Southwest Florida Retail Sector Investment Opportunities
City of Cape Coral Economic Development Office • City Hall 1015 Cultural Park Blvd. • Cape Coral, FL 33990 P: (239) 574-0444 • T: (866) 573-3089 • Email: [email protected] • Web: http://bizcapecoral.com
, the w
ea of 120 squar
ed full build-
ed amazing gr
The City of Cape Coral is situated on the Gulf Coast in S
the largest city between Tampa and Miami. Its ar
Florida city by land mass.
The area’s greatest attractions are the weather
Cape Coral’s more than 400 miles of canals and wat
the water. There is no place where you can own w a
Southwest Florida.
Since incorporation in 1971, Cape Coral has experienc
city is currently 43% built out and expect
Executiv Summar
outhwest Florida. With a population of 154,305, it is
f 120 sququ are mim lele s mam kes Cape Coral the thirdd-largegegeeege sttt s
water, and our low cost of living and doing business.
erways give residents plenty of opportunity to live on
aterfront property as inexpensively as in Cape Coral and
ed amm azing growtht and keee ps growing at a rapid tempo. The
-out is in the year 2080.
Census 2010 Projected
Leakage/Surplus Foctor by Industry SulEector
Motor Velide,& Pats Dealers
Fu-int ure & Hom2 Fu-ini9;iii;gs .stares
Ele:trolics & AA:,liance stares
Bldg Mate-ias, Garden EQ-Jip. & Sui:ply Stares
Food & Beve-a;;ie .stores
Heath & Pa-sorrel Ca-e, Stares
G=liine .sta:iolnS
dotliing and do,tnii;g Accessor ies stares
Sporting Goods, Hocby, Book and ML19c stares
G e,e-a Mercrandi;.e .stares
Miscelaineous Stare Ra:aiers
N oinstore, Ra:aiers
Food Se-v i:es & D-irl<ii;g Pl3ces
I
•
0 5 10 15 20 25 .30 35 40 4 5 50 55 60 Le~~Su-pus Factor
outhwest Florida. With a population of 154,305, it is
e miles makes Cape Coral the third-largest
ater, and our low cost of living and doing business.
erways give residents plenty of opportunity to live on
terfront property as inexpensively as in Cape Coral and
owth and keeps growing at a rapid tempo. The
out is in the year 2080.
ey
Given this tremendous growth pattern, the City of Cape Coral is creating numerous development opportunities to expand upon our retail and ofce
space environment. Presently, Cape Coral has elevated retail leakage rates, because we didn’t have enough retailers within our city to meet the
demand of its residents.
Numerous existing retailers in Cape Coral have experienced tremendous annual sales and, in some instances, are the largest grossing stores of their
respective chains. This refects the potential that exists for our retail market. Cape Coral is seeking to take advantage of this potential and to address
the leakage rates associated with certain retail sectors.
With this in mind, the City of Cape Coral, through its Economic Development Ofce (EDO), will consider customized development incentives for
qualifed projects aimed at creating jobs and new investment in support of curtailing existing leakage and supporting development in key areas
identifed within this document.
Made with Esri Business Analyst July 11, 2012 ©2012 Esri www.esri.com/ba
Executive Summary (Continued)
“With Cape Coral currently being 43% built out and a projected total population of 400,000 by 2080 – there are tremendous opportunities for the retail sector.”
Please contact the Cape Coral EDO to fnd out which economic incentives may be available for any
potential development you may wish to bring to Cape Coral.
The Cape Coral Area Ranked: “One of the 200 Best Places for Business and Careers in the Nation“
(Forbes, 2012)
“3rd Fastest Growing U.S. Metro”
(CNN Money, 2012)
“Cape Coral/Fort Myers Metropolitan Area is 2012 Best Mid-Sized Florida City for Job Growth”
(New Geography, May 2012)
“Florida is 2nd Best State for Business”
(Chief Executive Magazine, April, 2012)
“One of the U.S. 25 Best Places to Retire”
(Forbes, 2012)
“Most Improved Florida Housing Market”
(National Association of Builders, 2011)
The City of Cape Coral Economic Development Ofce ofers a host of resources and connections to
help you evaluate a Cape Coral business location and connect you to commercial sites.
Detailed demographic reports and market data are available per request.
Please contact us to start your successful business in Cape Coral. We promise that you will fnd a
natural ft for work and play in our city.
– The City of Cape Coral Economic Development Team
Market Overview The Southwest Florida economy shows continued signs of improvement since the year 2010. The
housing market, Southwest Florida’s primary industry, is returning to a healthy state.
