In 2006,
83.9 million visitors came to Florida and had a combined economic impact of
$65 billion
Cape Coral 12th largest city in
Florida
113,253 residents surpass
Clearwater
By JEFF CULL,
It took more than a decade for Cape Coral to move up one place to become
the 13th largest city in Florida. That was after the 2000 census.
Just two years later, the city has vaulted past Clearwater into 12th
place.
“Wait until you see what happens in the next few years,” said
Councilwoman Gloria Tate.
According to recently released figures by the University of Florida’s
Bureau of Economic and Business Research, 113,253 now call the Cape home — a
10.7 percent increase since 2000.
Clearwater showed only modest increases, gaining 1,000 new residents for
a new population of 109,719.
“Right now Cape Coral is approaching its largest growth rate in its
history,” said Paul Van Buskirk, the city’s consultant for population
estimates.
And the booming population is likely to lure retailers and restaurants
into the city.
In some cases it already has.
Pine Island Road is being actively pursued by retailers from Wal-Mart to
a developer planning a 280,000-square-foot retail center similar to Page Field
Commons in Fort Myers.
At last week’s International Conference of Shopping Centers in Orlando,
Cape Coral was a highly recognized name among retailers, said Laura Holquist,
president of Cape Coral Holdings Inc.
“It’s really becoming a name,” she said. “Cape Coral’s a place
they need to be.”
Van Buskirk said that by the year 2010 the city will also be able to
support a regional shopping mall and keep some of the money Cape residents spend
at Edison Mall in Fort Myers.
But some business people worry that growth, left unchecked, could have a
negative effect.
“Growth is a good thing as long as we practice smart growth,” said
Mike Quaintance, president of the Chamber of Commerce of Cape Coral.
The university’s estimates are only preliminary but both Cape Coral and
Clearwater have agreed to the numbers, said Scott Cody, a research demographer
at UF. The report is expected to become final in November.
A The
average price for a well and septic lot in Cape Coral stands between $75,000 and
$95,000 depending on the location and the quality of the lot. In Lehigh Acres,
prices range between $30,000 and $45,000. These numbers are mind-boggling to
many, considering that just a couple of years ago you could purchase Cape and
Lehigh lots for $5,000 to $10,000.
To help understand why values rose so sharply, it's important to examine real
estate values in competing markets — outside of our immediate area. Consider
this: What other coastal South Florida counties offer platted single-family lots
with paved roads for under $45,000? The answer is none.
For those of us who have lived in Lee County for many years, inexpensive lots
were the norm thanks to the massive lot subdivisions like Cape Coral and Lehigh
Acres that were developed back in the 1950s and 1960s. They offered more
inventory than could possibly be consumed by builders in the foreseeable future.
For nearly four decades we had more lot sellers than buyers.
In recent years, market fundamentals such as the migration of baby boomers and
echo boomers relocating to South Florida, and Lee County reaching a critical
mass population of half a million year-round residents, created more demand from
lot buyers for the first time in more than 40 years. Lots have now become a
commodity, and demand finally caught up with supply. In regard to your question
about how long can lot values continue to increase, the answer is until the last
lot is sold.
Cape
downtown stands on edge of big changes
By
DON RUANE
Published
on March 3, 2005
Cape
Coral's downtown business district, packed with a variety of businesses, is on
the threshold of major changes.
Few stores are vacant and most of those were damaged by Hurricane Charley.
"There's just not a lot of space available," said Mike Quaintance,
executive director of the Cape Coral Chamber of Commerce. The vacancy is under 1
percent, he said.
"There's a nice blend of complementary stores. Once you stop your car there
are quite a few stops you can make," True Value hardware store owner Judi
Brink said, ticking off a list that included a gym, hardware and beauty needs.
Downtown has improved since the Community Redevelopment Agency improved lighting
and sidewalks, she said. The chamber of commerce holds block parties, and there
are parades and a farmer's market every Saturday during the winter season, Brink
said. The sidewalks and parking are attractive, she said.
There are even bigger plans for downtown Cape Coral, said Richard Kast,
marketing director for the redevelopment agency. There are $500 million worth of
projects in various stages of development that ultimately will improve the tax
base.
Those projects could produce property taxes equal to the taxes paid on 2,500
homes if the average tax bill is $4,000, Kast said. The Hampton Inn, which was
approved Feb. 22, is getting a tax-based incentive that will average $30,000 a
year for 29 years, but it will generate $160,000 in property taxes each year,
Kast said.
"We're going to see the combinations we're looking for, the mixed
uses," Kast said. "This is only the start."
The city can help the projects move ahead by offering incentives so retailers
and others can open their doors sooner and get a return for their investment,
Quaintance said. Downtown is going through a transition, he said.
"In
the next 20 years Big John's won't look the same. It might have a second
floor," Quaintance said.
The mix of stores also will shift toward higher end shops and destinations as
Cape Coral's residents become more affluent, Quaintance predicted. There will be
galleries, outdoor restaurants and more dress and menswear shops, he said.
Developer
unveils project for Cape
Chicago
company plans business, retail center
By
DON RUANE
Published
on March 9, 2005
A Chicago developer is planning a 26-acre retail and business center with a
three-story office building at the intersection of Veterans Parkway and Surfside
Boulevard.
The Shops of Sandoval, as it's called now, will be on the northwest corner next
to the big Bonita Bay Group project called Sandoval. Dodge Capital LLC of
Chicago is the developer. The project is not affiliated with the Bonita Bay
Group.
Besides the office building, the center will have space for restaurants, a bank,
small box stores, small shops and a drive-through coffee store.
Dodge
founder Bob Horne somewhat reluctantly broke the news about the project Tuesday
to about 300 people attending the Womens Council of Realtors' FuturesCape at the
Waterford Ballroom. Only three months of work has been put into the project,
Horne said.
The project was warmly welcomed by the audience, which included real estate
professionals, city officials and others. FuturesCape is an annual gathering of
real estate professionals and others working in the city's real estate and
commercial sectors. Updates on sales and changes to major projects such as
Tarpon Point, Entrada and Pinewood Lakes were presented Tuesday.
It's
significant that a Chicago-based developer would pick Cape Coral for his
project, said Blanca Contreras, a residential real estate agent for Century 21
Birchwood Realty.
"We've come a long way. It says a lot about us. We're being noticed,"
Contreras said.
City Economic Development Director Mike Jackson said Shops of Sandoval is a good
example of the destination retail sector the city wants to develop. People
choose to visit such places for their restaurants and shops rather than shop at
them because they're nearby, he said.
"You are grossly underserved for retail," Horne said. Cape Coral has
about 10 square feet of retail space per person, whereas Naples has 30 square
feet, he said.
Cape
Coral is ripe for the development with its exploding growth and rising household
incomes, Horne said. He predicted the intersection will become the center of
Cape Coral.
He called Veterans Parkway the "spine and the heartbeat" of Cape
Coral.
"I call this the new center of gravity for Cape Coral. We just hope the
retail market agrees with us," Horne said.
