News Flash

Redevelopment - News

Posted on: December 4, 2020

Palmera on the River Apartments to be built on Downtown Vacant Property

Palmera on the River Rendering

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:

  • 15% Minority Business Enterprise (MBE) Commitment The Developer will commit to set aside 15% of the project construction cost to be awarded to MBE/DBE.They must be certified by the State of Florida and Developer will seek out and give a preference to companies located in Lee County.


  • 5% Non-Profit Community Organization Contribution: Developer will contribute 5% of the annual tax increment rebate payment to a non-profit organization serving a redevelopment area in Fort Myers whose mission is in alignment with the priorities established for the redevelopment area. Soho Sight LLC has selected both the River District Alliance (2.5%) and the Southwest Florida Affordable Housing Choice Foundation, Inc. (2.5%). 

  • Out of the Box Developer: Developer will make 3,000 sq. ft. riverfront club room available at least once a month to non-profits located in a redevelopment area at no charge 


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. 

Facebook Twitter Email

Other News in Redevelopment - News

New C R A Staff Phyllis LeFlore Calloway and Phenicia McMillion

CRA Welcomes New Staff

Posted on: September 29, 2021
Three location artwork site in Doctor Martin Luther King Junior Boulevard redevelopment area

National Call to Artists for Gateway Art

Posted on: September 17, 2021
Three views of Lee County Sheriff Office Downtown Outreach Center Opening Ceremony Ribbon Cutting

New Downtown Outreach Center

Posted on: January 27, 2021
Holiday House The Fort Myers Womans Community Club

Holiday House 2020 Annual Report

Posted on: January 31, 2020
McCollum Hall Renovations Rendering View A Redevelopment Works Fort Myers CRA Logo

McCollum Hall Update

Posted on: January 27, 2021
Hampton Inn Groundbreaking October 15, 2020 Groundbreaking and hotel images Fort Myers CRA logo

Hampton Inn Groundbreaking Ceremony

Posted on: October 12, 2020
Fort Myers Community Redevelopment Agency Fiscal Year 2020-2021 Budget Cover

FY 2020-2021 Fort Myers CRA Budget Adopted

Posted on: September 25, 2020
Fort Myers Community Redevelopment Agency Business Directory 2020-2021 Map Marker Image

2020/2021 Business Directories Online

Posted on: August 17, 2020
Edison Awards Image Innovations and Innovators Thomas A. Edison Signature and Likeness

CRA Supports Prestigious Edison Awards

Posted on: August 17, 2020
Fort Myers Downtown and River image

TIF Rebate Guidelines Updated

Posted on: December 16, 2019
Live, Work, Play redevelopment CRA Newsletters Subscribe Now CRA Logo

CRA Newsletters

Posted on: October 12, 2020
Fort Myers Community Redevelopment Agency Fiscal Manager Cheryl Thornton

Cheryl Thornton Earns FRA-RP Designation

Posted on: October 29, 2019
Luminary Hotel Exterior at Topping Out Ceremony

Luminary Hotel Topping Out Ceremony

Posted on: June 27, 2019
Grand Central Apartment Construction Aerial View from the Southeast

Grand Central Update

Posted on: May 24, 2019
Completed medians along Cleveland Avenue

Cleveland Avenue Medians Completed

Posted on: January 25, 2019
East Fort Myers redevelopment area spotlight Neenie's House

EFM Spotlight: Neenie's House

Posted on: January 25, 2019
Fort Myers Community Redevelopment Agency Senior Administrative Assistant Sheryl Rea

Sheryl Rea Joins Fort Myers CRA

Posted on: April 26, 2019
NEWS CelticFestival

Celtic Festival Is Almost Here!

Posted on: December 16, 2021