Cape Coral Economic Development News and Events
With Cape Coral always atop any given list of “fastest growing cities,” a newly released study shows the area can be touted as just that.
A report compiled by Porch, a home services connector, using newly released 2020 Census data, shows that Cape Coral was the fifth fastest growing midsized city (100,000-plus) in the country since 2010. Read More
Cape Coral Population Grew 5th Most in U.S. Since 2010
With less natural population growth and decreased immigration, the population of the United States has been growing more slowly every year since 2015, according to new Census Bureau estimates. In fact, the 0.35% growth rate between 2019 and 2020 represents the lowest growth rate in more than a century.
America is now an aging nation, as the age brackets for residents 55 and older are expanding at a pace that far exceeds the younger brackets. Over the past decade, the population of retirement-age residents (65 to 74 years old) soared 48.9% according to Census figures, while those 75 or older grew 24.1%, and those 55 to 64 increased 15.3%. In comparison, the total U.S. population increased by just 6.5% over the same time period, with certain age cohorts experiencing a population decline. For more information: https://porch.com/advice/cities-that-grew-the-most-over-the-past-decade
Cape Coral is 2021's 4th best city for first-time home buyers, in a recent study from the personal finance outlet WalletHub.com. You can find the full study here: https://wallethub.com/edu/best-and-worst-cities-for-first-time-home-buyers/5564.
Cape Coral looks to attract business, high-paying jobs to the city
Expansion and diversification are both part of a Southwest Florida city’s plan to bring high-paying jobs to the region. Cape Coral wants people who live in the city to stay there for work and to spend their money in the city too. It’s part of the city’s plan for an urban community. Cape Coral is known for its more than 400 miles of residential canals, spacious outdoors and a booming population. There are also things the city is not currently known for. “There’s no industry down here,” said John Giaquinto, the owner of Duval Street restaurant. “There’s none.” The city wants to change that and bring more business to Cape Coral by offering incentives. “Right now, at best, we’re out about a 92 to 8% ratio between the commercial tax base and the residential tax base,” Mayor John Gunter said. “What that means is 92% of the bills are on the shoulders of the residence, and we want to try to diversify that obligation.” Gunter’s is a big believer, in order to bring businesses here, you need to draw them in. “It is already shown at the walk through the door,” Gunter said. “And either infrastructure is not in place. We don’t have the same incentive packages that our neighbors have, so what’s going to happen, like it has happened, they’re just going to turn around and walk away.” Cape Coral City Council is considering revamping its current incentive program in areas such as job growth, the arts, infrastructure and even small business. Giaquinto is all for it. “It keeps everything local,” Giaquinto said. “People can work here. They can also come here for lunch or dinner, a lot of the disposable income.” The new programs will be presented to the Cape Coral Community Redevelopment Agency in August, followed by a vote from city council at a later date. “We have so many residents traveling across the bridge, and the reason for that is because we don’t have the jobs here,” Gunter said. “And that’s our responsibility as city leaders to attract those businesses, those higher paying jobs.”
Businesses and people are moving to Cape Coral
Businesses and housing are booming in Southwest Florida’s largest city. More people are moving here and more businesses are opening up.Everywhere you look Cape Coral is growing and growing and growing. Susan Overstreet has taken note and is happy she doesn’t have to cross the bridge as often as she used to.Overstreet lives in North Fort Myers. “When we moved here, we had to go across the river for almost everything and now, [if] we want to cross the river we will for maybe… [to] go to a doctor but everything’s here that we need. It’s great,” Overstreet said.Edmund Gagliardi has noticed the growth as well. “Now you see blocks going up, houses going up. I mean, you just see it blowing up like crazy,” Gagliardi said.The goal for City of Cape Coral Economic Development Manager Ricardo Noguera is to create an environment where people can live, work and play without crossing the bridge.A new report from the city highlights that more than 20 projects are set to break ground or have already opened this year.“It’s creating a more diverse economic base for the city so that not only are we getting better-paying jobs but we’re diversifying our workforce,” Noguera said.As the city continues to grow, Noguera says, there is a need for more warehouse space and medical offices. Then there’s the phenomenon of attracting younger people. For that, Noguera points to the many apartments going up around the Cape.
Businesses and people are moving to Cape Coral (winknews.com)
Back to the Future: ‘Project Dolphin’ gets CRA nod
The Community Redevelopment Agency approved this week a non-binding letter of intent with Roers Development for a proposed development along the Bimini Basin.As proposed, “Project Dolphin,” will be a mixed-use development on 5.5 acres, with 185 apartment units, a 375-stall parking garage, approximately 25,000 square feet of ground-floor commercial space, pedestrian promenade and a waterfront restaurant with docks, boat slips and upgrading of the existing seawall.The project is anticipated to cost $50 million, excluding the cost of the land.“If we keep our fingers crossed and everything works out well there, that’s going to be wonderful,” said CRA Chair Linda Biondi. “Stuff is finally happening.”The CRA and the city have sought developers to acquire and assemble more than 20 acres of undeveloped and properties determined to be “blighted” along Bimini Basin.Several developers considered purchasing the site and developing a mixed-use project but were unable to make the project work financially.Project Dolphin would be built on undeveloped and vacant property on the western edge of the basin, with Cape Coral Parkway serving as the northern boundary.Roers last year completed construction of a 319-unit multi-family development called “Cape at Savona,” valued at $50 million and located on Savona Avenue about a quarter-mile west of Chiquita Boulevard.Construction documents from Roers Development (based out of Fargo, N.D.) should be ready by the fall, as should a TIF rebate agreement for CRA consideration, with an anticipated groundbreaking by late summer 2022 and completion date by near the end of 2023.The project is anticipated to be a game changer for the South Cape, generating more than $5 million in TIF revenues over the next 20 years. The CRA stands to gain $1.5 million in impact fees prior to groundbreaking, officials said.The project means the South Cape will not be focused around Southeast 47th Terrace, where events such as the popular bike nights have been held, said Cape Coral City Councilmember and CRA liaison Gloria Tate.It, and a second unrelated development project, will change the face of the entire South Cape.“A lot has transpired there. A lot of people have had the vision but not the wherewithal. The new developer is financially able to come to the table to put it together,” said Cape Coral City Councilmember and CRA liaison Gloria Tate. “It’s no longer going to be 47th Terrace, it’ll be a destination.”Sales tax generated is expected to be between $2.4 million and $4 million annually. Approximately 700 combined construction (570 jobs) and permanent retail and restaurant jobs (120 estimated) are expected to be created for a project that could have a catalytic impact on future development. Full Article -> Back to the Future: ‘Project Dolphin’ gets CRA nod | News, Sports, Jobs - Cape Coral Breeze
Cape Coral pushes forward with two major projects
CAPE CORAL, Fla. – Two major projects in Cape Coral are closer to becoming a reality.
