City of Cape Coral FL City Approved $130,000,000 Mixed Use Project - - PowerPoint PPT Presentation

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Sep 04, 2022 233 likes •534 views

Downtown Village Square City of Cape Coral FL City Approved $130,000,000 Mixed Use Project In Downtown Cape Coral With City Incentives Annette M. Barbaccia, Commercial Mgr. Tel. 239 850-8301 abarbaccia@ambpl.com Downtown Village Square

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Downtown Village Square City of Cape Coral FL

City Approved $130,000,000 Mixed Use Project In Downtown Cape Coral With City Incentives Annette M. Barbaccia, Commercial Mgr.

Tel. 239 850-8301 abarbaccia@ambpl.com

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The Downtown Village Square project, a transformational initiative, is the future of Cape Coral’s downtown. A mixed use project it will include 152 Multi-Family units, 251,546 s.f. of commercial building, a six story parking garage with 938 parking spaces and a vibrant public square. The project covers an entire City block and fronts Cape Coral Parkway, a major arterial into and out of the City and the pedestrian friendly SE 47th Terrace, which recently underwent a major streetscape

improvement. SE 47th Terrace is the heart of the City’s downtown where public

events, such as art fest, new years eve, bike night and July 4th festivities are held. Restaurants and entertainment venues line this active corridor.

Downtown Village Square –Live, Work & Play

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SE 47th Terrace Streetscape Project The property is located within the City’s South Cape Redevelopment Community Area (CRA), which enables a significant range of commercial and residential development. The land use district, Downtown Mixed (DM), and the zoning district South Cape (SC) allow a high density and intense mixed-use development. The range of uses include: multi-family, hotels, retail, restaurants, breweries, office, community facilities, assisted living, movie theatres and other commercial uses.

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Subject Property

DOWNTOWN VILLAGE SQUARE

845, 851, 859 & 877 Cape Coral Pkwy E. Cape Coral Pkwy E. & 826 SE 47th Terrace, Cape Coral, FL 33904

120 Square Miles
Largest City Between Tampa &

Miami

Located in Lee County FL
Forbes Ranks Cape Coral

#1 Fastest Growing City

Population: 180,000
Seasonal: 40,000
200 Miles Gulf Access Canals
200 Miles Freshwater Canals

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City Approved: Mixed use project consisting of 152 residential units and 251,546 ft2 of commercial development, public square, and 938 Space Parking Garage Location: 845, 859 & 877 Cape Coral Pkwy E and 826 SE 47th Terrace, Cape Coral, FL 33904 Area: 3.94 acres Utilities: City Water & Sewer TIF: $28 Million FEES: Application & Impact Fee Credits $5.3 Million

Downtown Village Square

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Cape Coral Parkway SE 47th Terrace

Club Square Parking Lot

Development Site

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Site Plan

938 parking spaces provided FAR = 1.46

Building A Building E Building D Building C Building B

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Retail (ft2) Office (ft2) Restaur- ant (ft2) Theater (ft2) TOTAL (ft2) DU Building A 7,492 72,375

79,867
Building

B 21,571

10,345

13,352 45,268 10 Building C 31,278 36,592 13,169

81,039

24 Building D 5,317

5,317

112 Building E 29,870

10,185
40,055

6 TOTAL 95,528 108,967 33,699 13,352 251,546 152

Mix of Uses by Building

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PUBLIC & ECONOMIC BENEFITS

127 Dedicated Public Parking Spaces

($2.9 Million)

Maintenance of Public Spaces for 20 years

($2.18 Million)

2,000 s.f. of Police Sub-Station ($500,000)
2,000 s.f. of City Office Space ($500,000)
Contribution To Affordable Housing

Program ($125,000)

New Jobs - 871 Direct & Indirect Jobs
$62.9 Million Output
$25.4 Million Wages

AMB Plan annin ing Consul sultan ants

Total Economic & Public Benefit $2.9 Million $2.18 Million $1.0 Million $125,000 $6.205 Million Subtotal (Public) $62.9 Million $25.4 Million $94.5 Million TOTAL

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Building A: North Elevation

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Building A: West Elevation

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Building B: North Elevation

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Building C: North Elevation

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Building D: North Elevation

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Building D: East and West Elevations

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Building E: North Elevation

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Landscaping Plan

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2 4

Lee County Population Projections to 2040

200,000 400,000 600,000 800,000 1,000,000 1,200,000 Peak Population Projected Total Resident Population Total Resident Population

CCIM Outlook Conference – February 11, 2019

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Lee County Population Projection by Age Group

2010 2017 2020 2025 2030 2035 2040 0-24 25-64

Age Group % Increase (2017-2040) 0-24 39% 25-64 35% 65+ 67% Total 44%