South Cape Development Opportunities
Click Here for the South Cape 2020 Review & What's in Store for 2021
Every great community has a heart that makes a place genuine and defines the character of the community. For Cape Coral, that place is the South Cape. It is the historic beginning of Cape Coral, where small planes took off to show prospective buyers vacant land in the early sixties, and where the first shops, restaurants, and even the first City Hall was built. Today, more than 60 restaurants, all-star chefs and cuisine, and 250,000+ annual visitors define the South Cape Community Redevelopment Agency (CRA). The South Cape hosts numerous events and festivals, including the Cape Coral Festival of the Arts, Bike Night, the Holiday Festival of Lights, the Farmers' Market, and numerous parades and trolley events.
COMMUNITY REDEVELOPMENT AGENCY (CRA) OF THE CITY OF CAPE CORAL
The City of Cape Coral established its’ Community Redevelopment Agency (CRA) in 1989 as part of an effort to jumpstart revitalization of the South Cape. The CRA/South Cape roughly encompasses an area bounded by Del Prado Blvd. westward to Palm Tree Blvd.(about 1 mile in length) and north-south from S.E. 46th Street southward to Miramar Blvd.
Cape Coral CRA Budget for Fiscal Year 2018-19
KEY OBJECTIVES OF THE CRA:
- Blight Removal. Utilize tax increment revenues combined with private investment dollars to encourage the redevelopment of underutilized, underdeveloped, undeveloped and deteriorated properties.
- Attract Private Investment. As with all CRAs, the intent is to draw private investment locally and beyond to acquire and redevelop properties and deliver significant revenues to the local area resulting in increased revenues for the local CRA to support public infrastructure improvements.
- Employment & Services. Job creation, retention and expansion are key components of a CRA’s Program. The ability to attract major employers, especially those creating employment exceeding the areawide median income is key.
- Housing. Encouraging a mix of market rate and affordable housing are key components of a CRA.
- Livable and Vibrant Community. Ultimately, cities establish CRAs to improve their downtowns and business districts in order to improve their public image and attract private investment, while creating a positive environment where locals can congregate and enjoy the community.
GOALS OF THE CRA:
- Vibrant Downtown and Positive Image for the City
- High Density Residential Development
- Site Specific Tax Increment Financing (TIF)
- Redevelopment of Underutilized and/or Undeveloped Properties
KEY ACCOMPLISHMENTS IN THE CRA/SOUTH CAPE:
- Streetscape Improvements along S.E. 47th Terrace. This project includes decorative sidewalks and landscaping from Del Prado Blvd. westward to Coronado Blvd. The total cost for the streetscape project was $15M and funded evenly by the CRA and the City.
- Underground Transmission Lines. The CRA, working with the City of Cape Coral, agreed to fund the underground installation of new high voltage electric transmission lines through the downtown district. This funding will eliminate the need for above ground lines.
SOUTH CAPE PROJECTS UNDER CONSTRUCTION
Bacino Vista Condominiums. This project includes a total of 34 residential condos to be located about ½ mile south of Cape Coral Parkway along Coronado Blvd. Project expected to break ground in 2021.
Cabinet Genie. This family-owned business will open soon on SE 47th Terrace. The new headquarters facility and showroom is expected to be completed in Spring 2021.
Chase Bank. A new Chase Bank opened in January 2021 on Cape Coral Parkway.
SOUTH CAPE DEVELOPMENT OPPORTUNITIES
Bimini West. This 5 plus acre undeveloped property is currently under contract with a developer planning to build a mixed-use development which will include apartments and dining outlets with water front views, retail shops and a new parking garage.
Bimini East. This 17-20 acre site represents the largest available property within the CRA and approximately 90 percent of the land is owned by one property owner. The property owner is seeking to sell the land to a private developer(s) to redevelop into a town center. The City has increased the density in this area to support high density development (up to 125 units per acre or 160 feet in height).
FUTURE SOUTH CAPE PROJECTS
- Rubicon Plaza Mixed-Use Development. A local development team has assembled an entire block at the western end of the CRA along S.E. 47th Terrace. The development team is looking to develop a mixed-use project to include residential, office, retail, restaurants and a parking structure.
- Cabinet Genie Headquarters. A local family-owned cabinet maker will soon open a new headquarters and showroom facility. The new headquarters will be used to entertain customers who come from across the U.S. to see their models. This will serve as an attraction for area restaurants and other commercial uses in the area
- Insite Managed Solutions new Headquarters. This management services company is in the process of rennovating a building in the South Cape. Will bring 57 employees with plans to double its workforce in the next 2-3 years.
Contact the South Cape/CRA
South Cape Coral CRA
4816 Chester Street
Cape Coral, FL 33904
Hours: 8:00 a.m. – 4:30 p.m. M-F