multi-family affordable housing project at 413 SW Pine Island Rd. The project is currently in permitting and expected to break ground this summer with a construction value of $17,472,252.
“This is workforce housing to help support the workers along Pine Island Road,” Noguera said.
– Springs at Cape Coral: 292 multi-family residential units at Pine Island Road and Barrett Road (southeast corner). Leasing started in January and construction is set to be completed this spring/summer (June) with an $18.7 million construction value.
– Pine Island Park: a mixed-use project with warehouse flex space, retail and office at Pine Island Road and N.E. 13th Ave. The project is currently in permitting phases with a to-be-determined value hoping to break ground this year.
– Warehouse/Flex: 10,000 square feet at 422 N.E. 2nd Place behind Aldi’s on Pine Island Road. The space is open now and fully leased. Construction value is $632,124.
“As soon as these warehouses go under construction, they’re leasing up,” Noguera said. “The goal is to get more light industry and diversify the business types we have here.”
– East Cape Industrial Flex Warehouse: a 38,000-square-foot warehouse building at 917 East Industrial Circle leased by Goodman A/C who expanded from Fort Myers.
The warehouse is now open with more than 80% of the space already leased. Construction value is $1,226,221.
– ABC Supply: a Cape Coral based roofing supplier plans to build a new warehouse/office at 760 N.E. 19th Place. Construction value is to be determined with plans to be submitted late this summer.
– Cape Coral Body Shop: a 32,000-square-foot auto body shop affiliated with Cape Coral Chrysler Dodge Jeep Ram at 933 East Cape Industrial Circle. The project is currently in permitting and expected to break ground in 2022 with a to-be-determined construction value.
– Enterprise Car Rental and Sales: now open at 331 N.E. Pine Island Rd. with a constriction value of $977,000.
When it comes to business attraction, retention and expansion, Noguera said, “More medical, dental, financial and insurance companies are opening up in the Cape with higher wages and increasing demand for new office space.
“You’re going to be seeing more retail building converted to office and create better-paying jobs for the area.”
Noguera’s team outlined current trends that include: the growing need for industrial/warehouse flex space, medical and professional office increase demand and the growing demand in the CRA.
“We continue to have more interest from restaurants and retailers that want to be part of that ‘scene’ in the CRA,” Noguera said.
Cape Coral’s EDO also plans to continue to promote the city in other parts of the country.
“The goal is to start placing more ads in periodicals in the Northeast, Midwest, South Florida, and the San Francisco/Bay Area,” Noguera said. “As you may have heard, a number of companies and developments want to get out of the big city and are looking at Cape Coral to expand.”
The EDO’s goals moving forward as a whole include:
– Promote the expansion of warehouse, light industrial, supply chain and office development. This generates significantly more revenues and diversifies our economic base.
– Maintain major commercial corridors to support commercial development, especially along Pine Island Road, Burnt Store Road and N.E. 24th Ave.
– Extending/expanding public utilities in the South Cape, Pine Island Road, N.E. 24th Ave, Corbett Road and Burnt Store Road will be key to leveraging more commercial and industrial development in the future.
– EDO to continue to provide Ombud services to developers and businesses going through the permitting process.
“Economic activity was strong despite the public health emergency,” Noguera said in closing. “The average unemployment rate for the quarter was 5.2 percent. Cape Coral continues to attract investment, especially from developers in the northeast and Midwest seeking opportunities where growth can occur.”
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To reach CJ HADDAD, please email cjhaddad@breezenewspapers.com