Fees associated with The Cove at 47th discussed
Fees for The Cove at 47th — a multi-family private development with retail and a parking garage — will come back before the Cape Coral Community Redevelopment Agency in the near future.
Cape Coral City Council, sitting as CRA commissioners, received an update Wednesday on the project that will include 290 luxury apartments, 18,000 square feet of retail and a 525 parking space parking garage.
“When the design team was working on the project, we asked them to build more parking than required for the development,” Cape Coral City Manager and CRA Executive Director Michael Ilczyszyn said of 100 spaces — two floors of 50 parking spaces each.
The idea is for the tenants to have a fob to allow them to their parking floors, while the first couple of floors will be used for the public.
“The first couple of floors are paid — you pull out and present the ticket. If you have the fob, you leave for free,” Ilczyszyn said. “What we are looking at is a system that we don’t have to man. We want to have a passive management system.”
The agreement with the software company will have the CRA pay them to administer the program, while giving the CRA money from any receipts that are paid. The funds will go to repay any loans to build the parking garage and any expenses operating the garage.
According to the presentation, retail space is 100% leased out and the first 100 residential units, amenities — pool, parking garage — are targeted for Aug. 1. The apartments are currently leasing, with the first 100 units available for move in on Aug. 16.
Ilczyszyn said they are working through the operational agreement with the vendor chosen to run the parking garage. He said they will bring a rate resolution for the use of the garage before the commissioners.
“We are looking at at least one or two hours of free parking and then a fixed fee for the hours thereafter,” Ilczyszyn said.
Data already has been compiled of comparisons for what the norm is in the area.
“It won’t go into place until we come up with a resolution,” Ilczyszyn said, adding that the agreement should be finalized by September.
New CRA Project Manager Zach Gogel, a resident of Cape Coral since 1997, who has more than 10 years of experience managing projects through facilities or capital improvements, provided an update of other projects.
Some of those that received extra discussion included the Miromar Street sidewalk project, which still has an 8-foot section left. The stretch is from Coronado Parkway to Dolphin Key Resort.
Ilczyszyn said there is one spot that has a valve box creating a conflict where utility had to make adjustments.
Decorative tree lighting was another project, as it provides year-round decorative lighting on Cape Coral Parkway from Coronado Parkway to Del Prado Boulevard and on Southeast 47th Terrace from Coronado Parkway to Southeast 15th Avenue
Ilczyszyn said the first three palm trees coming into the main entrance east bound have been replaced with a new electric source that is an expandable ring that lights the tree.
“So far everything looks good. If it works and we don’t have any issues, we intend on redoing the whole parkway and 47th Terrace,” he said. “They are LED, so you can change the colors as well. It looks to be an upgrade — less maintenance, more resilient and a better lighting option.”
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