The Fort Myers Community Redevelopment Agency has awarded at $30 million tax increment rebate and approved a $700,000 purchase of land for single-family housing.
The tax increment rebate was awarded to JAXI CMD LLC for The Royal Palm Hotel & Residences at 2424 Edwards Drive in the not-to-exceed amount of $30,170,000.
The rebate will be funded in three phases including $4,030,000 for Phase 1, $15,980,000 for Phase II and $10,160,000 for Phase III.
The proposed project is in the downtown redevelopment area and consists of new construction as well the adaptive reuse of an existing structure, formerly the Royal Palm Tower.
Phase I will take place over 12 months and include 101 corporate suites, 7,000 sq. ft. of commercial retail.
\Phase II will take 24 months and include 253full-service hotel rooms and Phase III will take place over six months and include 104 condominium units. The project will also include 347 parking spaces.
The property is in the Historic River District of Downtown Fort Myers with Bay Street to the south, Vivas Palm Park to the west and overlooks the Yacht Basin to the northwest and Edwards Drive.
The property was part of the original tract inhabited by early Fort Myers pioneers, Joseph and Anna Vivas in 1866. Through the years the family would sell portions of the property to the City, which today include the city park and yacht basin.
The CRA’s increment rebate program is a special funding tool available to local governments to help spur economic development for projects that provide a community benefit, and which demonstrate a financial gap.
“Our CRA tax increment rebates serve as a powerful incentive for private developers to invest in the revitalization of our community, unlocking the potential for transformative projects that contribute to economic growth and a vibrant urban environment,” said Michele Hylton Terry, executive director of the Fort Myers CRA. “ Through public-private partnerships, the Fort Myers CRA leverages resources to spur economic development and enhance our community’s quality of life.”
More information can be found on the CRA’s tax increment rebates by visiting https://www.fortmyerscra.com
Earlier, the CRA approved the acquisition of 11.24 acres of vacant land at 2200 Jaylen Watkins St. for $700,000 to be used for 26 units of low/moderate income single-family housing.
This acquisition is being made for the purpose of developing housing for families that meet the low/moderate income ranges. The property is located in the Dr. Martin Luther King, Jr. Community Redevelopment Area and the acquisition is in compliance with Section 163.370 (2)(c) 1 Florida Statutes.
“The demand for housing in this redevelopment area has persisted for many years,” said Michele Hylton Terry, executive director of the Fort Myers CRA. “This purchase gives the CRA an opportunity to make a contribution to the pool of homes accessible for low/moderate income families in our community.”
The property is platted for 26-single family homes to be developed in the Dr. MLK redevelopment area on 6.43+/- acres of the site. While the CRA does not seek to be the developer for the site, after the purchase through a Request-for-Qualifications, a suitable developer/partner can be identified to build the 26 single family homes targeted for low/moderate income families.
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