News Flash

Redevelopment - News

Posted on: December 4, 2020

Palmera on the River Apartments to be built on Downtown Vacant Property

Palmera on the River Rendering

The 2-acre vacant lot, located at the foot of northbound Edison Bridge, has been left undeveloped for several decades. Developer Soho Sight, LLC, will build the 7-story concrete block multi-family community that will feature 221 apartments and a 334-space covered parking structure. This urban infill project will be the first residential tower to be constructed along East First Street since the Beau Rivage, Riviera, and St. Tropez high rises were completed a dozen years ago.

Palmera on the River is a project in line with the Fort Myers Downtown Redevelopment Plan, which provides for "vastly improving the economic and social conditions of the community". Findings of Necessity in Florida State Statute 163.335(4) state:

"It is further found that coastal resort and tourist areas or portions thereof which are deteriorating and economically distressed due to building density patterns, inadequate transportation and parking facilities, faulty lot layout, or inadequate street layout, could, through the means provided in this part, be revitalized and redeveloped in a manner that will vastly improve the economic and social conditions of the community."

Total cost of the project will be $56.6 million. When completed, the project is estimated add $36.6 million to the City of Fort Myers' tax base.

As part of the CRA TIF award, Soho Sight, LLC (Developer), will make meaningful contributions to advance our redevelopment areas in the following ways:

  • 15% Minority Business Enterprise (MBE) Commitment The Developer will commit to set aside 15% of the project construction cost to be awarded to MBE/DBE.They must be certified by the State of Florida and Developer will seek out and give a preference to companies located in Lee County.

 

  • 5% Non-Profit Community Organization Contribution: Developer will contribute 5% of the annual tax increment rebate payment to a non-profit organization serving a redevelopment area in Fort Myers whose mission is in alignment with the priorities established for the redevelopment area. Soho Sight LLC has selected both the River District Alliance (2.5%) and the Southwest Florida Affordable Housing Choice Foundation, Inc. (2.5%). 


  • Out of the Box Developer: Developer will make 3,000 sq. ft. riverfront club room available at least once a month to non-profits located in a redevelopment area at no charge 

 

During the construction phase, this project will have an economic impact of $77,191,259 and support or create 644 jobs. The total economic impact of the project from inception through the end of year 7 of operations will be $96,180,804 with job support of 763 jobs.* 

 

Proposed completion is December 31, 2023.


*Reference: Maxwell, Hendry, Simmons Real Estate Appraisers. 


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