Cape’s economic boom continues
The Cape Coral boom seemingly never stops.
Economic Development Manager Ricardo Noguera on Wednesday gave the Cape Coral City Council an update on future projects and strategies as part of the department’s second quarter report.
From Quarter 1 to Quarter 2 of Fiscal Year 2021, the construction value of all permits issued by the city increased by more than $15 million and sits at $216,429,199.
“Whether it’s residential, commercial, or industrial projects, you’re going to see quite a bit of change taking place over the next year,” Noguera said.
Community Development Director Vincent Cautero noted the growth from quarter to quarter has been consistent through all ventures of development. He said there’s been quite a bit of increase in single-family developments from the last report.
Of the 968 residential permits issued in Quarter 2, 948 of them were for single-family projects, totaling more than $195 million.
There were two non-residential permits issued in the second quarter, coming in at just over $2 million.
“Keep in mind that we are on pace for over 40,000 total permits,” Cautero said. “We’re seeing a big increase in commercial remodel and alterations; people putting money into their existing business.”
It’s no secret that most of the new developments in the city are located in the South Cape and along the Pine Island Corridor. Noguera said the leading types of development are light industrial/warehouse, retail, multi-family and mixed use.
Some projects either already open, under way, or set to begin in the near future include:
– 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 now open.
“That is really drawing more and more investment interest to the Pine Island Road Corridor between Chiquita and Burnt Store Road,” Norguera said. “Over the next year, you’re going to see quite a bit of activity within that one-mile stretch.”
– 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 and is now open.
– Emergency Medical Clinic: Phase I is approximately 11,000- square-feet and scheduled to break ground along Pine Island Road in 2021 just west of Santa Barbara. Additional phases are in the works.
– Fairfield Marriott Hotel: a 109-room, 60,000-square-foot hotel at 1701 Old Pondella Road. The hotel is set to open this summer with a construction value of $4,466,000.
– Cabinet Genies: an office and showroom in the South Cape at 815 S.E. 47th Terrace. Projected opening is late spring of 2021 with a $387,000 construction value.
– 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 summer with an $18.7 million construction value.
– 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.
– The Apartments at the Isles of Porto Vista: 123 multi-family residential units at 3936 Pomodoro Circle. Set to open in spring of 2021 with an $8.9 million construction value.
– 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 (northwest corner). Construction value is to be determined with plans for completion in summer of 2022.
– Crunch Fitness: a 19,200-square-foot fitness center at 58 Nicholas Parkway. The project is currently under construction with a value of $2,063,000 that should be finished by the end of year.
– 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 be completed in spring of 2022. Construction value is $1,060,000.
“The first vertical development in the South Cape in several years,” Noguera said.
– Encompass Rehab Hospital: an 80-bed rehab hospital to be completed in two phases located at 1730 N.E. Pine Island Road. Construction value is to be determined. The project broke ground this week.
– 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.
– Island Pearl: a mixed-use development featuring lifestyle, retail, business, dining and entertainment at the northwest 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.
– 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.
– Aspire Apartments: a 319-unit, four-story multi-family complex at 3514 Chiquita Blvd. South with a construction value of $8,059,360. The project broke ground last month.
– Civitas Apartments: a 96-unit multi-family affordable housing project at 413 S.W. Pine Island Road. The project is currently in permitting and expected to break ground this summer with a construction value of $17,472,252
– Pine Island Park: a mixed-use project with warehouse flex space, retail and office at Pine Island Road and Northeast 13th Ave. The project is set to break ground in the coming days.
– Mink Retail Center: a retail center located at 1243-1306 Santa Barbara Boulevard with tenants that include a salon, Italian Tile Shop and breakfast restaurant. The center is already fully leased.
“We’re witnessing more existing businesses in the Cape and expanding due to the growing demographic in the city,” Noguera said.
– Central Cape Business Park: an existing business park featuring new tenants such as Caloosa Trains and Hobbies and Seven Seas Aquatics, located at 1490 N.E. Pine Island Road.
– Entrada Community Shopping Center: office and retail center featuring medical offices, restaurants and retail outlets at 3571 Del Prado Blvd. Currently leasing to new medical, office and golf simulator business.
“More business are moving in and filling strip centers, commercial space and warehouse space across the city,” Noguera said. “Just a year ago this location had 50% vacancy rates, it’s now fully leased. Retailers, office tenants, they can’t grab a space fast enough.”
n- 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.
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