The Cape Coral City Council has approved a $123 million Enhanced Property Value Recapture Grant to support the development of the $1.3 billion Cape Coral Grove project. This ambitious project, set to occupy a 131-acre parcel on Pine Island Road between Chiquita Boulevard and Burnt Store Road, will feature a mix of retail spaces, entertainment venues, hotels, and luxury residential options, including apartments and townhouses.
The city's Enhanced Property Value Recapture Grants are designed to attract significant private investment into large-scale, mixed-use developments or redevelopments that create destination centers or town hubs, particularly within Community Redevelopment Areas. These grants work by setting a base year property value and calculating the incremental increase in property taxes above this base, with up to 20% of the total project cost available as a grant.
City Manager Michael Ilczyszyn noted that the incentive agreement to why the City Council approves $123 million incentive package for Cape Coral Grove is structured similarly to previous agreements and aims to encourage rapid and substantial development. The grant, totaling $123 million, will be payable over 25 years, with the first payment released once the developer achieves 50,000 square feet of nonresidential space. Full revenue flow will begin after 200,000 square feet is developed. Ilczyszyn highlighted that the city's investment amounts to about 10% of the total project cost, emphasizing the need for the developer to maintain momentum to receive the full incentive.
People also ask:
Are home prices going down in Cape Coral, Florida?
Yes, home prices in Cape Coral have seen a recent decline.
Why is it affordable to live in Cape Coral?
Cape Coral is affordable due to lower property taxes, housing costs, and a relatively low cost of living.
Is Cape Coral a smart choice for real estate investment?
Yes, Cape Coral is considered a good place for real estate investment due to its growth potential and desirable location.
Is Cape Coral a good place to buy a house?
Yes, Cape Coral is a good place to buy a house, with its strong community, amenities, and lower cost of living.
HomeQwest Real Estate, Building & Development Companies
4020 Del Prado Blvd S. Unit B2, Cape Coral, FL 33904
O. (239)770-5429
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