New development project could begin in Cape Coral soon
CAPE CORAL, Fla. — The Cape Coral Community Redevelopment Agency will discuss the construction of a new parking garage and apartment building at 3 p.m. on Tuesday.
Formerly dubbed “Project Hoosier,” the potential development in the Downtown redevelopment area is now referred to as “The Cape at 47th.” The mixed-use building would feature 280 apartment units, 18,000 sq/f ground floor commercial space, and a 525 space parking garage.
If the project gets the green light, the CRA would contribute $10,350,000 to the construction of the parking garage and on-site utility improvements. The City will loan CRA the money for the project.
The development has a hefty price tag of $64 million, but those in favor of the construction said it has the potential to bring in more residents and income.
Building the structure would bring in 500 temporary construction jobs and another 150 permanent jobs once the complex is complete.
The formal submittal of plans is scheduled to be submitted this fall. Once that happens, construction would be slated to begin in January 2022 with initial leasing of apartments happening in April 2023. If everything goes to plan, the complete build-out of the development would be completed in November 2023.
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