Enhanced Property Recapture Grant approved for Cape Coral Grove
Coral City Council approved a reduced Enhanced Property Recapture Grant for the Cape Coral Grove development Wednesday.
City Economic Development Manager Sharon Woodberry said the project, to be constructed on a 131-acre site on Pine Island Road, has some key changes to its planned scope of work, including the removal of the proposed parking garages.
The city describes the project as “a transformative town center development spanning 131 acres on Pine Island Road in northwest Cape Coral, adjacent to Bubba’s Roadhouse and Saloon. This ambitious project will introduce a vibrant, mixed-use community featuring 1,234 upscale apartments and a 125-room luxury hotel, designed to serve both residents and visitors alike.”
The grant is structured so the developer cannot receive authorization to move forward on the residential component of the project if the commercial component does not happen.
Woodberry said the project is receiving tax reimbursement.
The new construction value is 95% of the city’s share of new property taxes reimbursed.
“They do not receive a payment of any grant if they don’t move forward with construction,” Woodberry said of reimbursement of a portion of new taxes generated from the project.
She said the developers, CCTC Fee Owner, LLC, incentive opportunity is reduced proportionally when the scope of work was reduced.
“The recapture grant amount was reduced,” Woodberry said.
The commencement of project infrastructure is expected to begin in the first quarter of 2026 with the first phase of construction, to include the anchor tenant, the initial segment of the Town Center and the first multifamily building, expected to begin in the third quarter.
More information may be found on the city’s website at https://www.capecoral.gov/edo/coral_grove.php, or on the project website at https://capecoralgrove.com/
Editor’s note: This story has been updated with a new artist’s rendition and the addition of web sites for more information.
To reach MEGHAN BRADBURY, please email news@breezenewspapers.com