West End at City WalkIn May 2018, the West End at City Walk mixed-use residential project was selected to receive $5.5 million in Tax Increment Finance rebate over a ten-year period once the project generates property tax. Originally, West End at City Walk proposed to construct 302 residential units, a 128-key Marriott brand hotel, and 5,000 to 10,000 square feet of retail and commercial space. As part of an updated agreement passed in December 2019, the hotel portion of the project was severed from the agreement due to changes in the market; however, an additional 18 residential apartment units, 77 parking spaces, and energy efficiency enhancements were added in response to the CRA Board of Commissioners, creating a more desirable Downtown residential complex. As of November 2020, the buildings on Phase I of the project were topped off and the temporary leasing office opened in early December for pre-leasing. West End at City Walk is located in the block to the west of the Downtown Publix on West First Street.
Silver Hills at Fort Myers
Silver Hills at Fort Myers, a two-building, four-to-five-story luxury apartment community to be built at 2220 West First Street, has been approved for a tax increment rebate of $12.96 million rebate of the taxes generated by the project in yearly installments until the total amount is reached, or until 2044 when the redevelopment area sunsets. To be built on a large 4.46-acre vacant parcel on West First Street along the Caloosahatchee River, the development will feature two buildings containing a total of 327 apartments. The units offered will be a mix of studio, one bedroom/one bath, two bedroom/two bath, and three bedroom/two bath units. A 580-space parking garage will be located mid-block between the two residential buildings. The façade of Silver Hills at Fort Myers will pay homage to the historic buildings of Fort Myers’ walkable River District core. Instead of looming as two large concrete buildings, they will appear to be several smaller mid-rise residences rising above the riverfront with the parking structure cleverly concealed by the living spaces. As of late December 2019, the developer closed on the properties for development (2220 West First Street and 1901 Altamont Avenue). The $75.524 million project is projected to open in 2022.
Hampton Inn by Hilton Fort Myers, a four-story, 118-room hotel to be built at 2017 McGregor Boulevard, has been approved for a $1.9 million rebate of the taxes generated by the project. The rebate will be issued in yearly installments at a rate of 95% for the first five years and at a rate of 75% for the remaining years until the total rebate amount is reached. Developers already own the building site. The project will incorporate Hampton Inn’s prototype contemporary, confident design scheme that reflects modern, timeless décor. The $16 million project is projected to open in 2023.
Hampton Inn Project Timeline & Events
Vantage Lofts, a 16-story loft style apartment development, is being built west of the Caloosahatchee Bridge on Carson Street, located between First and Second Street. It will offer 221 loft apartments with 5,000 square feet of retail space, including a 5-story parking garage. Located on the roof will be a VIP lounge with a game room, a fitness and yoga center as well as a pool. Other amenities include workspaces, a pet spa, an outdoor community and dog park. In 2019, the project was approved for a TIF rebate of $11.4 million. This project will provide needed housing and retail space, thereby contributing directly to the revitalization of the Fort Myers River District. It will bring young professionals to the Fort Myers area and promote new business growth once completed. The $63 million project is planned for completion in 2023.
Vantage Lofts Timeline & Events
Gardner’s Park Neighborhood Improvements
Several neighborhood improvements in Gardner’s Park are underway. Six neighborhood signs have been completed, and three pet stations are in the process of being installed. These stations will help pet owners keep the neighborhood clean and attractive.
Gardner's Park Neighborhood Improvements
AC Hotel by Marriott
The AC Hotel by Marriott will be located at 2300 First Street on the southeast corner of First and Jackson streets, across from the Sidney & Berne Davis Art Center, in the Downtown redevelopment area. This eight-story, 77,000 sq. ft. hotel will add 132 rooms to the Downtown core area, thereby strengthening the area's convention capabilities by acting as overflow lodging complimenting the Luminary Hotel and adjacent Caloosa Sound Convention Center. Developer First Street Place LLC has entered into an agreement with Mainsail Lodging (Luminary Hotel & Co.) to manage the AC Hotel by Marriott and to be a equity investor. The AC Hotel by Marriott project was approved for a $5.57 million tax increment rebate, which will be paid back to the developers over the course of 10 years after the project is completed and is generating additional tax from its projected increase in tax value on the property. CRA Commissioners approved a 95% rebate based on the developer's commitment to benefit the community in the following ways:
A report by Gerald Hendry of Maxwell, Hendry, Simmons Real Estate Appraisers indicates that during the construction phase, this project will have an economic impact of $42.7 million and support or create 396 jobs. Additionally, it will have an economic impact of $44.3 million and support or create 350 jobs during its initial five years of operations. The proposed completion is Fall 2022.
AC Hotel by Marriott