The city of Cape Coral has officially sold the land for the long-discussed Seven Islands project for $20 million, a deal that leaves millions of dollars available for future city projects.The nearly 50 acres of waterfront property along the city’s western edge — once marked by trees and a “for sale” sign — is now set to become a mixed-use waterfront destination.Developers plan to build a hotel, waterfront condominiums and apartments, retail stores, restaurants, marinas and boat slips on 47 acres off Old Burnt Store Road South between Southwest Second Street and Southwest First Street.As of Wednesday, the property is no longer on the market.“We’re really excited about it,” said Cindy Mandalino, who lives near the site in northwest Cape Coral.Mandalino said she looks forward to taking her boat to the planned marina, grabbing a bite to eat, and enjoying the future hotel and restaurants.“This would be a good stop and get a sandwich before I go fishing or whatever you’re going to do out in the Gulf,” she said.Not all neighbors are convinced the area is ready for the transformation.Ryan Johnson, who also lives nearby, said he is concerned about the potential traffic impact.“I’m very concerned about the amount of traffic it’s going to add to the area,” Johnson said.City officials previously purchased portions of the land after it went into foreclosure. Some city accounts were reimbursed when developers completed the purchase.After covering its costs, the city is left with $13.6 million from the sale.Don Apking, a nine-year resident and member of the city’s charter review commission, said the remaining funds will likely be directed toward city priorities.“It’s just going to go for any projects that are their priorities,” Apking said. “They have had to cut things recently, so they will look at where it should go.”City Council will ultimately decide how to allocate the remaining funds. The city did not provide additional details on specific plans for the money.Developers cannot begin construction until they receive permits from the U.S. Army Corps of Engineers. It is unclear when those permits will be approved, though similar waterfront projects have taken years to secure. For example, permits for renovations at the city’s Yacht Club took about three years to obtain.Until permits are granted, a timeline for groundbreaking on Seven Islands remains uncertain.DOWNLOAD the free Gulf Coast News app for your latest news and alerts on breaking news, weather, sports, entertainment, and more on your phone or tablet. And check out the Very Local Gulf Coast app to stream news, entertainment and original programming on your TV.
CAPE CORAL, Fla. —
The city of Cape Coral has officially sold the land for the long-discussed Seven Islands project for $20 million, a deal that leaves millions of dollars available for future city projects.
The nearly 50 acres of waterfront property along the city’s western edge — once marked by trees and a “for sale” sign — is now set to become a mixed-use waterfront destination.
Developers plan to build a hotel, waterfront condominiums and apartments, retail stores, restaurants, marinas and boat slips on 47 acres off Old Burnt Store Road South between Southwest Second Street and Southwest First Street.
As of Wednesday, the property is no longer on the market.
“We’re really excited about it,” said Cindy Mandalino, who lives near the site in northwest Cape Coral.
Mandalino said she looks forward to taking her boat to the planned marina, grabbing a bite to eat, and enjoying the future hotel and restaurants.
“This would be a good stop and get a sandwich before I go fishing or whatever you’re going to do out in the Gulf,” she said.
Not all neighbors are convinced the area is ready for the transformation.
Ryan Johnson, who also lives nearby, said he is concerned about the potential traffic impact.
“I’m very concerned about the amount of traffic it’s going to add to the area,” Johnson said.
City officials previously purchased portions of the land after it went into foreclosure. Some city accounts were reimbursed when developers completed the purchase.
After covering its costs, the city is left with $13.6 million from the sale.
Don Apking, a nine-year resident and member of the city’s charter review commission, said the remaining funds will likely be directed toward city priorities.
“It’s just going to go for any projects that are their priorities,” Apking said. “They have had to cut things recently, so they will look at where it should go.”
City Council will ultimately decide how to allocate the remaining funds. The city did not provide additional details on specific plans for the money.
Developers cannot begin construction until they receive permits from the U.S. Army Corps of Engineers. It is unclear when those permits will be approved, though similar waterfront projects have taken years to secure.
For example, permits for renovations at the city’s Yacht Club took about three years to obtain.
Until permits are granted, a timeline for groundbreaking on Seven Islands remains uncertain.
DOWNLOAD the free Gulf Coast News app for your latest news and alerts on breaking news, weather, sports, entertainment, and more on your phone or tablet. And check out the Very Local Gulf Coast app to stream news, entertainment and original programming on your TV.