The Cape Coral City Council approved a formal partnership with a real estate company to find developers for the Seven Islands project in northwest Cape Coral.
The council approved a development plan for the seven rectangular-shaped “islands” connected to the mainland for a mixed-use project on the 48-acre, city-owned site. The design includes 995 residential units, both multifamily/condo and single-family homes, a 240-room hotel or resort with a 25,000-square-foot meeting space, a community center and commercial development.
This is a much-anticipated economic development project the city envisions as a regional destination. The council approved the design plan for the city-owned acreage in November 2016.
Now that the contract with CBRE is approved, executive vice president Michael McShea said his company will begin creating marketing materials and put out a request for development proposals early next year. It will give developers 60 to 120 days to submit their responses. Proposals will be evaluated and a developer could be selected as early as next summer, with a development contract awarded by next fall.
CBRE is a Fortune 500 and S&P 500 company headquartered in Los Angeles, Calif. It is the world’s largest commercial real estate services and investment firm.