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City of Cape Coral Economic & Business Development Insights

Fall 2023 Newsletter

With vast growth in recent years, there are even more reasons for individuals to consider moving their companies to Cape Coral or be motivated to start new businesses in our community.
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.
This quarterly newsletter is intended to provide a quick overview of the current market conditions, an update on development projects within the city, and links to business incentives and other resources.
Be sure to take advantage of these resources and contact our team if we can be of additional help.
Office of Business & Economic Development
Cape Coral by Numbers

Cape Coral’s Total Population = 216,9923*
Labor Force = 126,072* 
Unemployment Rate for May 2023 = 2.7% (same as May 2022)
Cape Coral ranked #6 Most Popular Places to Move by Redfin April 2022

*Per the U.S. Census, 2022.
Incentive Programs
B2B – Breaking Barriers to Business Grant Program New!
All Economic Development Incentives
View EDO Project Map

Key Economic Indicators
Cape Coral Vacancy Rates:Retail 1.6%Office 2.0%Industrial 1.5%Muti-Family 12.1%
Cape Coral Market Highlights
Cape Coral is Ft. Myers’ second largest retail sub-market, with just under 10 million SF of retail products.
Vacancy has remained below 3% for ten consecutive quarters, largely due to absorption edging out new construction.
Over the past year, 170,000 SF has been delivered, and an additional 110,000 SF is set to deliver over the coming quarters. Logistics is the most dominant industrial subtype in Cape Coral, with 2.8 million SF in this category. This is followed by 740,000 SF of flex space and 370,000 of specialized space.
Vacancy in the Cape Coral industrial is 1.5% and has increased by 0.8% over the past 12 months.
Total inventory has expanded by 170,000 SF in the past three years.

Take the Economic Development Public Survey
The City is conducting the Cape Coral Economic Development Public Survey as part of an effort to establish an Economic Development Strategic Plan. Running until October 13 at 5 p.m., the survey collects public input so the City may identify the strengths of Cape Coral and determine how to leverage these advantages to foster economic growth while addressing the pressing needs of our community. 
Key Objectives of the Public Survey:
Promote Public Engagement: The City encourages every resident to participate, as their input is invaluable in shaping the future of Cape Coral.Resident Occupancy: Identify the most common length of resident occupancy, helping us understand the dynamics of our community.Infrastructure Investment: Determine the most pressing needs for infrastructure investment to enhance the livability of Cape Coral.Government Role: Gauge public support for the role of government in driving economic development and community improvement.Job Market: Obtain information on the current status of the job market in Cape Coral.Educational System: Identify gaps in the educational system and how we can improve opportunities for our youth.Commercial Development: Evaluate public opinion on enhanced commercial development, particularly in South Cape.Building a Great City: Discover what is missing in Cape Coral to make it an even greater city for all residents.
The City of Cape Coral is committed to making data-driven decisions, and resident participation in this survey will help ensure that Cape Coral’s future development aligns with the desires and needs of the community.Take Survey Now

Get Connected at Industry Roundtable Meetings
The Office of Business & Economic Development has started hosting a monthly Business Roundtable meeting to connect with industry leaders and discuss challenges faced by the Cape Coral business community.
The forum provides an opportunity to consider the City’s economic outlook and industry-specific opportunities. 
The next Business and Industry Roundtable, focusing on Workforce and Education, will be held on Friday, October 20, at 8 a.m. at City Hall. For more details, contact apetersen@capecoral.gov.
Business Development Updates

Bimini Square
338 Palmetto Dr & Cape Coral Pkwy E (Palm Tree Dr to Sunset Ct)$55 million investment5.6-acre site    Mixed-use project​     Waterfront restaurants48,000 sf of retail and professional space218 premium apartments25 slip boat dock500 space public parking garage Anticipated Groundbreaking: Fall 2023
The Hadley
1434 SW 2nd St. 444 unit, Multi-Family 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 ​ 

City Mattress
915 NE 15th10,000 sq ft retail store is set to become the eighth City Mattress location in southwest FloridaThe store will join other national tenants such as First Watch and Crumbl Cookie in the 13-acre retail development Cape Coral Commons​ 

Victory Park
2313 NE 24th Ave.140 acre Master Planned Development​Proposed uses: Medical, Retail, Multi-family Residential, Veteran Services, and Hotel​Designed to promote walkability, biking, and public transit options​In permitting for Site PlanIsland Pearl
SW Pine Island Rd and Burnt Store RdMixed-use development featuring lifestyle, retail, business, dining, and entertainment​Phase 1 – 10,000 SF retail center​Phase 1 Site Plan under reviewDunkin Donuts is the first confirmed tenant going into this location
The Cove at 47th
870 SE 47th Terr​$103 million project​327 luxury apartments​Phase 1 Complete – 1st Qtr 2024​First 100 residential units available​Anticipated Completion: December 2024Cape Coral Grove
2301 SW Pine Island Rd.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 multi-family structures and a clubhouse​350 units to be constructed initially​Phase 3 Commercial/Retail​12 Tenant leases under negotiation & 30 Letters of Intent​Commencement Date: TBD​

7 Islands
Northwest – Old Burnt Store Road​Pre-application meetings have taken place with DEP​In the final review stages of Project Conceptual and programmed uses for individual islands.  Completion of conceptual in the next 60 days.Slipaway Food Truck Park & Marina
1811 Cape Coral Pkwy. 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
Sportsman Wearhouse
527 SW Pine Island RoadUtah-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 SW Pine Island Rd.(Under construction)4,659 sq ft new branch location
Pine Island Rd Corridor Vision & Action Plan in Motion
The SR 78 (Pine Island Road) Corridor Vision Plan to improve 9.2 miles from Burnt Store Road to US 41 is currently in the planning stage. The intention is to enhance safety, reduce congestion, and make an array of other positive enhancements to the state roadway, as shown below:
Enhance Safety for All
VisibilitySpeed ManagementAddress Historical Crash Hot sportsRefuge IslandsRecessed CrossingsReduce Corner RadiiProtected IntersectionsRoundabouts
Reduce Congestion
Added Travel LanesOptimize Signal TimingSmart TechnologiesAlternative IntersectionsAccess Management
Improve Multimodal ConnectivityAccess to DestinationsBuffered Bike LanesSidewalksMuti-use PathsMidblock Crossings
Improve Transit AccessOn-Demand ServicesBus Stop AmenitiesBus Turnouts
Enrich Corridor CharacterGatewaysLandscapingWayfinding

Contract Finalized to Prepare Economic Development Strategic Plan
An Economic Development Strategic Plan is essential for fostering economic growth, attracting businesses, creating job opportunities, and increasing tax revenue. 
With a carefully built framework and long-term scope, Economic Development Strategic Plans provide a pathway communities can follow to overcome diverse, often challenging situations, such as rapid population growth.
The Cape Coral Economic and Business Development Office finalized a contract with DCG Corplan Consulting to prepare an original Economic Development Strategic Plan containing goals, objectives, implementation plans, and metrics. 
The plan is expected to be finalized and presented to City Council in the summer of 2024.
City of Cape Coral | CapeCoral.gov/EDO    

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