The Future Of Cape Coral
Written by capecoralsun
The mission of the Cape Coral Economic and Business Development Office (EBDO) is to achieve a balanced economy in the Cape by encouraging the creation of new businesses, expanding existing businesses, and attracting new firms from outside the area. The EBDO creates and administers financial incentives, promotes Cape Coral through advertising and public relations programs, and serves as a business ombudsman to assist with licensing, zoning, and other government-related questions in the Cape.
Here We Grow
Key Economic Indicators Cape Coral By Numbers
• Cape Coral’s Total Population = 216,992* • Labor force = 126,072*
• Unemployment rate for May 2023 = 2.7 percent (same as May 2022)
• Cape Coral ranked No. 6 as the most popular place to move by Redfin, April 2022 *Per the U.S. Census, 2022 Cape
Coral Vacancy Rates
• Retail 1.6 percent
• Office 2.0 percent
• Industrial 1.5 percent
• Mutifamily 12.1 percent
Cape Coral Market Highlights
• Cape Coral is Fort Myers’ second largest retail sub-market, with just under 10 million square feet of retail products
• Vacancy has remained below 3 percent for 10 consecutive quarters, largely due to absorption edging out new construction.
• Over the past year, 170,000 square feet have been delivered, and an additional 110,000 square feet is set to deliver over the coming quarters.
• Logistics is the most dominant industrial subtype in Cape Coral, with 2.8 million square feet in this category. This is followed by 740,000 square feet of flex space and 370,000 square feet of specialized space.
• Vacancy in the Cape Coral industrial is 1.5 percent and has increased by 0.8 percent over the past 12 months.
• Total inventory has expanded by 170,000 square feet in the past three years.
Business Development Updates
Bimini Square – 338 Palmetto Drive And Cape Coral Parkway E. (Palm Tree Drive To Sunset Court)
• $55 million investment
• 5.6-acre site • Mixed-use project
• Waterfront restaurants
• 48,000 square feet of retail and professional space
• 218 premium apartments
• 25-slip boat dock
• 500-space public parking garage
• Anticipated groundbreaking: Fall 2023
The Cove At 47th – 870 S.E. 47th Terace
• $103 million project
• 327 luxury apartments
• Phase 1 complete – first quarter 2024
• First 100 residential units available
• Anticipated completion: December 2024
The Hadley – 1434 S.W. 2nd St.
• 444 units, multifamily development by The Latigo Group
• 28-acre site
• Amenities to include a fitness center, wellness area, sauna and meditation room, co-working spaces, and more.
• Expected completion: 2024
Cape Coral Grove – 2301 S.W. Pine Island Road
• Mixed-use destination offering new retail shops and restaurants, a boutique hotel, and park space
• Phase 1 infrastructure – 90 days
• Phase 2 residential – Fall 2023
• Five multifamily structures and a clubhouse
• 350 units to be constructed initially • Phase 3 commercial/retail
• 12 tenant leases under negotiation and 30 letters of intent
• Commencement date: TBD
City Mattress – 915 N.E. 15th Place
• 10,000 square-foot retail store is set to become the eighth City Mattress location in Southwest Florida.
• The store will join other national tenants such as First Watch and Crumbl Cookie in the 13-acre retail development Cape Coral Commons. Seven Islands – Northwest Old Burnt Store Road
• Pre-application meetings have taken place with the Department of Environmental Protection (DEP).
• In the final review stages of project conceptual and programmed uses for individual islands.
• Completion of conceptual in the next 60 days.
Victory Park – 2313 N.E. 24th Ave.
• 140-acre master planned development
• Proposed uses: medical, retail, multifamily residential, veteran services, and hotel
• Designed to promote walkability, biking, and public transit options
• In permitting for site plan
Slipaway Food Truck Park & Marina – 1811 Cape Coral Parkway E.
• $20 million project
• 10 food trucks; 30 boat slips
• 1,370 feet of pathways and boardwalk
• Food truck applications are available on slipawaycape.com.
• Coming 2024
Island Pearl – S.W. Pine Island Road and Burnt Store Road
• Mixed-use development featuring lifestyle, retail, business, dining, and entertainment
• Phase 1 – 10,000 square-foot retail center • Phase 1 site plan under review
• Dunkin’ Donuts is the first confirmed tenant going into this location.
Sportsman Wearhouse – 527 S.W. Pine Island Road
• Utah-based retail company that offers outdoor gear and many different items, ranging from hunting and fishing to boating, outdoor cooking, and apparel.
Achieva Credit Union – 3031 S.W. Pine Island Road
• (Under construction) 4,659 square feet, new branch location
For more information and to keep up with the growth of Cape Coral, please visit Cape Coral Economic and Business Development Office at www.capecoral.gov/EDO.
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