Home sales continued to increase as well as air trafc and hotel occupancy, new foreclosures
were down, and home prices and unemployment improved. Cape Coral new home permits
increased due to improvements in the economy, which continue to increase demand in the retail
sector. These highlights, accompanied with the recent release of the 2010 U.S. Census and BEBR
fgures showing renewed growth in the Southwest Florida and Cape Coral populations, bode well
for the housing and retail industry, as well as the overall economy moving forward.
The years of plummeting real estate valuations appear over for Cape Coral. Cape Coral’s estimated
tax roll value increased 3.83 percent in 2011, the biggest increase among all 91 taxing authorities
in Lee County, according to preliminary fgures furnished by the Lee County Tax Appraiser’s ofce.
At the beginning of the year 2012, the National Association of Builders named Cape Coral the
Most Improved Florida Housing Market.
Florida Gulf Coast University (FGCU), an emerging economic driver in Southwest Florida, has
become the largest regional school in the Southwest Florida area. Over the course of the past
six years, FGCU has added in excess of 900 students per year. FGCU ofcials project the student
population to be between 20,000 – 22,000 students by 2018. The growth of FGCU continues to
add a consumer base to retail centers in Lee County.
Why should you locate in Cape Coral? As the 3rd largest Florida city, Cape Coral ofers more than 60 square miles of unimproved
commercial and residential land within its total 120 square miles. See what others are saying
about Cape Coral and Southwest Florida on the side panel of this page to see why pursuing a
location here makes sense for your company.
Benefits for Locating Your Business in Cape Coral include:
Customized Economic Development Incentives
The Cape Coral Area Ranked:
“3rd Most Popular U.S. City for International Home Buyers”
(The Wall Street Journal, 2011)
“Among 25 Best Places to Retire”
(Money Magazine, 2011)
“Cape Coral Ranks in Top Ten Places to Open a Business”
(Biz Journals, 2009)
“Top Mid-Sized Economic Development Hot Spot”
(Expansion Management, 2008)
“#1 for Doing Business among Cities over 100,000”
(INC Magazine, 2007)
“#1 Community in the Nation for Job Growth”
(Forbes.com, 2007)
Zoning: Commercial, Light Industrial, Mixed-use, Residential
Downtown CRA – Community Redevelopment Area Total Acres: 432 Zoning: Core, Edge & Gateway, Commercial, Mixed-Use, Residential
City Center Total Acres: 278 Zoning: Commercial, Professional, Governmental, Mixed-use, Multi-family,
Residential
Veterans Investment Zone (VIZ) Total Acres: 430 Zoning: Corridor, Industrial, Mixed-Use
Concourse at Cape Coral Total Acres: 171 Zoning: C-1
For More Information, Contact: City of Cape Coral Economic Development Ofce
A Talented Workforce
Low Cost of Doing Business
Low Taxes
Investment Areas Pine Island Corridor Total Acres: 2400
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Legend Diplomat Commerce Park
Patriot Plaza
Concourse at Cape Coral
Shops at Surfside
Proposed Super Walmart
Proposed Sam's Club
Village Square
Publix Plaza at Burnt Store
Coralwood Shopping
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Pine Island Road is one of Cape Coral’s main east-west arteries. During the last decade, numerous national chains located restaurants
and retail businesses along this eight mile roadway. Smaller local businesses and national car dealerships make this an attractive shopping
destination for local and regional consumers. A great many opportunities for additional retail locations remain in existing plazas and development
parcels. Six of the eight miles of this thoroughfare feature four lanes with the remaining two miles to the west expanding to four lanes beginning in
2013. Please contact the Cape Coral Economic Development Ofce to
obtain more information on development opportunities along this fast
growing retail corridor.
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Retailers & Restaurants along Pine Island Road
BJ’s Target Lowe’s Bed Bath & Beyond AC Moore PetSmart Sports Authority Michael’s Kohl’s
Walmart Walgreens Publix Ofce Max Staples Starbuck’s Five Guys Olive Garden Outback Bonefsh Grill Panera Sonny’s Subway
Chili’s Chick-fll-A Mattress Firm Roger Dean Chevrolet Fucillo Kia Steak and Shake Bob Evan’s Ruby Tuesday’s Carrabba’s Italian Grill Dairy Queen McDonald’s Golden Corral (Under Construction)
A
* * ** * * * *
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North Cape Retail IndustryOpportunities (Continued)
[
* = Opportunity Parcels Commercial/Retail
Pine Island Road Widening Area The Florida Department of Transportation is executing the widening of the most western 2 mile stretch of Pine Island Road to four lanes in 2013
from Chiquita Blvd. to Burnt Store Road.
The widening of the roadway makes large-scale development
of this area possible. Planned developments include a Super-
Walmart Plaza with available property for a regional shopping
and entertainment center. Parcels from 1.3 to 191 acres with direct
frontage to Pine Island road are especially attractive for retail and
entertainment businesses.
