Cape Coral City Council is exploring financing and construction timelines for a proposed rebuild of the city’s Yacht Club that could cost $225 million or more.
At a March 11 workshop, planners presented renderings of a new resort-style club, marina, parking garage, pool and other amenities planned for Yacht Club Community Park.
Council member Derrick Donnell called the presentation impressive, but he and other officials continue to debate how to pay for a project with a historically large price tag. Options discussed included taking on significant debt, breaking the project into smaller phases over time or scaling back the plans to cover only essential infrastructure.
Most council members agreed the high cost likely requires a gradual, phased-in approach to construction.
“You can eat an elephant a bite at a time and maybe get there that way,” council member Joe Kilraine said.
Funding strategies have been a recurring topic during city meetings over the past several years.
A conceptual rendering shows the planned entrance and covered drop-off area for the proposed Cape Coral Yacht Club community center. Officials are evaluating whether to phase construction or scale back plans to reduce costs.
Cape Coral government
The original Yacht Club, built in 1962, was badly damaged by Hurricane Ian in 2022 and later demolished. Renovation plans that existed before the storm grew substantially as the city began considering a full redevelopment of its waterfront venue.
In October 2025, city staff presented a financing and construction plan estimating the $225 million project would generate about $14.2 million in annual debt service. The plan relied in part on public service tax revenue and outlined two major construction phases extending through 2030.
A separate estimate presented in November 2025 placed the total cost at $197.43 million. That figure included $22.8 million already approved for preliminary marine work at the site, including a new seawall, boat ramp and dredging.
With design work now complete, Mayor John Gunter said the city should move toward establishing a funding plan, even if it initially covers only part of the project.
“I think now the rubber’s got to meet the road,” he said.
Responding to Gunter’s request for payment and construction timelines, City Manager Michael Illczyszyn said staff will likely need at least a month to develop financing options for council consideration.
If the city pursued construction of nearly the entire project at once, officials said Cape Coral could take on about $196 million in debt. Finance Director Crystal Feast said the resulting debt service would be roughly equivalent to each Cape Coral household paying about $900 per year.
A conceptual rendering shows a resort-style community pool and recreation area proposed as part of the Cape Coral Yacht Club redevelopment. The project would replace the original facility damaged by Hurricane Ian in 2022.
Cape Coral government
“So, that’s a nonstarter,” Cape Coral resident and former budget committee chair Tom Shadrach said during public comment. “But what is the threshold? Is it $50?”
Some council members also suggested scaling back the project significantly to reduce costs. Kilraine and others said the overall price could potentially be cut by half or more.
Council member Rachel Kaduk raised the possibility of placing a ballot measure before voters to determine whether residents support the cost of the rebuild.
She also suggested the city could fund only core infrastructure while seeking a private-sector partner to complete the broader Yacht Club redevelopment.
“It’s not the government’s job,” she said. “It’s a developer’s job.”