Downtown Village Square City of Cape Coral FL · 2019-04-10 · The Downtown Village Square...
Transcript of Downtown Village Square City of Cape Coral FL · 2019-04-10 · The 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 [email protected]
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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 Planning Consultants
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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4
Lee County Population Projections to 2040
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Peak Population
Projected Total ResidentPopulation
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%
CCIM Outlook Conference – February 11, 2019
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Market Conditions 4th Qtr 2018 Office Southwest Florida
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Market Conditions 4th Qtr 2018 Retail Southwest Florida