The city has been working with two developers for two separate projects: One on the west end of Bimini Basin, and one on the site that was long supposed to be Village Square in downtown Cape. The two are down the road from each other, just off Cape Coral Parkway East.
The city has dubbed the project near the basin as “Project Dolphin.” The developer, North Dakota-based Roers Development, has yet to secure financing. The company is no stranger to Cape Coral, though.
It was responsible for The Cape at Savona Point apartments – another multi-million dollar residential project.
The property at hand along Bimini Basin is 5.5 acres. Roers wants to develop it as a $50 million mixed-use project, including 185 apartments, a 375 stall parking garage, 25,000 square feet of ground-floor commercial space, and a waterfront restaurant with docks and boat slips. Full Article -> Cape Coral pushes forward with two major projects - NBC2 News (nbc-2.com)
DATA SHOWS PEOPLE FAVORING MOVE TO SWFL OVER OTHER PARTS OF STATE
The pandemic has created many challenges, but it also changed the way we live and work. Some are choosing to make their vacations permanent and move to Southwest Florida full-time to work remotely. CityLab found that most people moving to the state are moving to Southwest Florida. Mapping the percentage of change during the pandemic compared to the year prior, CityLab provided ratios for the number of people moving in divided by the number moving out of areas. The top areas in the region ranked by their percentage of growth include Clewiston (10.8%), Naples/Marco Island (9.7%), Punta Gorda (8.1%), Northport/Sarasota/Bradenton (7.3%) and Cape Coral/Fort Myers (6%).
Mercola Completes Carport Project, Adding Over 400 Solar Panels
Community Development Block Grant (CDBG)
FOR IMMEDIATE RELEASE: Catalyst Community Capital is accepting applications from qualified Cape Coral businesses for technical assistance/grants. In response to COVID-19 and its impact on Cape Coral businesses, Catalyst Community Capital, in partnership with the City of Cape Coral, will be providing a limited number of technical assistance/grants to qualified small businesses located in low- and moderate-income areas within the City of Cape Coral.
The City of Cape Coral will be utilizing Community Development Block Grant (CDBG) funds to establish an emergency business grant program, which will provide a $3,000 technical assistance grant to small businesses with between 2 to 5 employees that are experiencing severe financial hardship as a result of the COVID-19 pandemic. In addition to the grant funds, the program will provide legal, accounting and financial technical assistance.
Applicants must meet the following criteria to qualify for Program funding:
- Demonstrate COVID-related hardship.
- The owner of the business must live in Cape Coral.
- The business must have been in existence for at least two years.
- The business must be located within designated areas contained within the municipal boundaries of the City of Cape Coral (Click here to verify your business is located within the eligible area.)
- The business must have a physical location that is not located in a residence. Home-based businesses are not eligible.
- The business must be current with all city, state and federal licensing and financial obligations, including taxes.
For application assistance or questions, please contact Leigh Scrabis at firstname.lastname@example.org.
Cape Coral and Fort Myers join inaugural list of cities where commercial real estate is expected to flourish this year.
Cape Coral Ranked #2 for Top CRE Markets of 2021
"The bottom line is that everyone wants to buy in Cape Coral, because this is paradise.” - Read the Full Article Here!
Cape Coral Among Top 10 Cities for Growth in 2020
4th Wednesday Biz Chat
Date: 4th Wednesday of each month, January through October
Location: Coral Ridge Event Center, 950 S Chiquita Boulevard South in Cape Coral
- There is a $5 fee to cover a light lunch provided
- Please PRE-REGISTER HERE for each BizChat meeting
Biz Chat continues to grow as word spreads about the strong networking and educational opportunities that are provided to business owners and managers. Biz Chat represents a partnership between the City of Cape Coral Economic Development Office (EDO) and FGCU’s Small Business Development Center (SBDC), with regular participation from partner organizations such as the Cape Coral Chamber of Commerce, Goodwill Industries, CareerSource, SCORE, and Cape Coral Construction Industry Association (CCCIA).BizWalk
Cape Coral EDO BizWalks are coordinated by Cape Coral EDO Business Recruitment/Retention Specialist Nita Whaley at (239) 574-0443. The EDO team has partnered with the Cape Coral Community Development Department, Cape Coral Chamber of Commerce, Cape Coral Technical College, CareerSource Southwest Florida, and the Florida Small Business Development Center at Florida Gulf Coast University. From each BizWalk, the Cape Coral EDO gathers baseline data to help gauge the local business climate, enabling it to fine-tune program development.