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Development
Downtown Oasis
After 20 years of struggling, downtown Fort Myers is getting a major face lift.
In 2001, the city paid internationally known Miami urban planner Andres Duany $273,000 to create a redevelopment plan. Duany proposed building a pedestrian pathway along the one-mile stretch of Caloosahatchee River that runs along the downtown. The plan involved rezoning property along the water and assembling sites to attract hotels, restaurants and boutiques -- and all-important residential development.
City leaders approved the plan in 2003 and chose WCI, based in Bonita Springs, to build out the core of Duany's plan -- condos, a hotel and a pedestrian walkway on 5.5 acres along the riverfront.
The redevelopment plan has also attracted at least two Miami developers. Jorge Perez, chairman and CEO of Miami's The Related Group of Florida, has assembled 16.5 acres of waterfront property just outside Fort Myers' downtown core where he plans to build a $450-million project called Oasis. The project, when completed, will include 1,079 residential units ranging from $200,000 to $800,000, all with views of the Caloosahatchee. The property will include a river walk, a nature preserve, five pools, tennis courts, retail and offices. "Fort Myers, to me, is the center of the southwest corridor," says Perez.
Another Miami developer, BAP Development, has plans for two 32-story towers with 306 units called the Cypress Club.
All together, nearly 3,000 residential units and about a half-dozen high-rise buildings are planned or under construction by various developers.
But the plan is not without controversy, drawing complaints from some residents about the number of condos planned. Some, including Duany, are pushing to cap building heights at 18 stories. While the city has already approved some projects calling for 32-story condos, it has delayed action on projects over 18 stories for now.
The city has already invested about $30 million to $40 million to improve roads and water and sewer lines and add streetscaping. It plans to invest another $70 million over the next several years.
Property taxes generated from new development in the downtown tax increment zone, or redevelopment zone, are expected to rise from $1.4 million a year to $6 million to $8 million once all of the construction is completed. "We're an overnight success after 20 years of hard work," says Downtown Redevelopment Agency Executive Director Don Paight.
