Economic impact of Cape Coral Grove project estimated at $1.3 billion
Cape Council greenlights development
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As part of what the city of Cape Coral called an “historic day,” City Council approved plans for a much-anticipated mixed-use development.
Cape Coral Grove, to be located on a 131-acre lot on Pine Island Road between Chiquita Boulevard and Burnt Store Road, got the green light at Wednesday’s council meeting.
The project will feature a variety of retail spaces, entertainment venues, hotel, and luxury apartments and townhomes, with the economic impact expected to be $1.3 billion.
"The Cape Coral Grove development is a testament to our city's commitment to partnering with forward-thinking developers," said City Manager Michael Ilczyszyn, in a release issued Thursday. "This project will not only enhance the quality of life for our residents but will also attract new visitors and businesses, further solidifying Cape Coral as a dynamic and thriving community."
During the first public meeting that involved Cape Coral Grove in July, Ilczyszyn told Council he and city personnel have been in talks with the project’s development team, L&L Development Group, for some time, as they first showed interest in bringing the project to Cape Coral in the summer of 2021.
Ilczyszyn said under the development agreement, there are two main components under consideration: the development agreement itself which has been developed under a Florida State Statute; and an inter-local agreement with the Community Development District overseeing the project, also pursuant to the same Florida Statute.
Ilczyszyn said in the development agreement, the term is a 25-year term with a forced majority clause that may allow it to be extended, as long as both parties mutually agree.
The developer does have multi-family residential units on the property, which are capped at 1,312 units. Ilczyszyn said those units were taken into consideration when performing the amendment to the Pine Island Road district land use.
Ilczyszyn said there is an ability for the developer to include vertically integrated mixed-use multi-family over the town center in the core area. Any of those units would not impact the cap, and would be a bonus.
Ilczyszyn added the city has created a first-of-its-kind breakthrough project management delivery method never before used in the city with the developers.
He said the city is going to have dedicated reviewers and inspectors within each department and division to accomplish a five-day turn around for all reviews. He added that the developer has agreed to compensate the city on an hourly basis for all actual time spent by the qualified assigned professional, or a team at the city, to meet these deadlines.
Ilczyszyn said once inspections are required, the city will further initiate a priority inspection team to perform on-demand and next-day inspections as required by the developer. The developer has also agreed to compensate the city for actual time spent performing such inspections.
"Today, we have laid the foundation for the future of Cape Coral. These projects will redefine our city and ensure that Cape Coral remains a place where opportunities flourish," Ilczyszyn said of the vote.
For more information on Cape Coral Grove, visit www.capecoralgrove.com.