southwest florida retail sector investment opportunities · southwest florida retail sector...

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

http://bizcapecoral.com

mailto:[email protected]

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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

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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

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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)

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North Cape Retail IndustryOpportunities (Continued)

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* = 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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Proposed Future Development

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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

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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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CORBETT ROAD

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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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

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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)

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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

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Lake 83,619 SF

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Lot 2 69,423 SF

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Lot 279,719 SF

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1.76 Acres

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Lot 5 129,458 SF

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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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Entertainment District: 50 Acres

Academic Village: 32

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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)

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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

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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

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