Candidate’s company pitched Bimini East alternative
City rejected request to reopen Requests For Proposal
City of Cape Coral
Formal_Unsolicited_P3_Proposal_Letter (1)
With the final approval of the $500 million Bimini East project in Cape Coral City Council’s rearview mirror, public comment continues to ride shotgun on social media.
Criticism in the wake of last Wednesday’s 6-1 approval of three contracts — the development agreement, the purchase and sale agreement between the city and the developers, and the 99-year $1-per-year ground lease for Four Freedoms Park — continues as residents and candidates for city council continue to weigh in on what could have been, or should have been, for the city-initiated redevelopment project that calls for $47.7 million in various development incentives and a sweetheart land deal.
Among the maybe could-have-beens was a pitch that came in for staff-level discussion after the city’s Oct. 30, 2025, closure date for its solicited Request for Proposals for Bimini East.
The written proffer addressed to City Manager Mike Ilczyszyn was submitted on April 24 by Larry Johnson of Valor Commercial, which followed up in May with a request to allow the South Cape Memorial Plaza (SCMP) development team to present a formal bid to the Bimini Basin East RFP.
Valor Commercial is part of Valor Real Estate Services Inc., owned by Lisa Cohen-Adkinson, a candidate for Cape Coral mayor.
The April 24 submission was headlined as a “Formal Unsolicited P3 Cover Letter.” It outlined a project overview on behalf of SCMP.
“South Cape Memorial Plaza is a $300 million to $350 million mixed-use, public-serving development conceived for the Bimini Basin East parcel,” the cover letter states.
Handwritten notes boost the project valuation to $425 million-$475 million with development program components to included a four-star hotel with convention space, ground floor retail and dining, a community center, a World Trade Center Memorial Walkway with sculptures, a military and first responder benefits and care center, and various types of apartment housing from workforce to market-priced.
The “request for authorization to present a formal bid document” submitted in May includes additional details, outlining a 200-key hotel/mixed use building of 12 stories and 300-350 housing units.
There did not appear to be any marina component or written mention of Four Freedoms Park.
“The project has been purpose-designed to maximize both the community benefit and the long-term financial return to the City of Cape Coral — which has already invested $45.2 million in site preparation and clearance,” the document states.
The proposed P3 structure differed from the now-approved contract with the Bimini Basin Redevelopment Company LLC, the party that purchased the land from the city and project owner, and Crown Development Inc., the approved developer, in a couple of key ways.
South Cape Memorial Plaza was brought to discussion as a “fully-funded” land-lease alternative, according the submission.
Discussion did not move beyond the talking stage for two reasons — the city could not reopen its Request for Proposals and no formal P3 proposal was subsequently submitted.
“There was never an Unsolicited P3 submitted,” Ilczyszyn said in response to questions submitted to his office by The Breeze. “We met with the proposing team at Valor to discuss their request to reopen the RFP to which we advised them we could not do. The solicitation was closed and we were negotiating with the developer who submitted a responsive and responsible submittal.
“After understanding this information they further asked how they could have their proposal evaluated to which we indicated it would have to be a formal submission of an Unsolicited P3 compliant with state statutes. The documents shared with us in the meeting did not meet those requirements and were lacking substance required under the statute.
“As such, they indicated they needed a few weeks to go back and review what elements were missing and formally submit an Unsolicited P3 with the required deposit of $25k to pay to the review. Neither the deposit or submittal ever occurred. As such, we only had a meeting on an idea. Nothing more, nothing less. This happens all the time and is no different than any other economic development idea that never materializes.”
Cohen-Adkinson, who is among the vocal critics of the Bimini East project as approved, has not responded to emailed questions on the Valor Commercial submissions, including who was behind South Cape Memorial Plaza, SCMP, and her reaction to what transpired.
She has said the RFP should have been reopened.
In answer to The Breeze candidate Question of the Week, “Where do you stand on the Bimini East Redevelopment Project as proposed?” published on Sept. 11, she stated:
“Reopening the RFP is the only way to protect Cape Coral’s future.
“The current $500 million Bimini East proposal is a bad deal for residents. Taxpayers spent $45 million to clear this land, only for the city to propose selling it back to the developer for $20 million while spending $11 million more on additions. Furthermore, a 16-year tax rebate shifts the financial burden onto homeowners, a 45-slip marina strains our infrastructure, and gifting Four Freedoms Park erases our history.
“We must reject this giveaway, reopen the RFP, and demand a project that serves the community, not just the developer.”