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Community Redevelopment Agency passes resolutions for projects in South Cape Coral

Posted at 11:13 AM, Apr 07, 2021
and last updated 2021-04-07 11:14:00-04

CAPE CORAL, Fla. — The Community Redevelopment Agency met to discuss two proposed projects for South Cape Coral.

For the past several years, the CRA and City have sought developer(s) to acquire and assemble more than twenty (20) acres of undeveloped and blighted properties located along the Bimini Basin.

Developers proposed a development called “Project Dolphin” and represented a mixed-use project calling for 185 apartment units, a 375 stall parking garage, approximately 25,000 square feet of ground-floor commercial space, a pedestrian promenade, and a waterfront restaurant with docks, boat slips, and upgrading of the existing seawall.

The project is valued at $50 million.

The presentation showed renderings of what could come including waterfront living/views and will include a waterfront restaurant with a dock and boat slips.

Over the next several months, the developer will secure financing with plans to return to the CRA Board of Commissioners for consideration of a Tax Increment Financing (TIF) Rebate Agreement.

Also, the developer will commence preparation of construction documents, so they are prepared to formally submit this coming Fall 2021 with an anticipated groundbreaking by late Summer 2022 and completion date by late Fall 2023.

Both resolutions were passed by board members.