It was a banner year for economic development in Cape Coral, as hundreds of millions in permits were pulled in 2023, with no slow down in sight for 2024.

Cape Coral Economic and Business Development Officer Sharon Woodberry said the growth throughout the city in 2023 was “significant,” with a 58% increase in commercial permits pulled throughout the year.

“Certainly a huge uptick in the number of permits and activity that is happening,” she said. “A lot of growth. It’s something we’re very excited about.”

Woodberry said over the past year, the valuation for commercial construction permits in the Cape totaled $258,691,776, the highest value in recent history.

“It’s just an indicator of our growth,” Woodberry said. “That’s the story of Cape Coral — Southwest Florida in general. But because there’s still so much opportunity for new construction and additional residential units, we’re just on the uptick with growth, and we know that’s going to increase even more so for the next few years.”

Highlights of 2023 include the groundbreaking of the city’s first workforce affordable housing in Civitas, the continuation of The Cove at 47th, and groundbreakings for Siesta Lakes, Bimini Basin, Slipway Food Truck Park, and more.

“We had some significant opportunities in terms of projects and partnerships with the South Cape, with The Cove at 47th being under construction, and the groundbreaking of Bimini,” Woodberry said. “Those are projects that we believe are going to be transformational in terms of the type of development the projects are themself, but also as a catalyst for other growth and drawing more investment.”

The Pine Island Corridor is always booming, and will continue to see additional development and retail in the near future.

“Pine Island Road has just been tremendous,” Woodberry said. “We’re expecting to see continued growth for Pine Island Road and there’s projects in the works for that corridor.”

Woodberry added that Pine Island Road will most likely remain the center of attention for growth until additional utilities are brought to different areas of the city.

“Once utilities get expanded to some of those other undeveloped areas, I’ll expect to see the same amount of activity,” Woodberry said.

Other highlights Woodberry expressed is the Breaking Barriers to Business Grant Program, as well as the demolition assistance program.

The city first announced the B2B Grant Program in May and is accepting applications. The program offers incentive grants to businesses in the CRA district to help with site development costs of new non-residential construction, building/facility expansions, or renovations. The program is designed to encourage new non-residential construction, building expansions, and renovations in the CRA district. The purpose of the B2B program is to provide grant assistance to developers and business owners looking to invest in the area and meet the requirements of the city’s Land Development Code.

“It’s what we believe will be a lifeline to some of our businesses, and maybe kind of help move forward those projects that have been stalled because of some additional costs that may be have incurred,” Woodberry said.

Cape Coral City Council, sitting as the CRA governing board, approved the Community Reinvestment Area Demolition Assistance Grant Program in November. The program provides grants covering 100% of demolition costs up to $50,000, and costs exceeding $50,000 will receive a pro-rated grant for an amount not to exceed $75,000.

“I really think you’ll see it change the landscape and make room for new development opportunities in the South Cape,” Woodberry said.

More potential developments on the horizon for the city include Coral Grove, a mixed-use project on Pine Island Road; Victory Park, located in northeast Cape Coral set to be a life/science campus with medical facilities, hotel, apartments, and town homes; Nor-Tech and Ecological Laboratories expansions; The Club, a 200-unit development on Pine Island Road; and more.

Woodberry said goals for the city’s Economic Development Office is to “continue to strive to diversify the economy.”

“Looking for some of the incentives programs we put in place to help with that. We do want to create higher-skill, higher-wage jobs. Those are jobs that are going to offer our residents better opportunities, better quality of life to raise families. That is something we’ll continue to try to strategize and engage.”

She said the city is looking for industries such as professional services, medical, manufacturing, and light industrial.

“There are a number of different ways we think we can get there, and it’s just something we certainly think there is room for us to improve on,” Woodberry said.

In August, the city tapped New Jersey-based DCG Corplan Consulting LLC, to produce Cape Coral’s Economic Development Strategic Plan. DCG Corplan was selected after a national bid solicitation culminating in June.

Woodberry said DCG Corplan’s mandate is to “identify and prioritize key areas of focus to promote sustainable economic growth, attract new investments, foster innovation, and enhance our city’s competitiveness.”

Information from a public survey that went out to residents over the last month is being compiled.

“We have started to get that data coming in as far as where we stack up against competing cities in Florida,” Woodberry said. “There’s a number of different components, and we’re in the data collecting phase.

“We’re really looking for that strategic plan to help set the stage for us as we look to recruit outwards. We want to know the areas we have strength in terms of workforce, specific appeal, all of those things that are important when you’re talking to companies that are looking for sites. Having that data, and being able to tell a story to pitch Cape Coral, is what we’re looking to have one this is complete in July.”