885 Se 47th Terrace, Cape Coral, FL 33904

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Cape Coral

Property Description

Downtown Cape Coral Redevelopment Opportunity located on the most sought-after area in Cape Coral. The site consists of two existing office buildings and vacant lot totaling .75 acres of developable land located on 47th And SE 9th. The City has approved a 3.9 acre mixed-use development directly across the street called “The Cove on 47th” formally known as “Village Square” and plans to break ground on the 66M dollar development in early 2022. The Cove project consists of approximately 290 apartment units, 19,000 square feet of restaurant space including a rooftop bar. As part of the agreement, the city is contributing $20 million in sewage upgrades and $10.4 million in incentives to fund the construction of a 525-space parking garage available for public use. There are plenty of approved uses including ground floor retail and multifamily development up to 10 stories and 125 units per acre. The South Cape CRA’s mission is to facilitate a vibrant urban village where people of all ages will live, work, shop, dine, and be entertained.

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Calculator source: Real Geeks

Listing courtesy of RE/MAX Trend.

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