Towles Garden is a project that the redevelopment plan for Dr. Martin Luther King, Jr. Blvd./VSSB Plan supports and Florida State Statute 163.345(1) encourages working with private enterprise:
"Any county or municipality, to the greatest extent it determines to be feasible in carrying out the provisions of this part, shall afford maximum opportunity, consistent with the sound needs of the county or municipality as a whole, to the rehabilitation or redevelopment of the community redevelopment area by private enterprise."
It will be built on a 7.5-acre lot at corner of Edison Ave. and Veronica S. Shoemaker Blvd. in the Dr. Martin Luther King, Jr. Blvd. redevelopment area.
Developer Towles Garden LLC, proposes a $28.7 million investment of 67 affordable and 73 attainable townhomes, to be priced at $200,005 and $210,123 respectively. Units will range in size from 900-1,250 sq. ft.
It is estimated that when sold, these units will add $18.5 million (adjusting for $3.5 million in homestead exemptions) to the Fort Myers’ tax base. The developers will receive a $4.9 million dollar incentive of the estimated $7.6 million that will be generated by the project.
Construction is expected to begin in February 2021 and be completed in August 2022.