The Cape Coral City Council cut a Bimini East redevelopment project deal on Oct. 21, 2026 that ties to Four Freedoms Park.
Steve McQuilkin/ Fort Myers News
USA TODAY Network, Reuters
The Cape Coral City Council gave final approval Wednesday night to a series of agreements clearing the way for the proposed Bimini East redevelopment project, a public-private venture city officials say represents a $500 million investment in the South Cape waterfront.
Assistant City Manager Mark Mason said the Oct. 21 move is governed by three linked pacts involving the Lee County city, Bimini Basin Redevelopment Company and Crown Development: A master development agreement, a purchase deal covering city-owned property and a 99-year ground lease for Four Freedoms Park at $1 per year.
“The total estimated investment by the developer is $500 million,” Mason said. “The total project area is 34 acres.”
The plan has called for Southwest Florida’s Cape Coral to convey about 20 acres of city-owned property. The developer would pay the city more than $24 million over a 10-year period through a paying structure tied to development activity on the site, and tax increment rebates are in play depending on project completion and other aspects.
Mason said the idea has included up to 900 residential units, 250 hotel rooms, commercial and medical space, a police substation, a 50-slip marina and about 2,000 parking spaces for public and private use.
The redevelopment effort stems from the city’s acquisition of numerous properties in the South Cape area following Hurricane Ian, with city leaders arguing the project will create a significant new mixed-use district along the Bimini Basin waterfront.
Several residents spoke during the hearing about concerns involving Four Freedoms Park, project density, traffic impacts and the use of public incentives. Supporters argued the project would expand the commercial tax base and create a new waterfront destination for residents and visitors.
The project now moves into the design, permitting and implementation phase.
Writing for USA TODAY Network, Columnist Phil Fernandez (pfernandez@gannett.com) grew up in Southwest Florida and has led Pulitzer Prize-winning efforts. Sign up for our free Breaking Ground growth and development newsletter. Subscribe to our News-Press and Naples Daily News apps.
This article originally appeared on Fort Myers News-Press: $500M Florida hurricane redevelopment plan. Cape Coral says yes please
Reporting by Phil Fernandez, Fort Myers News-Press & Naples Daily News / Fort Myers News-Press
USA TODAY Network via Reuters Connect
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This story was originally published October 22, 2026 at 6:17 PM.