The 2-acre vacant lot, located at the foot of northbound Edison Bridge, has been left undeveloped for several decades. Developer Soho Sight, LLC, will build the 7-story concrete block multi-family community that will feature 221 apartments and a 334-space covered parking structure. This urban infill project will be the first residential tower to be constructed along East First Street since the Beau Rivage, Riviera, and St. Tropez high rises were completed a dozen years ago.
Palmera on the River is a project in line with the Fort Myers Downtown Redevelopment Plan, which provides for "vastly improving the economic and social conditions of the community". Findings of Necessity in Florida State Statute 163.335(4) state:
"It is further found that coastal resort and tourist areas or portions thereof which are deteriorating and economically distressed due to building density patterns, inadequate transportation and parking facilities, faulty lot layout, or inadequate street layout, could, through the means provided in this part, be revitalized and redeveloped in a manner that will vastly improve the economic and social conditions of the community."
Total cost of the project will be $56.6 million. When completed, the project is estimated add $36.6 million to the City of Fort Myers' tax base.
As part of the CRA TIF award, Soho Sight, LLC (Developer), will make meaningful contributions to advance our redevelopment areas in the following ways:
During the construction phase, this project will have an economic impact of $77,191,259 and support or create 644 jobs. The total economic impact of the project from inception through the end of year 7 of operations will be $96,180,804 with job support of 763 jobs.*
Proposed completion is December 31, 2023.
*Reference: Maxwell, Hendry, Simmons Real Estate Appraisers.