Flaherty & Collins and the City of Cape Coral on Wednesday celebrated what both sides said would be a transformative multidisciplinary and commercial project to be built between Cape Coral Parkway and 47.th Terrace 8 to the Southeastth Court.
47. on coveth There will be a $103 million construction project.
Inflation and supply-chain issues pushed the budget by nearly $20 million, putting it at risk, said David Flaherty, CEO of the Indianapolis-based development group with about 450 employees.
“Usually, that means the project dies,” Flaherty said. “But we doubled down, because we are great believers in Cape Coral.”
There will be 327 apartment units that will be labeled “luxury” and leased according to the market with an estimated completion date in the summer of 2024.
Flaherty & Collins bought the 4 acres in December 2021 for about $6.5 million, about $1.6 million per acre and $37.85 per square foot.
For funding, the Cape Coral Community Redevelopment Agency funded the project with $10.3 million.
“Typically, a TIF (tax-incremental financing) pays back over time,” said Cape Coral City Manager Rob Hernandez. “For this particular project, it wouldn’t work that way. They needed money to build. It would be awarded on a draw schedule during construction. Once they achieved certain milestones, they would You will get a draw.
Cape Coral had several incentives to help, including a project providing the public with 125 of the 585 parking spaces.
About 75% of the project was funded through loans, and the remainder was put forward by Flaherty & Collins, which hangs as investors rather than flip their finished products to other companies.
“We are long-term developers and people,” Flaherty said, “so we don’t use outside money like other people. We like to use our money, to build it, to make it last longer. create, and then hang onto their properties for long-term investments.”
DeAngelis Diamonds will manage the construction. About a year from now, it will hit peak construction with 250 to 350 construction workers on site, said Reggie Morgan, the construction company’s principal owner.
“It’s great to reach this milestone,” Morgan said of Breaking Ground. “We have to reshape Cape Coral, and we’re excited to be a part of it. Cape Coral is doing a lot to enhance this area.”
The 7,000-square-foot restaurant, along with 19,000 square feet of retail and office space, will be a collaboration between Blue Sushi, with two Fort Myers locations, and Kearns Restaurant Group.
“We are competitive in the city of Fort Myers,” said Blue Sushi regional manager Imra Sevinch. “But we are partners in the Cape. A lot of our customers come from Cape Coral. We are looking forward to giving them an alternative in the Cape.