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CRA - News

Posted on: July 18, 2019

MLK Seaboard Waterside Apartments/Greenwald LLC Approved for CRA Rebate

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Seaboard Waterside Apartments, an 8-story, 420-rental unit to be built in the Dr. Martin Luther King, Jr. Boulevard (MLK) redevelopment area, was approved for a tax increment rebate of $11.48 million at the CRA Board of Commissioners meeting on July 17.

The Seaboard Apartments will be built at the corner of Michigan Avenue and Seaboard Street in Fort Myers in two phases. The development will offer 420 apartments, with a two-story parking garage built into the eight-floor complex. It will be the first project of its kind in the MLK redevelopment area. These apartments will provide needed housing, and help to revitalize the east side of Fort Myers as the entire city continues to grow.

 

The Seaboard Apartments Phase 1 will receive a $7.145 million rebate of the taxes generated by the project in yearly installments until the total amount is reached, or until 2044 when the redevelopment area sunsets. Phase 2 will receive a $4.335 million rebate of the taxes generated by the project in yearly installments until the total amount is reached, or until 2044 as well. The $82 million project is projected to open in 2023.

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