Siesta Lakes breaks ground
More housing is on its way to Cape Coral, as another development broke ground Tuesday morning.
Siesta Lakes, a 412-unit Class-A rental community just off Pine Island Road, had shovels put to dirt this week, with competition estimated for 2025.
The project is a collaboration between Shoreham Capital, Bridge Investment Group, and Wynkoop Financial. The team secured a $66 million construction loan with Curran Young Construction serving as the general contractor.
“We’re excited to announce the groundbreaking of Siesta Lakes, a best-in-class rental community that will bring much-needed housing to the Cape Coral area,” said Doug Faron, managing partner at Shoreham Capital, in a statement. “We believe Siesta Lakes will raise the bar and help bring better housing to this rapidly growing submarket. We are thrilled to bring this new standard of apartment living to life alongside our partners at Bridge Investment Group and Wynkoop Financial.”
The 26-acre site was acquired in July 2022, and is at 186-254 Tierra De Paz Loop. The project will offer a “top-tier” amenity package and “premier finishes” in its one-, two-, and three-bedroom floorpans. The units feature an open-concept living area, and private balconies with views of a private lagoon.
Other amenities will include a gym, pool, dog park, pickleball courts, business center and more.
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