FORT MYERS, Fla. — For Sharetha Davis, the journey to homeownership in Fort Myers felt like an impossible climb. After being displaced with her family and struggling to find affordable housing, she knows firsthand the challenges facing residents in Southwest Florida’s increasingly expensive market.

“The challenges that I had when it came to even renting or finding an apartment complex that could meet my income. A lot of the apartment complexes, go through your income, and I’m looking at, like, if you’re asking me for three times my income, I should just be able to afford a house,” Davis said.

Watch Fort Myers Community Correspondent Miyoshi Price’s report:

Towles Garden project gains CRA financial support, but needs the county to help

Her experience reflects a broader housing crisis in Fort Myers, where families earning moderate incomes, and find themselves priced out of both rental and ownership markets. Davis was fortunate to find an apartment complex willing to work with her income level, but the process required vulnerability and persistence.

“So I was blessed enough to be able to find an apartment complex that was going to work with me on that, and i was very up front and forward with them, like, I don’t make three times the income i make probably, like, 2.1 times, and they work with me on that,” she explained.

Now a proud homeowner in the Dunbar community since March 2025, Davis advocates for others facing similar struggles. Her story highlights why projects like Towles Garden have become critical for the community’s future.

“My rental journey was not an easy journey. I was displaced with my family. And when people hear that you’re displaced or you’re homeless, they’re thinking of someone who has a drug addiction. They’re thinking of someone who’s lazy and doesn’t want to work. I’m a community leader. I get up and work. I take care of my kids. I have community kids, and I was still displaced because of the lack of affordable housing and the accessibility that we have to it,” Davis said.

CRA commissioners approve funding for long-delayed project:

The Fort Myers Community Redevelopment Agency Board of Commissioners unanimously approved a tax increment financing request of $5,662,906 for the Towles Garden project, marking a significant step forward for the 141-unit affordable housing development that has been stalled for years.

The project, located at the southwest corner of Veronica Shoemaker Boulevard and Edison Avenue in the Dunbar community, would provide home-ownership opportunities for income-qualified buyers. The development comprises 28 one-bedroom units, 102 two-bedroom units, and 11 three-bedroom units. Of these, 73 units are restricted to buyers earning 80% of the area median income, while the remaining units are available to workforce housing buyers at 120% AMI.

Commissioner Terolyn Watson explained why previous attempts to develop the site had failed and why she supports the current proposal.

“The developers that are bidding on this project aren’t really able to complete the project, but now they have a new company, Fuse Group, that looks promising. We have given our money (CRA), we just need the county to come through,” Watson said.

The CRA’s approval comes with a crucial contingency: Lee County must award the project $19.5 million in Community Development Block Grant Disaster Recovery funding. Without this county support, the CRA funding will not be released.

Complex financing structure requires multiple funding sources:

Stellianos Vayanos, Vice President of real estate for Fuse Group Investment Companies, presented the project to commissioners, emphasizing the company’s commitment to fulfilling the community’s vision for affordable homeownership.

The Fuse Group took control of the project through a warranty deed in lieu of foreclosure after the previous developer failed to complete the work. Fuse Group chose to pursue the development.

“in this very interesting circumstance, the lender that is now taking back the asset actually wants to fulfill the promise that was made to the community,” said Jennifer Fisher, attorney representing Fuse Group.

While the Fuse Group Vice President did not want to go on camera, Fisher provided a statement on behalf of the company regarding next steps:

“We are appreciative of the CRA’s support of the Towles Garden project and look forward to continued negotiations with the County for CDBG-DR funding. Affordable housing financing requires many funding sources. There is still much work to be done to secure all the funding for Towles Garden. Today was a wonderful step towards a group effort to provide affordable homes for purchase by income qualified homebuyers in the Dunbar community in accordance with the MLK Redevelopment Plan,” Jennifer Fisher said.

Project history spans multiple failed attempts

The Towles Garden site has a complex history dating back several years. Originally owned by the CRA, the property was selected for development through a request for qualifications process. The goal was to create a socially and economically diverse residential homeownership community.

In November 2020, Towles Garden LLC entered into a development agreement with the city, followed by a second agreement in April 2021 when the city leased the site to the developer. However, that arrangement ultimately failed, leading to the current situation with Fuse Group.

The project aligns with the Dr. Martin Luther King Jr. Boulevard CRA redevelopment plan, which specifically identified the site as ideal for neighborhood-oriented mixed-use development with affordable housing components.

Community impact and generational wealth building:

Commissioner Giraldo emphasized the importance of homeownership opportunities in building generational wealth within the Dunbar community.

“Personally, this is in word to one of the things that we’re struggling so much with is to create generational wealth in our communities. We are loaded with rentals,” Giraldo said. “We’re not going to be known as the city of rentals.”

The project represents more than just housing units—it offers a pathway for families to build equity and establish roots in their community. As Vayanos noted, the development provides “more so of a hand up instead of a handout, and really offers the possibility for families to build generational wealth for them and their offspring.”

For residents like Davis, who experienced displacement before achieving homeownership, the project represents hope for other families facing similar challenges. She urged local leaders to see the community’s needs firsthand.

“take the moment to see the community. You see it on the paper, you know what it says it needs. But take a moment to get boots on the ground. Put on your tennis shoes, go walk the community,” Davis said.

Next steps and timeline challenges:

Vayanos and Fisher emphasized that county commissioners previously directed staff to work with Fuse Group to develop a funding plan, but the final approval process remains ongoing.

Vayanos indicated the company has maintained all necessary permits and could begin construction immediately once financing is secured, though environmental studies required for HUD financing must be completed first.

“We could start construction the moment that the capital stack is secured,” Vayanos said. “We have to wait and make sure all that gets approved, and the moment that gets approved, we’re literally ready to at least start the horizontal development immediately.”

The timeline for county approval remains uncertain, though officials indicated they hope to bring a recommendation to county commissioners before the end of the year.

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