Trafc Count: Pine Island Road: 23,000 AADT Veterans Parkway: 18,700 AADT
Size of Available Parcels: Range from 1.3 to 101 acres
# Available Parcels: 19+
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Sam’sGas
ProposedOutparcel1.5 Acres
ProposedOutparcel1.5 Acres
ProposedOutparcel1.14 Acres
ProposedOutparcel1.14 Acres
ProposedOutparcel1.22 Acres
ProposedOutparcel1.22 Acres
ProposedOutparcel1.22 Acres
ProposedOutparcel1.22 Acres
ProposedOutparcel1.21 Acres
ProposedOutparcel1.21 Acres
SR 78 - Pine Island Rd.SR 78 - Pine Island Rd.
Hancock Bridge Pkwy.Hancock Bridge Pkwy.
Proposed Future Development
Area7.10 Acres
Proposed Future Development
Area7.10 Acres
Proposed Stormwater Pond
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Pallet/Bale Recycling Area
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Farther east – close to Hancock Bridge Parkway – is the proposed location of a new Sam’s Club
Future Sam’s Club Trafc count: East of Pondella Rd. 23,000
West of Del Prado Blvd. 36,000 ADT
Size of Available Parcels: 1.14-7.10 Acres
Available Parcels: 6
[
Technologies
Veterans Investment
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North Cape Retail IndustryOpportunities (Continued)
Veterans Investment Zone (VIZ)
Zoning: Corridor, Industrial, Commercial,
and Mixed-Use is Optimal for Business Diversity
Outpatient Clinic: Opening in early 2013
Mixed-Use Development
120 Acre Diplomat Commerce Park: Mixed-Use Development
: Palliative Care Facility
15 Acre Army Reserve Site
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HANHANHAN
Regional VA Clinic
Will employ 300 physicians, nurses, technicians and other medical and clerical staf
Over 260,000 veterans in Southwest Florida, expected to serve over 1,000 patients daily
Will rank in the top 5 of the 800 U.S. VA Clinics
The Veterans Investment Zone (VIZ) is one of Cape Coral’s newest economic development initiatives. The VIZ encompasses the area surrounding the
new regional VA Clinic in northeast Cape Coral on Diplomat Parkway and Corbett Road.
The clinic will be a powerful anchor for economic development and a dynamic location for medical parks and ofces,assisted living facilities, retail
services and amenities, hotels, as well as light industrial enterprises. The vision for the VIZ is a vibrant village for the community, patients, staf and
visitors. The planned Army Reserve Training facility located across from the VA Clinic will be a strong resource for the VIZ, bringing in more than 200
soldiers monthly for training.
A location in the Veterans Investment Zone will aford retailers a steady trafc count from up to 1,000 daily VA Clinic visitors plus a staf of 300 clinic
employees. This largely undeveloped area borders on Cape Coral’s neighboring community, North Fort Myers.
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North Cape Retail IndustryOpportunities (Continued)
Diplomat Commerce Park
VA Clinic
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Two commercial developments planned near the regional VA Clinic will aford businesses the opportunity to take
advantage of the synergy between healthcare services and ancillary businesses in the VIZ.
Diplomat Commerce Park This 120-acre mixed-use project is under development in northeast Cape Coral, surrounding the new regional VA Clinic at Corbett Road and Diplomat Parkway.
Development Sites Available
Research and development – 50,000 SF
Medical and other ofces – 300,000 SF
Retail shops and services – 40,000 SF
Assisted living facility
Hotel – 150 rooms
Educational facility
Communications tower
N
A
Patriot Plaza 20-Acre commercial use for sale in northeast Cape Coral, fronting Pine Island Road and the new regional VA Clinic at Corbett Road
and Diplomat Parkway
Gateway to New VA Clinic – Opens 2012
Trafc Count Exceeds 23,000 AADT
2,000 ft. Frontage on Pine Island Rd. & Corbett Rd.
Development Sites Available
Total Land Area – 20.78 acres
Zoning – CORR (corridor)
Veterans Investment Zone (VIZ) – Development Incentives
CO
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Lot 6256,507 SF
6.09 Acres
Lot 6 256,507 SF
6.09 Acres
Lot 4153,874 SF
3.53 Acres
Lot 4 153,874 SF
3.53 Acres
Lot 379,111 SF
1.82 Acres
Lot 3 79,111 SF
1.82 Acres
Lake83,619 SF
1.92 Acres
Lake 83,619 SF
1.92 Acres
Dry
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Dry
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Lot 269,423 SF
1.59 Acres
Lot 2 69,423 SF
1.59 Acres
Lot 279,719 SF
1.76 Acres
Lot 2 79,719 SF
1.76 Acres
Lot 5129,458 SF
2.97 Acres
Lot 5 129,458 SF
2.97 Acres
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Potential Uses – Retail, Ofce Medical, Hotel, ALF
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North Cape Retail IndustryOpportunities (Continued)
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Concourse at Cape Coral The Concourse at Cape Coral is ideally located in the attractive development triangle between Cape Coral, Fort Myers, and Port Charlotte.
