This year is projected to witness significant investment along the Pine Island Road corridor in the heart of Cape Coral. Pine Island Road is a state highway, which stretches more than 20 miles from Interstate 75 westward to Pine Island. The roadway supports more than 30,000 vehicle trips each day.
Over the past few years, investors have continued acquiring large swaths of undeveloped land in preparation of developing auto dealerships, office parks, retail developments, mixed-use, and residential projects. Presently, there are between 200 and 300 acres of undeveloped land remaining for development. With the average size of undeveloped property about 10-15 acres, that leaves a dwindling supply of sites available for acquisition and development.
The City’s Economic Development Office plans to host an “Economic Development Showcase on Pine Island Road” in April. This event features current and planned development projects, available properties, and perspectives from developers and City staff.
“The Pine Island Road Corridor represents the economic spine of the Cape, offering developers and businesses unique opportunities to capitalize on the thousands of vehicles passing daily,” said Economic Development Manager Ricardo Noguera.
“With a mix of retail, office, and mixed-use developments planned in the next few years representing more than $200 million, the availability of properties is declining rapidly. Now, is the time to invest and the City is eager to work with developers of business parks, lifestyle centers, mixed-use and other clustered types of projects”.
Last year, we celebrated the opening of a new Nissan dealership, Texas Tony’s Restaurant and Aldi’s Supermarket. We also celebrated the groundbreaking of a Fairfield Inn by Marriott (109 room hotel) along Pine Island Road. This year, we are expecting several projects to break ground including:
- Springs a
tCape Coral. This 292-unit multifamily development located along Pine Island Road, just west of US-41, is under construction. This development broke ground in December 2019. The site is located at the southeast corner of Barrett Road and Pine Island Road.“The Community fits well in Continental’s southwest Florida strategy, which it has developed over 2,000 units. The City of Cape Coral is attractive because it continues to enjoy the benefits of high occupancy rates, strong population growth, and attractive demographics,” said Director of Multi-Family Acquisitions with Continental Properties Christopher Moore.
- Shoppes at Pine Island. This is a 50,000-60,000 square-foot retail and restaurant development planned for the northwest corner of Pine Island Road and Del Prado Boulevard. This project is scheduled to break ground during the first quarter of 2020.
- Pine Island Village. This is a mixed-use development to include office, retail and restaurants and will be located just west of Mel’s Diner. “This mixed-use development represents a mix of office, restaurants and retail space all within a very attractive project where tenants and their employees and customers will find a true jewel on Pine Island Road. This project will break ground during the first quarter of 2020 and offer a host of amenities to prospective tenants. Additionally, the development offers its tenants a mix of amenities including four fountains, gazebo and plaza to host many on-site events for its tenants,” said Ray Masciana, President of BuiltRite General Contractors LLC in Cape Coral.
For more information about the planned Pine Island Road showcase, please contact the City’s Economic Development Manager Ricardo Noguera at (239) 233-7427, or via email at RNoguera@capecoral.net.