Cape Coral projects millions in development, investment along Pine Island Road
Cape Coral projects millions in development and investment this year along a state highway that stretches 20 miles through the city and supports over 30,000 vehicle trips each day.
Over the past several years, there has been increasing investor acquisitions of undeveloped land along Pine Island Road. Right now, between 200 and 300 acres are remaining for development. But, with the average size of commercial property purchases between 10 acres to 15 acres, the City of Cape Coral warns the supply will soon run out.
To promote future investment, the Cape Coral Economic Development Office will host a showcase in April. The “Economic Development Showcase on Pine Island Road” will feature “current and planned development projects, available properties, and perspectives from developers and city staff,” a press release says.
Marybeth Goldman, who lives in Cape Coral near the corridor for over a decade, said the news excites her that there will be more projects.
“We live in this town that we’ve seen grow over the past 13 years,” Goldman said.
Part of the allure of setting up a business along Pine Island Road is the sheer size of Cape Coral. In terms of landmass, Cape Coral is the second-largest city in the state. In terms of population, Cape Coral, with nearly 200,000 people living there, is the largest city between Tampa and Miami.
Brian Douglas lives down the street from Pine Island Road. Douglas said he recognizes the need for growth in the area.
“There is a lot of stuff going on – sometimes it’s tough to navigate around,” Douglas said. “But it’s a beautiful area, so I understand why companies and people want to come here.
Some of the projects the city expects to break ground this year include the Springs at Cape Coral; Shoppes at Pine Island; and the Pine Island Village. Last year, along Pine Island Road, there were openings for a new Nissan dealership; Texas Tony’s Resturant; and, Aldi’s Supermarket.
“With a mix of retail, office, and mixed-use developments planned in the next few years representing more than $200 million, the availability of properties is declining rapidly,” said Ricardo Noguera, the economic development manager for the City of Cape Coral. “Now, is the time to invest and the city is eager to work with developers of business parks, lifestyle centers, mixed-use and other clustered types of projects.”