The City owns this land and is seeking ofers for public-private
partnerships.
This planned development is situated on Kismet Parkway and Cape
Coral’s main north-south artery, Del Prado Blvd. This development
opportunity is ideally located near the regional VA Clinic and U.S.
41, ofering easy access to all of Southwest Florida
Planned uses include a large retail and entertainment district
nestled in unspoiled nature, ofering characteristic Cape Coral
water views.
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Total Acres: 171
55 Acres
Entertainment District: 50 Acres
Academic Village: 32
Zoning: C-1 (Commercial)
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Mid-Cape Retail IndustrOpportunities
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Parcel +/-.64 Acres
Parcel 3+/- 1.38 acres
Parcel 3 +/- 1.38 acres
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Shops at Surfside This site is strategically positioned to serve the Cape Coral, Pine
Island, and Punta Gorda areas. In addition, the site is located
amidst the highest income demographics and some of the
highest average priced home areas in Cape Coral.
Approximately 185,000 sq.ft. on 21.75 Acres
Trafc Count: 26,800 AADT Veterans Parkway, east of Chiquita
Blvd. , east of Surfside Blvd. 18,700 AADT
NW corner of Veterans Pkwy. and Surfside Blvd.,
at the entrance to the Sandoval residential
community, an upscale Bonita Bay Properties
site with 1,569 units and another 300-500 units
to be added over the next fve years.
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Mid-Cape Retail IndustryOpportunities (continued)
Veterans Pkwy. East of Santa Barbara Blvd. 45,200 AADT/Veterans Pkwy. West of Santa Barbara Blvd. 38,400 AADT/Santa
Barbara Blvd. south of Veterans Pkwy 22,900 AADT/Santa Barbara Blvd. north of Veterans Pkwy. 23,000 AADT
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Veterans Parkway & Santa Barbar oulevard This is a 7+ acre development consisting of two lots. One lot is City owned (former Fire Station) and one is privately owned. Must be developed
as one with the City lot serving as the parking lot for the development.
Across Veterans Parkway is a Plaza featuring Target, Lowes, Publix, Subway, McDonalds, BB&T Bank, and Ruby Tuesday. The remainder is
bordered by Santa Barbara Blvd. and residential neighborhoods.
Zoning: C-1 (Commercial)
Retail Plaza
Trafc:
JCPenney 700
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Coralwood Shopping Center on Del Prado Boulevard Coralwood Shopping Center is located on one of the busiest intersections in Cape Coral, just north of the Veterans Memorial
Parkway bridge that leads across the river near to Fort Myers.
This location has the highest trafc counts in all of Cape Coral.
Del Prado Boulevard & Veterans Memorial Parkway
Trafc: 51,300 AADT
Center Size: 343,000 SF anchored center
Key Tenants: Bealls, JC Penney, Marquee Cinema & LA Fitness
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Downtown CRA Project: Village Square Village Square will be an upscale, mixed-use residential project in the city’s South Cape Community Redevelopment Area. These quality
residential units will serve people who wish to live near attractive downtown-style amenities such as dining, entertainment and shopping.
South-Cape Retail IndustrOpportunities
y
Trafc: Cape Coral Bridge: 42,200 AADT
Cape Coral Pkwy.: 37,800 AADT
South Cape As the historic city center, South Cape has
unique attributes and assets that can be
capitalized on to serve as the foundation for
future development. Currently, South Cape
retail opportunities are primarily driven by
residents in the CRA and the surrounding area
within a broader trade region. High commuter
trafc runs through the CRA on Cape Coral
Parkway, one of the main thoroughfares from
and to Fort Myers and the beaches.
As a key implementation element of the CRA’s
2030 Vision Plan, new regulations specifcally
provide property owners, builders, and
developers with a faster approval process
and greater fexibility in how they develop or
redevelop. The CRA’s Vision Plan is to create a
downtown district that is rich with activities
and a desirable shopping and entertainment
destination for both residents and visitors.
CIT~OCgr'~I A Nab:it,T FOR WoRK ac PL.Av
Economic Development Office www.bizcapecoral.com
For information about available properties, investment opportunities, and economic development incentives
for qualifying projects, please contact the City of Cape Coral Economic Development Ofce.
The EDO provides detailed demographic reports, industry analyses, market data and current
zoning information for available commercial business sites.
Please contact us for a natural ft for work and play in our city.
– The City of Cape Coral Economic Development Team
Phone: 239-574-0444 www.bizcapecoral.com [email protected]
City of Cape Coral Economic Development Ofce