City Council expected to vote on amended ordinance for Cape Coral Grove development
An amended and restated ordinance is up for approval at today’s Cape Coral City Council meeting for the mixed-use project Cape Coral Grove.
The development will be located on a 131-acre site on the north side of Southwest Pine Island Road between Chiquita Boulevard and Burnt Store Road. The agreement is between CCTC Fee Owner, LLC, Cape Coral Town Center Community Development District and the city of Cape Coral.
The parties entered into a development agreement on Aug. 28, 2024.
According to the ordinance, the town center will have a walkable and integrated open-air, mixed-use development. The core area will be anchored by retail, dining and leisure uses, and vertically integrated multi-family residential uses.
The development will be built in phases – roads, which also includes utilities; storm drainage and storm water management ponds; lift stations; landscaping; irrigation and decorative street lighting; and then the town center infrastructure.
Council will also vote on a resolution to provide CCTC Fee Owner with an Enhanced Property Recapture Grant for a total cumulative amount not to exceed $86,437,702. The grant was created by the city to attract the larger-scale private capital investment and/or “development into a mixed-use or non-residential project site to create a destination, town center, or mixed-use development within the city.”
According to the resolution, the projected taxable value for the project is anticipated to exceed $86 million.
“The city believes that the value of the direct, indirect, and induced benefits of the project to the city is anticipated to be $1,176,888,401,” according to the resolution.
It further states that the “city desires to provide CCTC Fee Owner, LLC an Impact Fee Incentive Grant, in the form of a credit, against the first $10,000,000 of impact fees and connection charges that are required for the development of the subject property.”
The meeting will be held at 4 p.m., Wednesday, Aug. 20, in City Council Chambers, 1015 Cultural Park Blvd. The meeting is open to the public.
To reach MEGHAN BRADBURY, please email news@breezenewspapers.com